Rockland Trust Co. lowered its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 1.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,055 shares of the construction company’s stock after selling 1,176 shares during the period. Martin Marietta Materials makes up approximately 1.7% of Rockland Trust Co.’s portfolio, making the stock its 14th largest position. Rockland Trust Co. owned about 0.12% of Martin Marietta Materials worth $18,719,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in MLM. FMR LLC increased its holdings in Martin Marietta Materials by 15.5% in the 1st quarter. FMR LLC now owns 1,700,586 shares of the construction company’s stock valued at $342,123,000 after purchasing an additional 228,367 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in Martin Marietta Materials in the 2nd quarter valued at approximately $41,050,000. Nuveen Asset Management LLC increased its holdings in Martin Marietta Materials by 9,809.1% in the 2nd quarter. Nuveen Asset Management LLC now owns 151,907 shares of the construction company’s stock valued at $34,955,000 after purchasing an additional 150,374 shares during the last quarter. Gilder Gagnon Howe & Co. LLC increased its holdings in Martin Marietta Materials by 33.7% in the 1st quarter. Gilder Gagnon Howe & Co. LLC now owns 457,498 shares of the construction company’s stock valued at $92,039,000 after purchasing an additional 115,390 shares during the last quarter. Finally, Prudential PLC acquired a new stake in Martin Marietta Materials in the 2nd quarter valued at approximately $25,266,000.
Several analysts recently weighed in on MLM shares. Jefferies Financial Group lifted their target price on shares of Martin Marietta Materials from $265.00 to $290.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. BNP Paribas started coverage on shares of Martin Marietta Materials in a report on Wednesday. They issued an “underperform” rating for the company. ValuEngine downgraded shares of Martin Marietta Materials from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Exane BNP Paribas started coverage on shares of Martin Marietta Materials in a report on Wednesday. They issued an “underperform” rating for the company. Finally, JPMorgan Chase & Co. lifted their target price on shares of Martin Marietta Materials from $265.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and twelve have given a buy rating to the stock. Martin Marietta Materials has an average rating of “Buy” and an average price target of $231.86.
MLM stock traded up $1.96 during midday trading on Friday, hitting $269.83. The company’s stock had a trading volume of 121,191 shares, compared to its average volume of 511,877. The company has a quick ratio of 1.08, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. Martin Marietta Materials, Inc. has a 52-week low of $150.75 and a 52-week high of $275.99. The firm has a market capitalization of $16.42 billion, a P/E ratio of 33.35, a PEG ratio of 2.45 and a beta of 1.11. The firm has a 50-day simple moving average of $261.42 and a 200-day simple moving average of $232.03.
Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Tuesday, July 30th. The construction company reported $3.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.08 by ($0.07). Martin Marietta Materials had a net margin of 11.37% and a return on equity of 10.35%. The business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same period in the prior year, the business earned $3.25 EPS. The business’s quarterly revenue was up 6.4% on a year-over-year basis. On average, sell-side analysts expect that Martin Marietta Materials, Inc. will post 9.38 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were given a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 0.82%. The ex-dividend date was Friday, August 30th. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.48. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 27.19%.
Martin Marietta Materials Profile
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.
Further Reading: How to invest in a bear market
Want to see what other hedge funds are holding MLM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Martin Marietta Materials, Inc. (NYSE:MLM).
Receive News & Ratings for Martin Marietta Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Martin Marietta Materials and related companies with MarketBeat.com's FREE daily email newsletter.