This infrastructure company beat earnings estimates by $0.10 in the latest quarter. Ten analysts have raised their forecasts for both this year and next in the past 30 days.
Vulcan Materials (VMC)
From Shortex Market Letter
Vulcan Materials (VMC) is the nation’s largest producer of construction aggregates/asphalt mixes and ready-mix concrete and is the beneficiary of public construction, such as highways, bridges, airports, schools as well as heavy construction, paving, commercial buildings, residential buildings, contractors; county, state/municipal governments; railroads and major utilities.
Expectation for infrastructure spending spree in California, lifts VMC shares 3%+. Correction/retraction completed (136-130) to (128-122) to (119-114) to (114-110). Reversal rocketed: (112-116), break-out through 50- and 200-DMA (119-122). Gapping up @ (123-126). Challenging upper-head resistance @ (134-136) in the offing. Volatile.
RECOMMENDATION:
Buying Range: 123-129
Near Term Objective: 149
Intermediate objective: 163
Stop loss: 117
Joseph Parnes, Shortex Market Letter, www.shortex.com, 800-877-6555, May 5, 2017