DNB Asset Management AS purchased a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,697 shares of the construction company’s stock, valued at approximately $2,518,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its stake in Martin Marietta Materials by 42.2% during the second quarter. Goldman Sachs Group Inc. now owns 1,368,456 shares of the construction company’s stock worth $282,682,000 after buying an additional 405,800 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in shares of Martin Marietta Materials by 1,861.4% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 206,789 shares of the construction company’s stock valued at $42,504,000 after purchasing an additional 196,246 shares in the last quarter. Manning & Napier Group LLC acquired a new stake in shares of Martin Marietta Materials in the 2nd quarter valued at approximately $37,330,000. Cannell Peter B & Co. Inc. raised its holdings in Martin Marietta Materials by 102.4% in the 2nd quarter. Cannell Peter B & Co. Inc. now owns 249,706 shares of the construction company’s stock valued at $51,582,000 after buying an additional 126,361 shares during the last quarter. Finally, Balyasny Asset Management LLC bought a new position in Martin Marietta Materials in the 2nd quarter valued at approximately $25,851,000. 95.32% of the stock is currently owned by hedge funds and other institutional investors.
In other Martin Marietta Materials news, Director Sue W. Cole sold 468 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $207.03, for a total transaction of $96,890.04. Following the transaction, the director now owns 22,364 shares in the company, valued at $4,630,018.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sue W. Cole sold 750 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $209.18, for a total value of $156,885.00. Following the transaction, the director now owns 22,364 shares in the company, valued at approximately $4,678,101.52. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.
Shares of Martin Marietta Materials stock opened at $258.97 on Friday. The stock has a 50 day moving average price of $229.12 and a 200-day moving average price of $208.05. Martin Marietta Materials, Inc. has a one year low of $135.08 and a one year high of $281.82. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.47 and a current ratio of 2.67. The stock has a market cap of $16.13 billion, a price-to-earnings ratio of 26.03, a price-to-earnings-growth ratio of 10.05 and a beta of 0.80.
Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Tuesday, July 28th. The construction company reported $3.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.04 by $0.45. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.24 billion. Martin Marietta Materials had a return on equity of 11.62% and a net margin of 13.12%. Martin Marietta Materials’s revenue was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $3.01 EPS. Sell-side analysts predict that Martin Marietta Materials, Inc. will post 9.61 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were given a dividend of $0.57 per share. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.55. This represents a $2.28 annualized dividend and a yield of 0.88%. The ex-dividend date was Monday, August 31st. Martin Marietta Materials’s dividend payout ratio is currently 23.41%.
Several research firms have issued reports on MLM. Bank of America lowered shares of Martin Marietta Materials from a “buy” rating to a “neutral” rating and raised their price target for the stock from $246.00 to $280.00 in a report on Tuesday, October 13th. Citigroup lifted their price target on shares of Martin Marietta Materials from $230.00 to $263.00 and gave the company a “buy” rating in a research report on Wednesday, July 22nd. TheStreet raised shares of Martin Marietta Materials from a “c+” rating to a “b-” rating in a research report on Friday, September 4th. JPMorgan Chase & Co. downgraded shares of Martin Marietta Materials from an “overweight” rating to a “neutral” rating and set a $250.00 price objective on the stock. in a report on Thursday, August 6th. Finally, Loop Capital lifted their price objective on shares of Martin Marietta Materials from $114.00 to $129.00 in a report on Monday, June 22nd. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $239.79.
About Martin Marietta Materials
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy 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; Portland and specialty cement used 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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