Martin Marietta Materials, Inc. $MLM Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia decreased its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 10.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,407 shares of the construction company’s stock after selling 1,028 shares during the quarter. Bank of Nova Scotia’s holdings in Martin Marietta Materials were worth $4,949,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its position in Martin Marietta Materials by 14,332.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the construction company’s stock worth $48,438,000 after acquiring an additional 77,253 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Martin Marietta Materials by 66.7% during the fourth quarter. SG Americas Securities LLC now owns 9,316 shares of the construction company’s stock valued at $5,801,000 after acquiring an additional 3,728 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Martin Marietta Materials by 17.8% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,753 shares of the construction company’s stock worth $7,318,000 after purchasing an additional 1,778 shares in the last quarter. Jennison Associates LLC purchased a new stake in Martin Marietta Materials during the 4th quarter worth about $18,636,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Martin Marietta Materials by 4.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 126,524 shares of the construction company’s stock valued at $80,272,000 after purchasing an additional 5,227 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Trading Up 2.4%

NYSE MLM opened at $573.11 on Tuesday. The stock has a market cap of $34.42 billion, a P/E ratio of 13.66, a PEG ratio of 2.37 and a beta of 1.10. The company’s fifty day simple moving average is $576.33 and its 200-day simple moving average is $609.45. The company has a current ratio of 2.28, a quick ratio of 1.11 and a debt-to-equity ratio of 0.47. Martin Marietta Materials, Inc. has a 52 week low of $525.38 and a 52 week high of $710.97.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.15. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.The company’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.90 earnings per share. Equities research analysts predict that Martin Marietta Materials, Inc. will post 19.43 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, June 1st. Martin Marietta Materials’s dividend payout ratio is presently 7.91%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on MLM shares. Wells Fargo & Company raised their price target on shares of Martin Marietta Materials from $614.00 to $616.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 8th. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the company a “hold” rating in a research note on Tuesday, June 2nd. B. Riley Financial upgraded shares of Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $700.00 target price on the stock in a research report on Thursday, April 2nd. Truist Financial lifted their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Finally, Morgan Stanley cut their price target on Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating for the company in a report on Monday, April 6th. Eleven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $681.53.

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.