Principal Financial Group Inc. Acquires 884,580 Shares of Vulcan Materials (NYSE:VMC)

Principal Financial Group Inc. raised its position in Vulcan Materials (NYSE:VMC - Free Report) by 19.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,320,570 shares of the construction company's stock after acquiring an additional 884,580 shares during the quarter. Vulcan Materials makes up 0.7% of Principal Financial Group Inc.'s investment portfolio, making the stock its 25th largest position. Principal Financial Group Inc. owned 4.03% of Vulcan Materials worth $1,332,431,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of VMC. SouthState Corp increased its holdings in Vulcan Materials by 669.2% during the 2nd quarter. SouthState Corp now owns 100 shares of the construction company's stock valued at $25,000 after purchasing an additional 87 shares during the period. Kings Path Partners LLC bought a new position in shares of Vulcan Materials during the second quarter valued at approximately $27,000. UMB Bank n.a. boosted its holdings in Vulcan Materials by 61.8% in the second quarter. UMB Bank n.a. now owns 123 shares of the construction company's stock valued at $31,000 after acquiring an additional 47 shares in the last quarter. Concord Wealth Partners bought a new stake in Vulcan Materials in the third quarter valued at $35,000. Finally, Manchester Capital Management LLC increased its position in Vulcan Materials by 1,218.2% during the 1st quarter. Manchester Capital Management LLC now owns 145 shares of the construction company's stock valued at $40,000 after purchasing an additional 134 shares during the period. 90.39% of the stock is owned by institutional investors.

Vulcan Materials Stock Up 0.6 %

VMC stock traded up $1.87 during midday trading on Thursday, hitting $292.32. The company's stock had a trading volume of 623,145 shares, compared to its average volume of 845,339. The company has a market cap of $38.60 billion, a PE ratio of 45.81, a P/E/G ratio of 2.58 and a beta of 0.81. Vulcan Materials has a 12 month low of $206.79 and a 12 month high of $298.31. The firm's 50-day moving average is $249.81 and its 200-day moving average is $252.67. The company has a current ratio of 2.86, a quick ratio of 2.02 and a debt-to-equity ratio of 0.42.

Vulcan Materials (NYSE:VMC - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $2.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.34 by ($0.12). Vulcan Materials had a return on equity of 11.88% and a net margin of 11.43%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $2.01 billion. During the same quarter in the previous year, the company posted $2.29 EPS. The company's quarterly revenue was down 8.3% on a year-over-year basis. On average, equities research analysts forecast that Vulcan Materials will post 7.2 earnings per share for the current fiscal year.

Vulcan Materials Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Monday, November 4th will be paid a $0.46 dividend. The ex-dividend date of this dividend is Monday, November 4th. This represents a $1.84 annualized dividend and a yield of 0.63%. Vulcan Materials's payout ratio is 29.02%.

Analyst Upgrades and Downgrades

VMC has been the topic of a number of research reports. Citigroup cut their target price on shares of Vulcan Materials from $297.00 to $292.00 and set a "buy" rating on the stock in a research note on Thursday, August 8th. JPMorgan Chase & Co. decreased their target price on Vulcan Materials from $250.00 to $245.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Truist Financial lifted their price target on Vulcan Materials from $300.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, November 1st. UBS Group started coverage on Vulcan Materials in a report on Thursday. They issued a "buy" rating and a $349.00 price objective for the company. Finally, Stephens lowered their price objective on Vulcan Materials from $300.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, August 8th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Vulcan Materials has an average rating of "Moderate Buy" and a consensus target price of $280.46.

About Vulcan Materials

Vulcan Materials Company, together with its subsidiaries, produces and supplies construction aggregates primarily in the United States. It operates through four segments: Aggregates, Asphalt, Concrete, and Calcium. The company provides crushed stones, sand and gravel, sand, and other aggregates; and related products and services that are applied in construction and maintenance of highways, streets, and other public works, as well as in the construction of housing and commercial, industrial, and other nonresidential facilities.