Socorro Asset Management LP trimmed its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) by 16.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,572 shares of the construction company’s stock after selling 2,322 shares during the quarter. Martin Marietta Materials comprises approximately 3.1% of Socorro Asset Management LP’s investment portfolio, making the stock its 19th biggest position. Socorro Asset Management LP’s holdings in Martin Marietta Materials were worth $6,812,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of MLM. Optima Capital LLC acquired a new stake in Martin Marietta Materials during the fourth quarter worth approximately $25,000. Meeder Asset Management Inc. raised its position in shares of Martin Marietta Materials by 67.9% in the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock valued at $28,000 after buying an additional 19 shares in the last quarter. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Martin Marietta Materials in the fourth quarter valued at approximately $31,000. Reflection Asset Management bought a new stake in shares of Martin Marietta Materials in the fourth quarter valued at approximately $35,000. Finally, Quarry LP acquired a new stake in Martin Marietta Materials during the third quarter worth approximately $38,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on MLM shares. Oppenheimer began coverage on Martin Marietta Materials in a research note on Thursday, May 28th. They set a “market perform” rating on the stock. Morgan Stanley reduced their target price on Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating on the stock in a report on Monday, April 6th. Berenberg Bank set a $556.00 price target on Martin Marietta Materials and gave the company a “hold” rating in a research note on Tuesday, June 2nd. Raymond James Financial cut their price objective on shares of Martin Marietta Materials from $690.00 to $675.00 and set an “outperform” rating for the company in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company increased their price objective on shares of Martin Marietta Materials from $614.00 to $616.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. Eleven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus price target of $681.53.
Martin Marietta Materials Trading Up 2.4%
Shares of MLM stock opened at $573.11 on Tuesday. Martin Marietta Materials, Inc. has a fifty-two week low of $525.38 and a fifty-two week high of $710.97. The stock’s fifty day moving average price is $576.33 and its two-hundred day moving average price is $609.45. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 2.28. The company has a market cap of $34.41 billion, a PE ratio of 13.66, a P/E/G ratio of 2.37 and a beta of 1.10.
Martin Marietta Materials (NYSE:MLM – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.15. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.Martin Marietta Materials’s revenue was up 17.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.90 EPS. Equities analysts predict that Martin Marietta Materials, Inc. will post 19.43 EPS for the current fiscal year.
Martin Marietta Materials Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were issued a $0.83 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.6%. Martin Marietta Materials’s dividend payout ratio is 7.91%.
About Martin Marietta Materials
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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