Arizona State Retirement System Lowers Stake in Martin Marietta Materials, Inc. $MLM

Arizona State Retirement System lowered its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 7.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 16,577 shares of the construction company’s stock after selling 1,292 shares during the period. Arizona State Retirement System’s holdings in Martin Marietta Materials were worth $10,322,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE boosted its position in Martin Marietta Materials by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock valued at $1,284,938,000 after buying an additional 565,856 shares during the period. Principal Financial Group Inc. boosted its position in Martin Marietta Materials by 9.6% in the 3rd quarter. Principal Financial Group Inc. now owns 2,204,425 shares of the construction company’s stock valued at $1,389,428,000 after buying an additional 192,637 shares during the period. Millennium Management LLC boosted its position in Martin Marietta Materials by 1,570.3% in the 3rd quarter. Millennium Management LLC now owns 108,167 shares of the construction company’s stock valued at $68,175,000 after buying an additional 115,524 shares during the period. Freestone Grove Partners LP boosted its position in Martin Marietta Materials by 748.5% in the 3rd quarter. Freestone Grove Partners LP now owns 124,963 shares of the construction company’s stock valued at $78,762,000 after buying an additional 110,236 shares during the period. Finally, Vanguard Group Inc. boosted its position in Martin Marietta Materials by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 7,442,945 shares of the construction company’s stock valued at $4,691,139,000 after buying an additional 93,595 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $615.35 on Friday. The company’s fifty day moving average price is $619.83 and its 200 day moving average price is $628.60. Martin Marietta Materials, Inc. has a 12 month low of $490.31 and a 12 month high of $710.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.57 and a quick ratio of 2.36. The firm has a market capitalization of $37.08 billion, a P/E ratio of 32.73, a P/E/G ratio of 2.23 and a beta of 1.19.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly 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 return on equity of 10.86% and a net margin of 17.38%.The company had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business earned $4.79 earnings per share. Martin Marietta Materials’s revenue was up 9.3% compared to the same quarter last year. As a group, sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.85 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 2nd were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, March 2nd. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 17.66%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Stephens decreased their price target on shares of Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Truist Financial set a $710.00 price target on shares of Martin Marietta Materials in a research report on Thursday, February 12th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $630.00 price target on shares of Martin Marietta Materials in a research report on Thursday, February 26th. Jefferies Financial Group reissued a “buy” rating and issued a $785.00 price target on shares of Martin Marietta Materials in a research report on Thursday, February 26th. Finally, B. Riley Financial raised shares of Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $700.00 price target for the company in a research report on Thursday, April 2nd. Nine analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $692.06.

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.