RESEARCH — THE FILING TAPE #129

Eight of 147: Chris Hohn - TCI's New Position Is 36.9% of the Tracked Vulcan Materials Stake, and the Verified Cohort Grew 5.7% in a Quarter When the Price Rose 8.3%

October 19, 2026

GetCoattail Research — The Filing Tape #129. Vulcan Materials surfaced on a trending-stocks screen this week listed as a Strong Buy with three Buy ratings and no Hold or Sell, and the filings describe a register whose growth is mostly arrival, not accumulation: 8 of the 147 superinvestors held the stock at June 30, 2026, totalling 6,638,951 shares, but three of the eight are new holders carrying 62.1% of that stake, and the five holders who verify against the first quarter grew a combined 5.7% while the price rose 8.3%. Insiders have never bought a share in the parsed record, Congress shows no row in any aggregate, and short interest sits 15.4% below the series peak it set in July.

The Hype

Vulcan Materials' attention this week is a screen story. The stock appeared on TipRanks' Trending Stocks by Analyst screener — SMTC, SCHW and JBHT topped the page's order, followed by covered, skipped or just-published names including BNY, USB, CRWV, META, TRU and EFX — listed as a Strong Buy with a price target of $309.69 (20.21% upside as printed), 3 Buy, 0 Hold and 0 Sell ratings, a printed one-month change of +5.46%, a market value of $33.38B as printed, in Basic Materials, with its last rating dated October 19, 2026. TipRanks Our price file shows the path behind the screen: the stock rose 8.3% in the second quarter, from $272.30 on March 31 to $295.01 on June 30, then fell to $243.06 by October 2 — down 17.6% from the June 30 close, down 14.8% year to date, and 26.4% below the 252-session high of $330.37 (February 10, 2026).

The Tape

For Vulcan Materials — the one hundred and twenty-ninth Filing Tape audit — the tape shows eight June holders of whom three are new and carry most of the stake, a verified continuing cohort up just 5.7%, a full market adding filers and shares, an insider record with no purchase against 30 sales, no Congress row at all, an all-passive 5% register whose maximum name also prints zero, and a borrow down from its July peak but up 46.2% in a year.

LensAs ofWhat the filings showDirection vs prior period
Superinvestors (13F)Jun 30, 20268 holders of 147 tracked managers hold 6,638,951 shares; top holder is 36.9% of the tracked stake3 NEW, 2 DECREASED, 2 UNCHANGED, 1 INCREASED; verified continuing cohort +5.7% vs Q1; two exits
All institutions (13F)Jun 30, 20261,070 filers; 127,155,865 shares; reported value $37,225,679,814Filers +55; shares +19.4%; reported value +30.01%
Insiders (Form 4)Oct 2, 2026No purchase in the full parsed record; 30 sales across 120 filingsLast 90 days: 0 purchases, 5 sales; last year: 0 purchases, 18 sales
CongressOct 3, 2026None — no row in the combined, House or Senate aggregatesNo recorded transaction in any aggregate
13D/GMay 13, 20269 parsed filings (0 SC 13D family, 9 SC 13G family); register maximum 12.63%Latest filing May 13, 2026 prints JPMorgan Chase at 4.4%, as of Mar 31, 2026
Short interest (FINRA)Sep 15, 20265,543,643 shares; 4.27% of shares outstanding; 5.12 days to cover15.4% below the series peak set Jul 15, 2026; down 7.7% from Jun 30, 2026; up 46.2% from a year ago

