Renaissance Investment Group LLC Sells 2,870 Shares of Martin Marietta Materials, Inc. $MLM

Renaissance Investment Group LLC lowered its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 18.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,357 shares of the construction company’s stock after selling 2,870 shares during the period. Martin Marietta Materials makes up about 1.6% of Renaissance Investment Group LLC’s portfolio, making the stock its 28th largest holding. Renaissance Investment Group LLC’s holdings in Martin Marietta Materials were worth $7,788,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Parkside Financial Bank & Trust boosted its stake in shares of Martin Marietta Materials by 10.4% in the second quarter. Parkside Financial Bank & Trust now owns 181 shares of the construction company’s stock valued at $99,000 after buying an additional 17 shares during the period. Snowden Capital Advisors LLC lifted its position in shares of Martin Marietta Materials by 1.9% during the 2nd quarter. Snowden Capital Advisors LLC now owns 970 shares of the construction company’s stock valued at $533,000 after acquiring an additional 18 shares during the period. Personal CFO Solutions LLC lifted its position in shares of Martin Marietta Materials by 2.5% during the 2nd quarter. Personal CFO Solutions LLC now owns 787 shares of the construction company’s stock valued at $432,000 after acquiring an additional 19 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Martin Marietta Materials by 1.8% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,205 shares of the construction company’s stock worth $661,000 after purchasing an additional 21 shares in the last quarter. Finally, Fidelis Capital Partners LLC increased its position in shares of Martin Marietta Materials by 1.9% in the second quarter. Fidelis Capital Partners LLC now owns 1,113 shares of the construction company’s stock worth $666,000 after purchasing an additional 21 shares during the period. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $629.43 on Wednesday. Martin Marietta Materials, Inc. has a one year low of $441.95 and a one year high of $665.18. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.97 and a quick ratio of 2.07. The company has a market cap of $37.96 billion, a price-to-earnings ratio of 33.18 and a beta of 1.16. The firm has a 50 day simple moving average of $619.01 and a 200 day simple moving average of $597.81.

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

Martin Marietta Materials Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st will be given a $0.83 dividend. The ex-dividend date is Monday, December 1st. This represents a $3.32 annualized dividend and a yield of 0.5%. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 17.50%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MLM. DA Davidson set a $690.00 price objective on shares of Martin Marietta Materials in a research report on Thursday, November 6th. Wells Fargo & Company dropped their target price on shares of Martin Marietta Materials from $620.00 to $610.00 and set an “equal weight” rating for the company in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Martin Marietta Materials in a report on Wednesday, October 8th. UBS Group lifted their price objective on shares of Martin Marietta Materials from $705.00 to $723.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, JPMorgan Chase & Co. raised their target price on Martin Marietta Materials from $670.00 to $700.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $650.31.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.