State of Alaska Department of Revenue cut its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) by 32.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,957 shares of the construction company's stock after selling 4,317 shares during the quarter. State of Alaska Department of Revenue's holdings in Martin Marietta Materials were worth $2,680,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. O Shaughnessy Asset Management LLC raised its holdings in Martin Marietta Materials by 94.7% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 810 shares of the construction company's stock valued at $357,000 after acquiring an additional 394 shares in the last quarter. American International Group Inc. raised its holdings in Martin Marietta Materials by 0.9% in the fourth quarter. American International Group Inc. now owns 18,789 shares of the construction company's stock valued at $8,277,000 after acquiring an additional 164 shares in the last quarter. Williams Jones Wealth Management LLC. acquired a new stake in Martin Marietta Materials in the fourth quarter valued at $214,000. Clark Capital Management Group Inc. acquired a new stake in Martin Marietta Materials in the fourth quarter valued at $364,000. Finally, Gotham Asset Management LLC raised its holdings in Martin Marietta Materials by 141.6% in the fourth quarter. Gotham Asset Management LLC now owns 2,116 shares of the construction company's stock valued at $932,000 after acquiring an additional 1,240 shares in the last quarter. 93.51% of the stock is owned by institutional investors and hedge funds.
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Analysts Set New Price Targets
Several analysts recently issued reports on MLM shares. TheStreet raised shares of Martin Marietta Materials from a "c+" rating to a "b-" rating in a report on Wednesday, August 10th. Truist Financial dropped their target price on shares of Martin Marietta Materials to $392.00 in a report on Tuesday, July 5th. Exane BNP Paribas raised shares of Martin Marietta Materials from a "neutral" rating to an "outperform" rating in a report on Tuesday. DA Davidson dropped their target price on shares of Martin Marietta Materials from $450.00 to $375.00 and set a "buy" rating on the stock in a report on Friday, July 1st. Finally, StockNews.com raised shares of Martin Marietta Materials from a "sell" rating to a "hold" rating in a report on Monday, August 1st. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $411.18.
Martin Marietta Materials Stock Down 0.4 %
MLM stock opened at $327.70 on Friday. The company has a quick ratio of 2.53, a current ratio of 3.63 and a debt-to-equity ratio of 0.74. Martin Marietta Materials, Inc. has a fifty-two week low of $284.99 and a fifty-two week high of $446.46. The firm's 50-day simple moving average is $346.51 and its 200 day simple moving average is $345.98. The stock has a market cap of $20.44 billion, a PE ratio of 25.66, a price-to-earnings-growth ratio of 1.65 and a beta of 0.87.
Martin Marietta Materials (NYSE:MLM – Get Rating) last announced its earnings results on Thursday, July 28th. The construction company reported $3.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.09 by ($0.13). The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.59 billion. Martin Marietta Materials had a net margin of 13.49% and a return on equity of 11.28%. The business's quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.81 EPS. As a group, sell-side analysts predict that Martin Marietta Materials, Inc. will post 13.27 EPS for the current year.
Martin Marietta Materials Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 0.81%. The ex-dividend date of this dividend is Wednesday, August 31st. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.61. Martin Marietta Materials's dividend payout ratio is currently 20.67%.
About Martin Marietta Materials
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Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.
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