DA Davidson Drops Price Target on Vulcan Materials (VMC); Recent Market Pressures and MLM Ruling
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Price: $52.96 -1.73%
Rating Summary:
4 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 23 | New: 29
Rating Summary:
4 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 23 | New: 29
Trade VMC Now!
DA Davidson reiterates a 'Neutral' on Vulcan Materials Company (NYSE: VMC) price target of $39.00 (from $46.00).
Analyst, Brent Thielman, said, "Equity market pressure and Martin Marietta’s (NYSE: MLM)(NEUTRAL) blocked bid for the company have weighed on the shares. Macroeconomic concerns could weigh on near-term capital spending initiatives while contract lettings in key states have been soft recently. Given these concerns and current multiples, we remain on the sidelines for now and reiterate our rating."
(NOTE - on May 31, 2012, Bloomberg reporting Martin Marietta (NYSE: MLM) has lost a bid to have the Vulcan (NYSE: VMC) offer ruling voided...Later that day, an official press release was issued with the following: Court Upholds Delaware Chancery Court Decision to Enjoin Martin Marietta Materials from Prosecuting Proxy Contest and Exchange Offer for Vulcan..."We appreciate the Delaware Supreme Court's careful consideration of this matter and are pleased with the Court's ruling affirming the May 4th decision of the Delaware Court of Chancery. Vulcan's Board and management team are committed to enhancing long-term value for all shareholders, and we look forward to continuing to deliver on our growth strategy and cost savings initiatives.")
For an analyst ratings summary and ratings history on Vulcan Materials Company click here. For more ratings news on Vulcan Materials Company click here.
Shares of Vulcan Materials Company closed at $33.78 yesterday, with a 52 week range of $25.06-$48.09.
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Analyst, Brent Thielman, said, "Equity market pressure and Martin Marietta’s (NYSE: MLM)(NEUTRAL) blocked bid for the company have weighed on the shares. Macroeconomic concerns could weigh on near-term capital spending initiatives while contract lettings in key states have been soft recently. Given these concerns and current multiples, we remain on the sidelines for now and reiterate our rating."
(NOTE - on May 31, 2012, Bloomberg reporting Martin Marietta (NYSE: MLM) has lost a bid to have the Vulcan (NYSE: VMC) offer ruling voided...Later that day, an official press release was issued with the following: Court Upholds Delaware Chancery Court Decision to Enjoin Martin Marietta Materials from Prosecuting Proxy Contest and Exchange Offer for Vulcan..."We appreciate the Delaware Supreme Court's careful consideration of this matter and are pleased with the Court's ruling affirming the May 4th decision of the Delaware Court of Chancery. Vulcan's Board and management team are committed to enhancing long-term value for all shareholders, and we look forward to continuing to deliver on our growth strategy and cost savings initiatives.")
For an analyst ratings summary and ratings history on Vulcan Materials Company click here. For more ratings news on Vulcan Materials Company click here.
Shares of Vulcan Materials Company closed at $33.78 yesterday, with a 52 week range of $25.06-$48.09.
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