Concentric Capital Strategies LP Raises Stock Position in Martin Marietta Materials, Inc. $MLM

Concentric Capital Strategies LP grew its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 2,399.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,147 shares of the construction company’s stock after acquiring an additional 28,941 shares during the period. Martin Marietta Materials comprises approximately 0.8% of Concentric Capital Strategies LP’s investment portfolio, making the stock its 15th biggest holding. Concentric Capital Strategies LP’s holdings in Martin Marietta Materials were worth $19,001,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of MLM. Bank of America Corp DE grew its stake in Martin Marietta Materials by 31.9% in the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock worth $1,284,938,000 after purchasing an additional 565,856 shares in the last quarter. Norges Bank bought a new stake in Martin Marietta Materials during the 2nd quarter valued at $233,811,000. Principal Financial Group Inc. raised its position in Martin Marietta Materials by 9.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,204,425 shares of the construction company’s stock valued at $1,389,428,000 after purchasing an additional 192,637 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Martin Marietta Materials by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 7,442,945 shares of the construction company’s stock worth $4,691,139,000 after buying an additional 93,595 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Martin Marietta Materials by 141.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 117,872 shares of the construction company’s stock worth $74,292,000 after buying an additional 69,016 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Trading Down 0.6%

Shares of NYSE:MLM opened at $584.08 on Friday. The company has a market capitalization of $35.23 billion, a PE ratio of 31.07, a P/E/G ratio of 2.31 and a beta of 1.13. The company has a current ratio of 3.57, a quick ratio of 2.36 and a debt-to-equity ratio of 0.53. Martin Marietta Materials, Inc. has a 12-month low of $441.95 and a 12-month high of $710.97. The business’s fifty day simple moving average is $654.23 and its 200-day simple moving average is $632.51.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Wednesday, February 11th. The construction company reported $4.62 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.19). Martin Marietta Materials had a return on equity of 10.86% and a net margin of 17.38%.The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the company earned $4.79 earnings per share. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, equities research analysts predict that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, March 2nd. Martin Marietta Materials’s dividend payout ratio is presently 17.66%.

Analyst Ratings Changes

Several brokerages have recently commented on MLM. Weiss Ratings lowered Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. B. Riley Financial began coverage on shares of Martin Marietta Materials in a research note on Thursday, January 15th. They issued a “neutral” rating and a $700.00 price objective for the company. Wells Fargo & Company dropped their target price on shares of Martin Marietta Materials from $631.00 to $612.00 and set an “equal weight” rating on the stock in a report on Thursday, February 12th. Loop Capital downgraded shares of Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 target price on the stock. in a research report on Wednesday, January 28th. Finally, DA Davidson set a $680.00 price target on shares of Martin Marietta Materials in a report on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Martin Marietta Materials has an average rating of “Hold” and a consensus price target of $696.88.

Martin Marietta Materials Profile

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.