Lens 1 — the superinvestors: eight June holders, three of them new, a verified cohort up 5.7%. We track 149 managers whose 13F portfolios we collect from SEC EDGAR — 147 are in the collection (144 at a June 30 period-end, 3 early filers at September 30, none of them holding this name, so there is no period split) — and the June 30, 2026 register for the common stock (CUSIP 929160109) is 8 distinct managers holding 6,638,951 shares worth $1,958,556,935, long only, with no option rows and no debt rows: 3 are labelled NEW, 2 DECREASED, 2 UNCHANGED and 1 INCREASED, with two exits. Chris Hohn - TCI Fund Management is the largest: 2,447,004 shares worth $721,890,650 — 36.9% of the tracked stake — at a 1.37% portfolio weight, labelled NEW (filed August 14, 2026). The second holder, John Armitage - Egerton Capital, holds 1,971,694 shares (29.7%, INCREASED +11.4%, at a 5.62% weight), so the top two hold 66.6% — 4,418,698 shares — between them. The remaining holders are Veritas Asset Management (1,039,426 shares, NEW, at a 5.52% weight), Lee Ainslie - Maverick Capital (637,264 shares, NEW, at a 1.66% weight), Skye Global Management (308,500 shares, DECREASED -15.2%, at a 1.77% weight), Wallace Weitz - Weitz Investment Management (203,800 shares, DECREASED -4.9%, at a 4.16% weight), Dodge & Cox Funds (24,000 shares, UNCHANGED 0.0%, at a 0.0% weight) and Thomas Russo - Gardner Russo & Quinn (7,263 shares, UNCHANGED 0.0%, at a 0.02% weight). The three new holders — TCI, Veritas and Maverick — carry 4,123,694 shares between them, 62.1% of the tracked stake. The change verifies row by row for all five continuing holders under two register methods that agree exactly (methodology): those five held 2,378,679 shares at March 31 and 2,515,257 at June 30 (+136,578 shares, +5.7%), with Egerton's +202,478-share increase partly offset by Skye Global's -55,500 and Weitz's -10,400. The full register reconciles with no residual: 2,564,539 shares at March 31 (the verified 2,378,679, plus the 185,860 shares of the quarter's two exits, Stephen Mandel - Lone Pine Capital at 144,179 and Eagle Capital Management at 41,681) moving to 6,638,951 at June 30, a register change of +158.9% that differs from the verified cohort's +5.7% because the register also counts the three new holders and the two exits. All eight rows imply $295.01; the cohort implied price is $295.01, the June 30 close. 13F figures are as of June 30, 2026, published up to 45 days later.

Vulcan Materials through six filing lenses
Chart 1: Signal presence by cohort (n = 8 superinvestor holders among 147 managers, at Jun 30, 2026, long only; no option rows; no September 30, 2026 early filer holds this name). Superinvestors: 2026Q2 13F collection, as of Jun 30, 2026. Institutions: full-market 13F aggregation, Jun 30, 2026 (n = 1,070 filers). Insiders: Form 4 through Oct 2, 2026 (n = 120 filings). Congress: PTR aggregates through Oct 3, 2026 (Senate through Oct 1, 2026) — no row in any aggregate. 13D/G: parsed filings through May 13, 2026 (n = 9 filings). Short interest: FINRA settlements through Sep 15, 2026 (n = 137 settlements, symbol VMC only). Source: SEC EDGAR; FINRA; GetCoattail collections.

Lens 2 — institutions: 55 more filers reporting 19.4% more shares. At June 30, 2026, 1,070 institutions reported positions, up 55 from 1,015 at March 31 (+5.42%); 1,065 are long. Reported shares rose 19.4%, from 106,482,030 to 127,155,865 (+20,673,835 shares), and reported value rose 30.01% to $37,225,679,814, labelled "reported" because the aggregate includes option rows (methodology). Flow counts agree: 950 entered, 895 exited, net +55, and the by-CUSIP row matches the by-ticker row on every field. The reported value implies $292.76 against a June 30 close of $295.01 (-0.76%).

Lens 3 — insiders: no purchase in the entire parsed record, against 30 sales. The parsed Form 4 record holds 120 filings through October 2, 2026, and it contains no purchase transaction at all: the buy count is zero in the 90-day window, in the one-year window and across the full record. Sales run the other way. The last 90 days hold 5 sales: 16,000 shares for $4,436,604.44, by 2 sellers, across 4 filings, one of the five an officer sale. The one-year window holds 18 sales (52,054.02 shares, $15,026,745.36, 7 sellers), and the full record holds 30 sales (145,454.99 shares, $40,724,446.92, 8 sellers). The sales imply $277.29 per share over 90 days, $288.68 over one year and $279.98 over the full record, each inside its window's close range on our price file — so the dollar totals are cited for all three windows.

Lens 4 — Congress: no row in any aggregate. The combined record (as of October 3, 2026), the House aggregate (as of October 3, 2026) and the Senate aggregate (as of October 1, 2026) each carry no row for this name. That is the whole of this lens: no recorded purchase, no recorded sale, in any of the three aggregates.

Lens 5 — the 5% register: 9 filings, every one of them passive, maximum 12.63%. Our full parse holds 9 SC 13D/G filings matching the site aggregate — 0 SC 13D family and 9 SC 13G family (4 SC 13G, 5 SC 13G/A); 5 amendments, 7 reporter names across 9 reporter rows. The maximum is 12.63%: The Vanguard Group printed 16,697,431 shares at 12.63% as of March 31, 2025 (filed April 30, 2025, SC 13G/A) — and the same name later printed 0 shares at 0.0% as of March 13, 2026 (filed March 27, 2026, SC 13G/A), while Vanguard Capital Management separately printed 9,843,352 shares at 7.54% as of March 31, 2026 and Vanguard Portfolio Management printed 7,046,686 shares at 5.4% as of the same date. JPMorgan Chase printed 6,771,833 shares at 5.1% as of March 31, 2025, then 5,743,652 shares at 4.4% as of March 31, 2026 — the register's latest filing, filed May 13, 2026. Principal Global Investors printed 6,894,267 shares at 5.2% as of June 30, 2025, then 6,315,161 shares at 4.8% as of March 31, 2026. BlackRock printed 8,975,496 shares at 6.8% as of March 31, 2025.

