As previously reported, Seaport Global analyst Rohit Seth initiated coverage of Vulcan Materials (VMC), Summit Materials (SUM) and Martin Marietta (MLM), all with Neutral ratings, as the firm expresses a neutral view on construction materials stocks given its belief that the stocks will be range bound as investors assess the impact of a cyclical downturn in residential and spill over to nonresidential sales. Both end markets are "falling from tall peaks with uncertain paths back" and with construction markets losing momentum, the firm "would wait for the trough."
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on VMC:
- VULCAN INCREASES QUARTERLY DIVIDEND ON COMMON STOCK
- Vulcan Materials initiated with Neutral at Seaport Global
- Vulcan Materials downgraded on high expectations at Atlantic Equities
- Vulcan Materials downgraded to Neutral from Overweight at Atlantic Equities
- Summit Materials initiated with a Buy at Truist