Renaissance Investment Group LLC lowered its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) by 81.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,737 shares of the construction company’s stock after selling 7,627 shares during the quarter. Renaissance Investment Group LLC’s holdings in Martin Marietta Materials were worth $833,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Martin Marietta Materials in the second quarter worth about $2,706,134,000. Bank of America Corp DE lifted its holdings in shares of Martin Marietta Materials by 0.9% in the 1st quarter. Bank of America Corp DE now owns 2,399,779 shares of the construction company’s stock worth $1,412,702,000 after acquiring an additional 21,310 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Martin Marietta Materials by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 546,170 shares of the construction company’s stock valued at $321,442,000 after buying an additional 5,764 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Martin Marietta Materials by 13.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 386,046 shares of the construction company’s stock valued at $222,633,000 after acquiring an additional 46,228 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Martin Marietta Materials during the 2nd quarter valued at about $199,321,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.
Wall Street Analyst Weigh In
MLM has been the subject of several recent research reports. UBS Group reduced their price target on shares of Martin Marietta Materials from $715.00 to $662.00 and set a “buy” rating for the company in a report on Thursday, October 8th. JPMorgan Chase & Co. cut their price objective 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. Morgan Stanley reduced their price objective on Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Royal Bank Of Canada lowered their target price on shares of Martin Marietta Materials from $620.00 to $530.00 and set a “sector perform” rating on the stock in a research note on Friday, October 9th. Finally, Raymond James Financial reduced their price objective on shares of Martin Marietta Materials from $660.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday, October 16th. Thirteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and an average target price of $639.59.
Read Our Latest Report on Martin Marietta Materials
Martin Marietta Materials Stock Up 1.2%
Shares of NYSE:MLM opened at $541.03 on Friday. The firm has a market capitalization of $32.50 billion, a PE ratio of 31.90, a price-to-earnings-growth ratio of 2.77 and a beta of 1.08. Martin Marietta Materials, Inc. has a 1 year low of $464.92 and a 1 year high of $710.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The firm’s 50-day moving average is $502.30 and its two-hundred day moving average is $576.08.
Martin Marietta Materials (NYSE:MLM – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.76 by $0.24. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%. Martin Marietta Materials’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. Analysts predict that Martin Marietta Materials, Inc. will post 16.29 EPS for the current year.
Martin Marietta Materials Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were given a $0.84 dividend. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. 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 0.6%. Martin Marietta Materials’s payout ratio is currently 8.26%.
About Martin Marietta Materials
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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