Mountain Lake Investment Management LLC trimmed its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 15.5% in the 1st quarter, Holdings Channel reports. The firm owned 12,250 shares of the construction company’s stock after selling 2,250 shares during the quarter. Martin Marietta Materials accounts for 2.3% of Mountain Lake Investment Management LLC’s holdings, making the stock its 18th largest position. Mountain Lake Investment Management LLC’s holdings in Martin Marietta Materials were worth $4,114,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in MLM. Concord Wealth Partners bought a new position in Martin Marietta Materials in the 4th quarter valued at $28,000. Wealthcare Advisory Partners LLC purchased a new stake in shares of Martin Marietta Materials during the 1st quarter valued at $28,000. Zions Bancorporation N.A. purchased a new stake in shares of Martin Marietta Materials during the 1st quarter valued at $29,000. E Fund Management Co. Ltd. purchased a new stake in shares of Martin Marietta Materials during the 1st quarter valued at $37,000. Finally, O Shaughnessy Asset Management LLC raised its position in shares of Martin Marietta Materials by 51.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 121 shares of the construction company’s stock valued at $41,000 after buying an additional 41 shares in the last quarter. 91.88% of the stock is owned by hedge funds and other institutional investors.
Several analysts have recently weighed in on MLM shares. JPMorgan Chase & Co. raised their price objective on shares of Martin Marietta Materials from $335.00 to $385.00 and gave the company a “neutral” rating in a research report on Wednesday, May 26th. Jefferies Financial Group upgraded shares of Martin Marietta Materials from a “hold” rating to a “buy” rating and lifted their target price for the stock from $360.00 to $424.00 in a research report on Friday, June 25th. Barclays raised their price target on shares of Martin Marietta Materials from $275.00 to $380.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 28th. They noted that the move was a valuation call. Finally, Morgan Stanley raised their price target on shares of Martin Marietta Materials from $372.00 to $408.00 and gave the stock an “overweight” rating in a report on Monday, May 10th. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Martin Marietta Materials presently has an average rating of “Hold” and an average price target of $330.15.
Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Tuesday, May 4th. The construction company reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.54. The business had revenue of $982.40 million during the quarter, compared to analysts’ expectations of $968.53 million. Martin Marietta Materials had a net margin of 15.99% and a return on equity of 13.18%. The firm’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 earnings per share. Sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 12.48 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 1st were given a $0.57 dividend. The ex-dividend date of this dividend was Friday, May 28th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.65%. Martin Marietta Materials’s payout ratio is currently 19.76%.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement used 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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