Korea Investment CORP purchased a new position in Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) in the second quarter, HoldingsChannel.com reports. The firm purchased 26,154 shares of the construction company’s stock, valued at approximately $15,083,000.
Several other large investors also recently bought and sold shares of MLM. Integrated Wealth Concepts LLC grew its stake in Martin Marietta Materials by 6.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company’s stock valued at $379,000 after purchasing an additional 49 shares in the last quarter. Empowered Funds LLC grew its holdings in Martin Marietta Materials by 11.4% during the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company’s stock worth $673,000 after acquiring an additional 144 shares in the last quarter. Sivia Capital Partners LLC grew its holdings in Martin Marietta Materials by 11.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company’s stock worth $280,000 after acquiring an additional 51 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Martin Marietta Materials by 205.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company’s stock worth $143,000 after purchasing an additional 175 shares during the last quarter. Finally, Cresset Asset Management LLC increased its position in shares of Martin Marietta Materials by 22.6% in the 2nd quarter. Cresset Asset Management LLC now owns 777 shares of the construction company’s stock worth $427,000 after purchasing an additional 143 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.
Wall Street Analyst Weigh In
MLM has been the topic of several research analyst reports. Wall Street Zen cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, July 28th. Wells Fargo & Company cut their price objective on Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating on the stock in a research note on Friday, July 31st. Citigroup decreased their target price on Martin Marietta Materials from $737.00 to $690.00 and set a “buy” rating for the company in a research 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 on the stock in a research report on Monday, August 3rd. Finally, JPMorgan Chase & Co. reduced their price objective on Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. Ten 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.com, the company presently has an average rating of “Moderate Buy” and an average target price of $668.53.
Martin Marietta Materials Stock Performance
Shares of MLM opened at $535.28 on Monday. The firm has a fifty day moving average of $569.66 and a 200-day moving average of $595.62. The company has a market cap of $32.15 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 2.31 and a beta of 1.11. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. Martin Marietta Materials, Inc. has a 1 year low of $522.19 and a 1 year high of $710.97.
Martin Marietta Materials (NYSE:MLM – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same quarter last year, the company earned $5.43 EPS. As a group, equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.
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 dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio is presently 8.16%.
Martin Marietta Materials 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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