Martin Marietta Materials, Inc. $MLM is DAVENPORT & Co LLC’s 10th Largest Position

DAVENPORT & Co LLC reduced its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 0.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 358,642 shares of the construction company’s stock after selling 1,229 shares during the period. Martin Marietta Materials accounts for about 1.1% of DAVENPORT & Co LLC’s holdings, making the stock its 10th biggest position. DAVENPORT & Co LLC owned 0.59% of Martin Marietta Materials worth $197,007,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of MLM. Wayfinding Financial LLC purchased a new position in shares of Martin Marietta Materials in the 1st quarter valued at $29,000. Chilton Capital Management LLC purchased a new position in shares of Martin Marietta Materials during the first quarter worth about $30,000. Zions Bancorporation National Association UT acquired a new stake in shares of Martin Marietta Materials during the first quarter worth about $30,000. IMA Advisory Services Inc. purchased a new stake in shares of Martin Marietta Materials in the 1st quarter valued at about $40,000. Finally, Valley National Advisers Inc. lifted its holdings in shares of Martin Marietta Materials by 193.9% in the 1st quarter. Valley National Advisers Inc. now owns 97 shares of the construction company’s stock valued at $45,000 after purchasing an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on MLM shares. Raymond James Financial raised their price target on Martin Marietta Materials from $600.00 to $645.00 and gave the stock an “outperform” rating in a research note on Friday, August 8th. DA Davidson raised their target price on shares of Martin Marietta Materials from $625.00 to $700.00 and gave the stock a “buy” rating in a research report on Monday, August 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Martin Marietta Materials in a research report on Saturday, September 27th. Morgan Stanley increased their price target on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $525.00 target price (up from $515.00) on shares of Martin Marietta Materials in a report on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Martin Marietta Materials presently has an average rating of “Moderate Buy” and an average price target of $622.63.

Martin Marietta Materials Stock Performance

NYSE:MLM opened at $635.61 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 1.21. The firm has a market cap of $38.33 billion, a price-to-earnings ratio of 35.25, a price-to-earnings-growth ratio of 5.75 and a beta of 1.01. The firm’s fifty day moving average price is $610.18 and its 200 day moving average price is $558.68. Martin Marietta Materials, Inc. has a 1-year low of $441.95 and a 1-year high of $637.36.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Thursday, August 7th. The construction company reported $5.43 EPS for the quarter, missing the consensus estimate of $5.44 by ($0.01). The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.88 billion. Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%.The firm’s revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business posted $4.76 EPS. Martin Marietta Materials has set its FY 2025 guidance at EPS. On average, sell-side analysts expect that Martin Marietta Materials, Inc. will post 19.53 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 0.5%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.79. Martin Marietta Materials’s payout ratio is presently 18.41%.

Insider Transactions at Martin Marietta Materials

In other news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $613.32, for a total transaction of $636,626.16. Following the completion of the transaction, the director directly owned 15,417 shares of the company’s stock, valued at approximately $9,455,554.44. This represents a 6.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.68% of the company’s stock.

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 for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.