Congress Asset Management Co. Decreases Stock Holdings in Martin Marietta Materials, Inc. $MLM

Congress Asset Management Co. reduced its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 0.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 244,500 shares of the construction company’s stock after selling 1,786 shares during the period. Martin Marietta Materials accounts for about 1.0% of Congress Asset Management Co.’s portfolio, making the stock its 26th largest holding. Congress Asset Management Co. owned approximately 0.41% of Martin Marietta Materials worth $154,103,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Bank of America Corp DE lifted its position in Martin Marietta Materials by 31.9% during 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 buying an additional 565,856 shares in the last quarter. Norges Bank acquired a new stake in shares of Martin Marietta Materials in the 2nd quarter worth $233,811,000. Amundi raised its holdings in shares of Martin Marietta Materials by 9.2% during the 1st quarter. Amundi now owns 1,706,416 shares of the construction company’s stock worth $827,345,000 after acquiring an additional 144,270 shares during the period. Hawk Ridge Capital Management LP boosted its position in shares of Martin Marietta Materials by 111.5% during the 1st quarter. Hawk Ridge Capital Management LP now owns 191,575 shares of the construction company’s stock valued at $91,598,000 after acquiring an additional 100,975 shares during the last quarter. Finally, 1832 Asset Management L.P. boosted its position in shares of Martin Marietta Materials by 2,500.0% during the 1st quarter. 1832 Asset Management L.P. now owns 102,882 shares of the construction company’s stock valued at $49,191,000 after acquiring an additional 98,925 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Up 1.0%

Martin Marietta Materials stock opened at $633.79 on Friday. The company has a market capitalization of $38.22 billion, a PE ratio of 33.41 and a beta of 1.16. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.07 and a current ratio of 2.97. Martin Marietta Materials, Inc. has a fifty-two week low of $441.95 and a fifty-two week high of $665.18. The firm has a 50 day moving average price of $618.59 and a 200 day moving average price of $599.18.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Tuesday, November 4th. The construction company reported $5.97 EPS for the quarter, missing the consensus estimate of $6.62 by ($0.65). Martin Marietta Materials had a return on equity of 11.68% and a net margin of 17.34%.The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Research analysts expect that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Monday, December 1st. Martin Marietta Materials’s payout ratio is currently 17.50%.

Wall Street Analyst Weigh In

MLM has been the subject of several recent analyst reports. DA Davidson set a $690.00 price objective on shares of Martin Marietta Materials in a research report on Thursday, November 6th. JPMorgan Chase & Co. lifted their price target on shares of Martin Marietta Materials from $670.00 to $700.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. UBS Group upped their price objective on Martin Marietta Materials from $705.00 to $723.00 and gave the company a “buy” rating in a report on Friday, November 7th. Raymond James Financial raised their target price on Martin Marietta Materials from $645.00 to $680.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 21st. Finally, Wells Fargo & Company reduced their target price on Martin Marietta Materials from $620.00 to $610.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $650.31.

Martin Marietta Materials Company 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.