Martin Marietta Materials, Inc. (NYSE:MLM) Shares Sold by Mackay Shields LLC

Mackay Shields LLC lessened its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLMGet Rating) by 3.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,991 shares of the construction company’s stock after selling 350 shares during the period. Mackay Shields LLC’s holdings in Martin Marietta Materials were worth $3,460,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Martin Marietta Materials by 1.0% in the first quarter. BlackRock Inc. now owns 4,116,762 shares of the construction company’s stock valued at $1,584,501,000 after purchasing an additional 39,408 shares during the last quarter. Select Equity Group L.P. increased its stake in shares of Martin Marietta Materials by 1.7% in the 4th quarter. Select Equity Group L.P. now owns 3,505,954 shares of the construction company’s stock worth $1,544,443,000 after acquiring an additional 60,234 shares during the last quarter. State Street Corp increased its stake in shares of Martin Marietta Materials by 0.5% in the 4th quarter. State Street Corp now owns 2,781,701 shares of the construction company’s stock worth $1,225,395,000 after acquiring an additional 13,649 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Martin Marietta Materials by 59.6% during the 1st quarter. JPMorgan Chase & Co. now owns 1,978,299 shares of the construction company’s stock worth $761,428,000 after acquiring an additional 739,005 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Martin Marietta Materials by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 1,178,310 shares of the construction company’s stock valued at $517,730,000 after acquiring an additional 25,083 shares during the last quarter. 93.51% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $352.60 on Friday. The stock has a market capitalization of $21.99 billion, a PE ratio of 27.61, a P/E/G ratio of 1.69 and a beta of 0.87. The firm has a 50 day moving average of $340.29 and a two-hundred day moving average of $348.43. Martin Marietta Materials, Inc. has a 52 week low of $284.99 and a 52 week high of $446.46. 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 (NYSE:MLMGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The construction company reported $3.96 earnings per share for the quarter, missing the consensus estimate of $4.09 by ($0.13). The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.59 billion. Martin Marietta Materials had a return on equity of 11.28% and a net margin of 13.49%. Martin Marietta Materials’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same quarter last year, the company earned $3.81 EPS. On average, research analysts predict that Martin Marietta Materials, Inc. will post 13.17 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be paid a $0.66 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.64 dividend on an annualized basis and a yield of 0.75%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.61. Martin Marietta Materials’s payout ratio is currently 20.67%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MLM. StockNews.com upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Truist Financial cut their target price on Martin Marietta Materials to $392.00 in a research note on Tuesday, July 5th. Wolfe Research raised Martin Marietta Materials from a “peer perform” rating to an “outperform” rating and decreased their price target for the company from $406.00 to $384.00 in a research note on Thursday, July 14th. Citigroup raised their price objective on Martin Marietta Materials to $410.00 in a research report on Tuesday, August 9th. Finally, Morgan Stanley upped their target price on shares of Martin Marietta Materials from $394.00 to $420.00 and gave the company an “overweight” rating in a research report on Monday, August 1st. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $411.60.

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.

See Also

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

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