Martin Marietta Materials, Inc. $MLM Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 40.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,197 shares of the construction company’s stock after selling 12,336 shares during the period. Assenagon Asset Management S.A.’s holdings in Martin Marietta Materials were worth $11,331,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Martin Marietta Materials by 1.3% during the third 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. State Street Corp grew its holdings in shares of Martin Marietta Materials by 2.0% in the second quarter. State Street Corp now owns 2,825,325 shares of the construction company’s stock valued at $1,550,990,000 after purchasing an additional 56,353 shares in the last quarter. Bank of America Corp DE increased its stake in Martin Marietta Materials by 1.1% during the 3rd quarter. Bank of America Corp DE now owns 2,365,832 shares of the construction company’s stock worth $1,491,136,000 after buying an additional 25,155 shares during the period. Principal Financial Group Inc. lifted its holdings 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 worth $1,389,428,000 after buying an additional 192,637 shares in the last quarter. Finally, Alkeon Capital Management LLC raised its stake in shares of Martin Marietta Materials by 4.2% in the second quarter. Alkeon Capital Management LLC now owns 802,351 shares of the construction company’s stock valued at $440,459,000 after acquiring an additional 32,000 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Trading Down 1.5%

NYSE MLM opened at $571.20 on Friday. The firm has a market capitalization of $34.45 billion, a price-to-earnings ratio of 30.38, a PEG ratio of 2.27 and a beta of 1.13. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.36 and a current ratio of 3.57. Martin Marietta Materials, Inc. has a one year low of $441.95 and a one year high of $710.97. The company’s 50 day moving average price is $639.88 and its 200 day moving average price is $629.65.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Wednesday, February 11th. The construction company reported $4.62 EPS for the quarter, missing the consensus estimate of $4.81 by ($0.19). Martin Marietta Materials had a net margin of 17.38% and a return on equity of 10.86%. The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the business posted $4.79 earnings per share. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.53 EPS for the current year.

Martin Marietta Materials Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd will be issued a $0.83 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 17.66%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MLM. Wells Fargo & Company lowered their price objective on Martin Marietta Materials from $631.00 to $612.00 and set an “equal weight” rating for the company in a research report on Thursday, February 12th. Weiss Ratings downgraded shares of Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Truist Financial set a $710.00 price target on shares of Martin Marietta Materials in a report on Thursday, February 12th. Zacks Research cut Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a research report on Friday, February 13th. Finally, 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, January 28th. Eight investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $696.88.

About Martin Marietta Materials

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.