Martin Marietta Materials, Inc. (NYSE:MLM) was the target of a large drop in short interest in June. As of June 30th, there was short interest totalling 2,651,600 shares, a drop of 9.4% from the May 30th total of 2,927,100 shares. Based on an average daily volume of 542,200 shares, the days-to-cover ratio is currently 4.9 days. Currently, 4.3% of the company’s stock are sold short.
MLM traded up $1.50 during trading on Friday, hitting $226.50. The stock had a trading volume of 386,487 shares, compared to its average volume of 417,770. The stock has a market capitalization of $14.08 billion, a price-to-earnings ratio of 28.00, a PEG ratio of 2.20 and a beta of 1.14. Martin Marietta Materials has a 12 month low of $150.75 and a 12 month high of $232.81. The company has a current ratio of 1.81, a quick ratio of 0.96 and a debt-to-equity ratio of 0.65. The company has a 50 day simple moving average of $223.00.
Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Tuesday, April 30th. The construction company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.29 by $0.39. The firm had revenue of $938.96 million for the quarter, compared to the consensus estimate of $881.82 million. Martin Marietta Materials had a net margin of 11.48% and a return on equity of 10.82%. The business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.16 EPS. As a group, research analysts forecast that Martin Marietta Materials will post 9.27 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a $0.48 dividend. The ex-dividend date was Friday, May 31st. This represents a $1.92 annualized dividend and a yield of 0.85%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 23.73%.
In other news, Chairman C Howard Nye sold 14,668 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $220.48, for a total transaction of $3,234,000.64. Following the transaction, the chairman now owns 167,019 shares in the company, valued at approximately $36,824,349.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Laree E. Perez sold 824 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $231.80, for a total transaction of $191,003.20. Following the transaction, the director now owns 14,136 shares in the company, valued at approximately $3,276,724.80. The disclosure for this sale can be found here. Insiders have sold a total of 18,675 shares of company stock worth $4,125,869 in the last 90 days. 0.73% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in MLM. Egerton Capital UK LLP raised its holdings in Martin Marietta Materials by 40.6% in the 1st quarter. Egerton Capital UK LLP now owns 2,204,702 shares of the construction company’s stock worth $443,542,000 after acquiring an additional 636,338 shares during the period. Norges Bank bought a new position in Martin Marietta Materials in the 4th quarter worth $97,355,000. FMR LLC grew its position 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 worth $342,123,000 after purchasing an additional 228,367 shares during the last quarter. Bank of America Corp DE grew its position in Martin Marietta Materials by 46.4% in the 4th quarter. Bank of America Corp DE now owns 531,590 shares of the construction company’s stock worth $91,365,000 after purchasing an additional 168,379 shares during the last quarter. Finally, Strs Ohio grew its position in Martin Marietta Materials by 392.1% in the 1st quarter. Strs Ohio now owns 163,195 shares of the construction company’s stock worth $32,831,000 after purchasing an additional 130,033 shares during the last quarter.
A number of research analysts have recently weighed in on the stock. Bank of America downgraded shares of Propetro from a “buy” rating to a “neutral” rating in a report on Tuesday, April 16th. Zacks Investment Research downgraded shares of GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a report on Monday, May 6th. DA Davidson cut their price target on shares of Cloudera to $9.00 and set a “buy” rating on the stock in a report on Thursday, June 6th. Berenberg Bank restated a “buy” rating and set a GBX 3,620 ($47.30) price target on shares of Bellway in a report on Wednesday, April 3rd. Finally, Citigroup raised their price target on shares of Martin Marietta Materials from $239.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the company. Martin Marietta Materials currently has a consensus rating of “Buy” and an average target price of $221.87.
Martin Marietta Materials Company 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.
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