Lens 6 — short interest: a July peak, a two-month fade, still up 46.2% in a year. The latest FINRA settlement, September 15, 2026, records 5,543,643 shares sold short — 4.27% of the 129,754,885 shares outstanding — at 5.12 days to cover, down 1.28% from the prior settlement. The series peak is two months back: 6,549,851 shares on July 15, 2026, the maximum across all 137 settlements in the series, which begins January 15, 2021; the latest reading sits 15.4% below it. The series minimum is 1,040,862 on February 12, 2021. Against June 30, 2026 (6,009,130) the latest is down 7.7%, and against a year ago (3,792,141 on September 15, 2025) up 46.2%. The recent path runs 6,009,130 (June 30), 6,549,851 (July 15), 6,124,440 (July 31), 6,367,990 (August 14), 5,615,575 (August 31) and 5,543,643 (September 15) — two rises and three falls across the six settlements. The series is published as collected.

Short interest in Vulcan Materials
Chart 2: Shares sold short in Vulcan Materials at each FINRA biweekly settlement, Jan 15, 2021 – Sep 15, 2026 (n = 137 settlements, symbol VMC only; the issuer-name field appears in a single spelling, "Vulcan Materials Company(Holdi", the FINRA field as collected). The series maximum, 6,549,851 shares, was set on Jul 15, 2026; the latest reading, 5,543,643 shares on Sep 15, 2026, sits 15.4% below it, 7.7% below the Jun 30, 2026 settlement of 6,009,130 and 46.2% above the year-ago settlement of 3,792,141. No single-step ratio in the series reaches 2 times — the largest step is 1.523x — and no step falls to 0.5 times or below; the series is plotted as collected, with no smoothing. Source: FINRA Equity Short Interest files; GetCoattail collection (vmc_short_interest_series.csv).

The Gap

The narrative arriving this week is an analyst-consensus story: a Strong Buy trending listing, three Buy ratings against no Hold and no Sell, a printed target above the last close, on a stock the screen prints up 5.46% in a month. The June tape backs only part of it. The full market did add — 55 more filers, 19.4% more shares — and three tracked managers did open new positions. But 62.1% of the tracked stake belongs to those three arrivals: the register's +158.9% headline is entry, and the five managers who were already there grew just 5.7% between them, with two of the five cutting and two exits leaving. Inside the company, the record holds no purchase ever against 30 sales. The 5% register's maximum name, The Vanguard Group at 12.63%, also carries a later print of 0.0%. And while the borrow has faded 15.4% from its July peak, it remains 46.2% above a year ago. One plausible reading is that the filings describe new money arriving at the register level while the continuing holders, the insiders and the 5% prints move little or the other way: the screen says Strong Buy, and the tape says the buying is concentrated in who just showed up.

What Would Change the Picture

Nothing above is a recommendation. These filings would change it:

Related reading: Twelve of 147: Oakmark Holds 55.6% of the Tracked Equifax Stake, and the Verified Cohort Fell 4.2% in a Quarter When the Price Fell 11.9% — Filing Tape #128; Five of 147: Dodge & Cox Holds 57.8% of the Tracked TransUnion Stake. Short Interest Just Hit a Record. — Filing Tape #127. Vulcan Materials' own page: Vulcan Materials (VMC) on GetCoattail.

Methodology and data notes

Past patterns are not a promise of future results. For education only — not investment advice.

This article describes public filings as of the dates stated. It is not investment advice and makes no recommendation. Filings lag reality: 13F positions are as of June 30, 2026, and later trading is not yet public.

Revision history: v1.0 — October 19, 2026: first publication.

MORE RESEARCH

Six of 83: The Superinvestors Hold Little Tesla — and Cut a Third of It in Q2
Six of the 83 superinvestors we track hold Tesla — one name is 84.8% of the cohort — and the cohort cut its aggregate share count 33.2% in the second quarter while all institutions added 27.9%, insiders filed one report in 90 days with zero purchases in a year, and short interest sits at 1.74% of shares outstanding.
80% Overlap, No Copycat Signal: Congress vs. the Superinvestors
Four of five congressional stock buys land in a stock the superinvestors hold — 688 shared names. But ticker by ticker, how often Congress buys a stock has almost nothing to do with how many managers hold it (ρ = 0.099), and the shared names did not pay better.