RDST Capital LLC bought a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 163,550 shares of the construction company’s stock, valued at approximately $94,319,000. Martin Marietta Materials comprises approximately 7.8% of RDST Capital LLC’s investment portfolio, making the stock its 3rd biggest position.
A number of other hedge funds have also added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. increased its position in shares of Martin Marietta Materials by 14,332.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the construction company’s stock worth $48,438,000 after purchasing an additional 77,253 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Martin Marietta Materials in the 4th quarter valued at approximately $18,636,000. Victory Capital Management Inc. boosted its holdings in shares of Martin Marietta Materials by 51.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock valued at $1,524,853,000 after buying an additional 836,120 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Martin Marietta Materials by 4.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 126,524 shares of the construction company’s stock valued at $80,272,000 after buying an additional 5,227 shares in the last quarter. Finally, Stephens Inc. AR grew its stake in shares of Martin Marietta Materials by 11.2% in the fourth quarter. Stephens Inc. AR now owns 51,326 shares of the construction company’s stock valued at $31,958,000 after buying an additional 5,150 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.
Analyst Ratings Changes
Several analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their price target on shares of Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Weiss Ratings downgraded shares of Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, August 17th. DA Davidson set a $625.00 price objective on shares of Martin Marietta Materials in a research note on Monday. Truist Financial upped their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a report on Monday, May 4th. Finally, Royal Bank Of Canada cut their target price on shares of Martin Marietta Materials from $615.00 to $610.00 and set a “sector perform” rating for the company in a research note on Monday, August 3rd. Ten equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Martin Marietta Materials has an average rating of “Moderate Buy” and a consensus target price of $665.29.
Martin Marietta Materials Stock Down 0.4%
MLM opened at $532.96 on Tuesday. Martin Marietta Materials, Inc. has a 1-year low of $522.19 and a 1-year high of $710.97. The stock’s fifty day simple moving average is $568.55 and its 200 day simple moving average is $594.70. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The stock has a market cap of $32.01 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 2.31 and a beta of 1.11.
Martin Marietta Materials (NYSE:MLM – Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the business posted $5.43 earnings per share. The company’s revenue for the quarter was up 21.0% compared to the same quarter last year. As a group, research analysts expect that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.
Martin Marietta Materials Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Tuesday, September 1st. 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. Martin Marietta Materials’s dividend payout ratio is 8.16%.
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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