Franklin Resources Inc. Sells 105,657 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Franklin Resources Inc. trimmed its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 20.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 418,505 shares of the construction company’s stock after selling 105,657 shares during the period. Franklin Resources Inc. owned 0.67% of Martin Marietta Materials worth $147,234,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in MLM. Vanguard Group Inc. grew its holdings in Martin Marietta Materials by 0.3% during the 2nd quarter. Vanguard Group Inc. now owns 6,661,957 shares of the construction company’s stock worth $2,343,744,000 after acquiring an additional 23,041 shares during the period. BlackRock Inc. grew its holdings in Martin Marietta Materials by 3.7% during the 2nd quarter. BlackRock Inc. now owns 4,096,095 shares of the construction company’s stock worth $1,441,046,000 after acquiring an additional 144,354 shares during the period. Baillie Gifford & Co. grew its holdings in Martin Marietta Materials by 0.7% during the 2nd quarter. Baillie Gifford & Co. now owns 3,813,680 shares of the construction company’s stock worth $1,341,690,000 after acquiring an additional 26,884 shares during the period. Geode Capital Management LLC grew its holdings in Martin Marietta Materials by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 1,158,815 shares of the construction company’s stock worth $406,608,000 after acquiring an additional 31,330 shares during the period. Finally, Amundi Asset Management US Inc. grew its holdings in Martin Marietta Materials by 763.0% during the 1st quarter. Amundi Asset Management US Inc. now owns 748,889 shares of the construction company’s stock worth $251,490,000 after acquiring an additional 662,115 shares during the period. Institutional investors own 91.77% of the company’s stock.

A number of brokerages have weighed in on MLM. DA Davidson increased their price target on Martin Marietta Materials from $350.00 to $400.00 and gave the stock a “neutral” rating in a report on Monday, August 2nd. Jefferies Financial Group initiated coverage on Martin Marietta Materials in a research note on Wednesday, August 25th. They issued a “buy” rating and a $440.00 target price for the company. Morgan Stanley reduced their target price on Martin Marietta Materials from $405.00 to $391.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Loop Capital upgraded Martin Marietta Materials from a “hold” rating to a “buy” rating and set a $390.00 target price for the company in a research note on Wednesday, October 6th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $350.25.

Shares of NYSE:MLM opened at $348.97 on Thursday. The company has a market cap of $21.77 billion, a price-to-earnings ratio of 28.39 and a beta of 0.63. The company has a 50-day moving average price of $366.01 and a 200-day moving average price of $359.03. The company has a current ratio of 2.13, a quick ratio of 1.17 and a debt-to-equity ratio of 0.43. Martin Marietta Materials, Inc. has a 12 month low of $239.70 and a 12 month high of $391.76.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Thursday, July 29th. The construction company reported $3.81 EPS for the quarter, missing the consensus estimate of $3.91 by ($0.10). The firm had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.29 billion. Martin Marietta Materials had a net margin of 15.81% and a return on equity of 13.18%. During the same period last year, the company posted $3.49 earnings per share. As a group, research analysts forecast that Martin Marietta Materials, Inc. will post 12.21 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 30th. Stockholders of record on Wednesday, September 1st were paid a dividend of $0.61 per share. This represents a $2.44 annualized dividend and a dividend yield of 0.70%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend was Tuesday, August 31st. Martin Marietta Materials’s dividend payout ratio is 21.14%.

About Martin Marietta Materials

Martin Marietta Materials, Inc engages in the provision of aggregates including crushed stone, sand, and gravel through its network of quarries and distribution yards. It operates through the following geographical segments: East Group and West Group. The East Group segments provide aggregates products only.

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Institutional Ownership by Quarter for Martin Marietta Materials (NYSE:MLM)

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