B. Riley Wealth Advisors Inc. raised its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) by 339.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 5,914 shares of the construction company’s stock after buying an additional 4,568 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Martin Marietta Materials were worth $1,905,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of MLM. Quantitative Investment Management LLC purchased a new position in shares of Martin Marietta Materials in the 3rd quarter valued at about $451,000. Canada Pension Plan Investment Board increased its stake in shares of Martin Marietta Materials by 30.1% in the 3rd quarter. Canada Pension Plan Investment Board now owns 109,988 shares of the construction company’s stock valued at $35,426,000 after purchasing an additional 25,460 shares in the last quarter. Belpointe Asset Management LLC increased its stake in shares of Martin Marietta Materials by 38.1% in the 3rd quarter. Belpointe Asset Management LLC now owns 533 shares of the construction company’s stock valued at $172,000 after purchasing an additional 147 shares in the last quarter. Blair William & Co. IL increased its stake in shares of Martin Marietta Materials by 10.3% in the 3rd quarter. Blair William & Co. IL now owns 9,986 shares of the construction company’s stock valued at $3,216,000 after purchasing an additional 933 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Martin Marietta Materials by 1.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 36,119 shares of the construction company’s stock valued at $11,634,000 after purchasing an additional 545 shares in the last quarter. Hedge funds and other institutional investors own 93.07% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on MLM shares. Citigroup lifted their price target on Martin Marietta Materials from $385.00 to $406.00 in a research note on Tuesday, January 10th. Morgan Stanley cut their price target on Martin Marietta Materials from $397.00 to $390.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 21st. Stifel Nicolaus lifted their price target on Martin Marietta Materials from $400.00 to $405.00 and gave the company a “buy” rating in a research note on Monday, December 19th. JPMorgan Chase & Co. lowered their price objective on Martin Marietta Materials from $410.00 to $395.00 in a report on Thursday, December 8th. Finally, Atlantic Securities cut Martin Marietta Materials from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $375.00 to $350.00 in a report on Tuesday, January 24th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $404.50.
Martin Marietta Materials Trading Down 3.2 %
Martin Marietta Materials (NYSE:MLM – Get Rating) last issued its earnings results on Wednesday, February 15th. The construction company reported $3.04 earnings per share for the quarter, topping the consensus estimate of $3.03 by $0.01. The business had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Martin Marietta Materials had a return on equity of 11.03% and a net margin of 14.07%. The business’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.15 EPS. Analysts predict that Martin Marietta Materials, Inc. will post 14.84 EPS for the current fiscal year.
Martin Marietta Materials Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Monday, March 6th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 0.82%. The ex-dividend date is Friday, March 3rd. Martin Marietta Materials’s dividend payout ratio is currently 19.02%.
Martin Marietta Materials Company Profile
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 aggregated products only.
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