Kornitzer Capital Management Inc. KS decreased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) by 5.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,745 shares of the construction company’s stock after selling 2,103 shares during the period. Kornitzer Capital Management Inc. KS owned approximately 0.06% of Martin Marietta Materials worth $19,865,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Optima Capital LLC bought a new stake in Martin Marietta Materials during the fourth quarter worth approximately $25,000. KERR FINANCIAL PLANNING Corp acquired a new position in Martin Marietta Materials in the third quarter worth approximately $27,000. Garton & Associates Financial Advisors LLC acquired a new position in Martin Marietta Materials in the fourth quarter worth approximately $31,000. Reflection Asset Management bought a new position in shares of Martin Marietta Materials in the fourth quarter valued at $35,000. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Martin Marietta Materials in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 95.04% of the company’s stock.
Wall Street Analysts Forecast Growth
MLM has been the subject of several research reports. B. Riley Financial raised Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $700.00 price objective for the company in a research note on Thursday, April 2nd. Morgan Stanley cut their target price on Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating on the stock in a research report on Monday, April 6th. Raymond James Financial reaffirmed an “outperform” rating on shares of Martin Marietta Materials in a report on Monday, June 29th. Truist Financial increased their price target on Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a research report on Monday, May 4th. Finally, Citigroup lifted their price target on Martin Marietta Materials from $731.00 to $737.00 and gave the stock a “buy” rating in a research note on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $682.41.
Martin Marietta Materials Trading Up 1.1%
Martin Marietta Materials stock traded up $6.10 during midday trading on Friday, reaching $578.00. The stock had a trading volume of 450,995 shares, compared to its average volume of 628,951. Martin Marietta Materials, Inc. has a twelve month low of $525.38 and a twelve month high of $710.97. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. The firm has a market cap of $34.71 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 2.43 and a beta of 1.10. The firm’s fifty day simple moving average is $581.94 and its two-hundred day simple moving average is $615.35.
Martin Marietta Materials (NYSE:MLM – Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.15. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The company’s revenue was up 17.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.90 EPS. Equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.38 EPS for the current fiscal year.
Martin Marietta Materials Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Martin Marietta Materials’s payout ratio is presently 7.91%.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.
In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.
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