Mcdonald Capital Investors Inc. CA raised its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) by 11.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 154,986 shares of the construction company’s stock after purchasing an additional 16,010 shares during the quarter. Martin Marietta Materials accounts for about 6.1% of Mcdonald Capital Investors Inc. CA’s portfolio, making the stock its 6th largest position. Mcdonald Capital Investors Inc. CA owned about 0.26% of Martin Marietta Materials worth $74,364,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the business. Bank of Nova Scotia purchased a new position in Martin Marietta Materials in the second quarter worth about $3,650,000. Hsbc Holdings PLC raised its position in Martin Marietta Materials by 6.6% during the second quarter. Hsbc Holdings PLC now owns 118,981 shares of the construction company’s stock valued at $68,541,000 after purchasing an additional 7,361 shares during the period. Montanova Capital LLC purchased a new stake in Martin Marietta Materials during the second quarter valued at approximately $14,994,000. National Pension Service raised its position in Martin Marietta Materials by 6.4% during the second quarter. National Pension Service now owns 95,221 shares of the construction company’s stock valued at $54,914,000 after purchasing an additional 5,739 shares during the period. Finally, Bank of America Corp DE bought a new stake in shares of Martin Marietta Materials in the 2nd quarter valued at approximately $1,411,047,000. Institutional investors own 95.04% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have recently commented on MLM. Raymond James Financial dropped their target price on Martin Marietta Materials from $660.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, October 16th. JPMorgan Chase & Co. decreased their price target on Martin Marietta Materials from $680.00 to $650.00 and set an “overweight” rating on the stock in a report on Tuesday, October 13th. Stephens decreased their price target on Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Citigroup lowered their price target on Martin Marietta Materials from $690.00 to $610.00 and set a “buy” rating for the company in a research report on Friday, October 2nd. Finally, Wells Fargo & Company dropped their price objective on shares of Martin Marietta Materials from $585.00 to $579.00 and set an “overweight” rating for the company in a research note on Monday, October 5th. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average target price of $642.65.
Read Our Latest Stock Report on Martin Marietta Materials
Martin Marietta Materials Price Performance
Shares of NYSE MLM opened at $504.57 on Wednesday. Martin Marietta Materials, Inc. has a 1 year low of $464.92 and a 1 year high of $710.97. The firm has a 50-day simple moving average of $502.31 and a two-hundred day simple moving average of $577.99.
Martin Marietta Materials (NYSE:MLM – Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter last year, the firm earned $5.43 EPS. On average, sell-side analysts expect that Martin Marietta Materials, Inc. will post 16.29 EPS for the current fiscal year.
Martin Marietta Materials Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were paid a dividend of $0.84 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.7%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.83.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc is a supplier of construction materials serving the infrastructure, commercial, residential and industrial markets. The company’s primary business is aggregates, including crushed stone, sand and gravel used in roads, bridges, buildings and other construction projects.
Martin Marietta also produces cement, ready-mixed concrete and asphalt products, and provides paving and related construction services in selected markets. Through its Magnesia Specialties business, the company manufactures magnesium-based and dolomitic lime products used in industrial, environmental and agricultural applications.
Headquartered in Raleigh, North Carolina, Martin Marietta Materials became an independent publicly traded company in 1993 following a spin-off from Martin Marietta Corporation.
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