Bank of New York Mellon Corp Reduces Stock Position in Martin Marietta Materials, Inc. $MLM

Bank of New York Mellon Corp reduced its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 1.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 390,022 shares of the construction company’s stock after selling 4,337 shares during the quarter. Bank of New York Mellon Corp owned 0.65% of Martin Marietta Materials worth $245,823,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Atika Capital Management LLC raised its position in shares of Martin Marietta Materials by 30.4% during the second quarter. Atika Capital Management LLC now owns 72,533 shares of the construction company’s stock worth $39,818,000 after purchasing an additional 16,900 shares during the period. HB Wealth Management LLC boosted its position in shares of Martin Marietta Materials by 78.5% in the 3rd quarter. HB Wealth Management LLC now owns 8,008 shares of the construction company’s stock valued at $5,048,000 after purchasing an additional 3,522 shares during the period. Fenimore Asset Management Inc increased its stake in Martin Marietta Materials by 0.9% in the 3rd quarter. Fenimore Asset Management Inc now owns 89,657 shares of the construction company’s stock worth $56,509,000 after purchasing an additional 807 shares in the last quarter. TD Waterhouse Canada Inc. increased its stake in Martin Marietta Materials by 31.6% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 5,365 shares of the construction company’s stock worth $2,988,000 after purchasing an additional 1,287 shares in the last quarter. Finally, Tableaux LLC acquired a new stake in Martin Marietta Materials during the 2nd quarter worth about $5,060,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $652.22 on Friday. Martin Marietta Materials, Inc. has a 12 month low of $441.95 and a 12 month high of $668.83. The company’s fifty day simple moving average is $634.03 and its 200-day simple moving average is $617.51. The firm has a market cap of $39.34 billion, a PE ratio of 34.38 and a beta of 1.15. The company has a quick ratio of 2.07, a current ratio of 2.97 and a debt-to-equity ratio of 0.54.

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

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st were paid a dividend of $0.83 per share. The ex-dividend date was Monday, December 1st. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. Martin Marietta Materials’s dividend payout ratio is currently 17.50%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on MLM shares. Wall Street Zen cut shares of Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a report on Saturday, November 8th. Loop Capital downgraded Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 price target for the company. in a report on Wednesday. UBS Group lifted 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. Barclays boosted their price objective on Martin Marietta Materials from $600.00 to $675.00 and gave the company an “overweight” rating in a research report on Monday, October 20th. Finally, Citigroup lifted their price target on shares of Martin Marietta Materials from $754.00 to $758.00 and gave the company a “buy” rating in a research note on Thursday, January 8th. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $676.63.

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.