Bank of America Corp DE Grows Position in Martin Marietta Materials, Inc. $MLM

Bank of America Corp DE raised its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 1.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,365,832 shares of the construction company’s stock after purchasing an additional 25,155 shares during the quarter. Bank of America Corp DE owned about 3.92% of Martin Marietta Materials worth $1,491,136,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MLM. Norges Bank purchased a new stake in shares of Martin Marietta Materials during the second quarter valued at $233,811,000. Principal Financial Group Inc. raised its stake 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 worth $1,389,428,000 after acquiring an additional 192,637 shares during the last quarter. Freestone Grove Partners LP raised its stake 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 worth $78,762,000 after acquiring an additional 110,236 shares during the last quarter. Vanguard Group Inc. lifted its position in Martin Marietta Materials by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 7,442,945 shares of the construction company’s stock worth $4,691,139,000 after acquiring an additional 93,595 shares during the period. Finally, BNP Paribas Financial Markets lifted its position in Martin Marietta Materials by 141.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 117,872 shares of the construction company’s stock worth $74,292,000 after acquiring an additional 69,016 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Price Performance

NYSE:MLM opened at $584.08 on Monday. The firm’s fifty day moving average is $654.23 and its two-hundred day moving average is $632.73. The firm has a market cap of $35.23 billion, a price-to-earnings ratio of 31.07, a PEG ratio of 2.30 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.

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

Martin Marietta Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 2nd will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, March 2nd. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 17.66%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MLM. Truist Financial set a $710.00 price target on Martin Marietta Materials in a research note on Thursday, February 12th. DA Davidson set a $680.00 target price on Martin Marietta Materials in a report on Thursday, February 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $630.00 target price on shares of Martin Marietta Materials in a report on Thursday, February 26th. Zacks Research lowered Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a research report on Friday, February 13th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $785.00 price target on shares of Martin Marietta Materials in a report on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Martin Marietta Materials presently has an average rating of “Hold” and an average target price of $696.88.

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.