Stockbridge Partners LLC acquired a new stake in Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 42,450 shares of the construction company’s stock, valued at approximately $24,481,000. Martin Marietta Materials accounts for approximately 0.5% of Stockbridge Partners LLC’s portfolio, making the stock its 16th biggest holding. Stockbridge Partners LLC owned approximately 0.07% of Martin Marietta Materials at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Martin Marietta Materials during the 2nd quarter valued at approximately $2,706,134,000. Victory Capital Management Inc. increased its stake in shares of 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 buying an additional 836,120 shares during the period. Bank of America Corp DE raised its holdings in shares of 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 acquiring an additional 21,310 shares in the last quarter. Geode Capital Management LLC lifted its stake in Martin Marietta Materials by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after acquiring an additional 10,743 shares during the period. Finally, Morgan Stanley boosted its holdings in Martin Marietta Materials by 5.3% in the fourth quarter. Morgan Stanley now owns 1,367,016 shares of the construction company’s stock valued at $851,188,000 after acquiring an additional 68,382 shares in the last quarter. 95.04% of the stock is owned by institutional investors.
Martin Marietta Materials Stock Performance
Shares of MLM stock opened at $532.96 on Tuesday. Martin Marietta Materials, Inc. has a 12 month low of $522.19 and a 12 month high of $710.97. 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. 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 company’s fifty day moving average price is $568.55 and its 200-day moving average price is $594.70.
Martin Marietta Materials Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials’s payout ratio is 8.16%.
Analyst Upgrades and Downgrades
MLM has been the subject of several research reports. Wells Fargo & Company decreased their price objective on shares of Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Oppenheimer assumed coverage on shares of Martin Marietta Materials in a research report on Thursday, May 28th. They set a “market perform” rating on the stock. Berenberg Bank set a $556.00 price target on shares of Martin Marietta Materials and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. UBS Group decreased their price target on shares of Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Finally, Truist Financial raised their price objective on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $665.29.
Read Our Latest Stock Analysis on MLM
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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