NewEdge Wealth LLC bought a new stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 1,788 shares of the construction company’s stock, valued at approximately $1,031,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MLM. BlackRock Inc. bought a new stake in Martin Marietta Materials in the second quarter worth $2,706,134,000. Victory Capital Management Inc. raised its stake in Martin Marietta Materials by 51.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock valued at $1,524,853,000 after purchasing an additional 836,120 shares in the last quarter. Bank of America Corp DE lifted its position in Martin Marietta Materials by 0.9% during the first quarter. Bank of America Corp DE now owns 2,399,779 shares of the construction company’s stock valued at $1,412,702,000 after purchasing an additional 21,310 shares during the last quarter. Geode Capital Management LLC lifted its position in Martin Marietta Materials by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock valued at $963,406,000 after purchasing an additional 10,743 shares during the last quarter. Finally, Morgan Stanley lifted its position in Martin Marietta Materials by 5.3% during the fourth quarter. Morgan Stanley now owns 1,367,016 shares of the construction company’s stock valued at $851,188,000 after purchasing an additional 68,382 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.
Martin Marietta Materials Stock Performance
Shares of NYSE:MLM opened at $535.28 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a 12 month low of $522.19 and a 12 month high of $710.97. The company has a market capitalization of $32.15 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 2.27 and a beta of 1.11. The firm’s 50-day moving average is $569.66 and its 200 day moving average is $596.04.
Martin Marietta Materials Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be issued a $0.84 dividend. The ex-dividend date is Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a dividend yield of 0.6%. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 8.16%.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the stock. Citigroup reduced their target price on shares of Martin Marietta Materials from $737.00 to $690.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Royal Bank Of Canada lowered their price target on shares of Martin Marietta Materials from $615.00 to $610.00 and set a “sector perform” rating for the company in a report on Monday, August 3rd. UBS Group dropped their price target on Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Wolfe Research set a $648.00 price objective on Martin Marietta Materials in a research note on Tuesday, August 4th. Finally, Raymond James Financial set a $660.00 price objective on Martin Marietta Materials in a research report on Friday, July 31st. Ten investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $668.53.
Check Out Our Latest Stock Analysis on Martin Marietta Materials
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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