UPDATE: KeyBanc Capital Markets Downgrades Vulcan Materials to Hold on Full Valuation

KeyBanc Capital Markets reduced its rating on Vulcan Materials (NYSE: WMC) from Buy to Hold and removed its previous price target of $45 a share.

KeyBanc Capital Markets commented, "VMC continues to execute on improving its profitability and refocusing its business around its core aggregates operations, but for now we think valuation fairly reflects its 1) nascent recovery in cyclically depressed businesses, 2) resilient aggregates price power; 3) tight cost focus, and 4) improving balance sheet."

Vulcan Materials closed at $48.27 on Monday.

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