Harvey Capital Management Inc. Sells 7,571 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Harvey Capital Management Inc. decreased its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 66.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,900 shares of the construction company’s stock after selling 7,571 shares during the quarter. Harvey Capital Management Inc.’s holdings in Martin Marietta Materials were worth $1,068,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Commonwealth Bank of Australia boosted its position in Martin Marietta Materials by 28.1% during the second quarter. Commonwealth Bank of Australia now owns 196 shares of the construction company’s stock valued at $43,000 after acquiring an additional 43 shares during the last quarter. D.A. Davidson & CO. boosted its position in Martin Marietta Materials by 0.7% during the second quarter. D.A. Davidson & CO. now owns 6,563 shares of the construction company’s stock valued at $1,510,000 after acquiring an additional 44 shares during the last quarter. Valeo Financial Advisors LLC boosted its position in Martin Marietta Materials by 4.9% during the second quarter. Valeo Financial Advisors LLC now owns 1,070 shares of the construction company’s stock valued at $246,000 after acquiring an additional 50 shares during the last quarter. Hartford Investment Management Co. boosted its position in Martin Marietta Materials by 0.8% during the second quarter. Hartford Investment Management Co. now owns 6,851 shares of the construction company’s stock valued at $1,576,000 after acquiring an additional 53 shares during the last quarter. Finally, Dupont Capital Management Corp boosted its position in Martin Marietta Materials by 1.8% during the second quarter. Dupont Capital Management Corp now owns 3,252 shares of the construction company’s stock valued at $748,000 after acquiring an additional 56 shares during the last quarter.

In other news, EVP Roselyn R. Bar sold 2,821 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $246.93, for a total transaction of $696,589.53. Following the completion of the transaction, the executive vice president now directly owns 57,149 shares of the company’s stock, valued at approximately $14,111,802.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman C Howard Nye sold 11,224 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $243.66, for a total transaction of $2,734,839.84. Following the transaction, the chairman now directly owns 158,885 shares of the company’s stock, valued at $38,713,919.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,485 shares of company stock valued at $5,317,618. Company insiders own 0.73% of the company’s stock.

MLM has been the topic of a number of research analyst reports. Exane BNP Paribas initiated coverage on shares of Martin Marietta Materials in a research report on Wednesday, October 9th. They set an “underperform” rating on the stock. SunTrust Banks upped their price target on shares of Martin Marietta Materials from $235.00 to $285.00 and gave the company a “buy” rating in a research report on Wednesday. BNP Paribas assumed coverage on shares of Martin Marietta Materials in a research report on Wednesday, October 9th. They set an “underperform” rating on the stock. Jefferies Financial Group increased their price objective on shares of Martin Marietta Materials from $265.00 to $290.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Martin Marietta Materials from $265.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have assigned a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $246.09.

Shares of MLM traded down $2.04 on Friday, reaching $264.98. The company’s stock had a trading volume of 3,277 shares, compared to its average volume of 516,025. The company has a current ratio of 1.86, a quick ratio of 1.08 and a debt-to-equity ratio of 0.62. Martin Marietta Materials, Inc. has a twelve month low of $150.75 and a twelve month high of $275.99. The stock has a market capitalization of $16.60 billion, a PE ratio of 32.73, a PEG ratio of 2.47 and a beta of 1.11. The firm has a fifty day moving average of $263.42 and a 200-day moving average of $234.50.

Martin Marietta Materials (NYSE:MLM) last posted its earnings results on Tuesday, July 30th. The construction company reported $3.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $3.08 by ($0.07). Martin Marietta Materials had a return on equity of 10.35% and a net margin of 11.37%. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the prior year, the company earned $3.25 EPS. The company’s revenue was up 6.4% on a year-over-year basis. As a group, equities analysts anticipate that Martin Marietta Materials, Inc. will post 9.42 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a $0.55 dividend. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, August 30th. This represents a $2.20 annualized dividend and a yield of 0.83%. Martin Marietta Materials’s dividend payout ratio (DPR) is 27.19%.

About Martin Marietta Materials

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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Institutional Ownership by Quarter for Martin Marietta Materials (NYSE:MLM)

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