Proficio Capital Partners LLC Buys New Shares in Martin Marietta Materials, Inc. $MLM

Proficio Capital Partners LLC purchased a new position in Martin Marietta Materials, Inc. (NYSE:MLM) in the second quarter, HoldingsChannel reports. The firm purchased 1,874 shares of the construction company’s stock, valued at approximately $1,081,000.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Martin Marietta Materials during the 2nd quarter valued at approximately $2,706,134,000. Bank of America Corp DE purchased a new stake in Martin Marietta Materials during the 2nd quarter valued at approximately $1,411,047,000. Victory Capital Management Inc. raised its position in shares of Martin Marietta Materials by 51.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock valued at $1,524,853,000 after buying an additional 836,120 shares during the last quarter. Norges Bank bought a new stake in shares of Martin Marietta Materials during the fourth quarter valued at approximately $354,681,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Martin Marietta Materials in the second quarter worth $199,321,000. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Trading Up 0.2%

Shares of MLM opened at $532.74 on Thursday. The company’s fifty day simple moving average is $565.99 and its 200-day simple moving average is $592.76. The company has a market cap of $32.00 billion, a P/E ratio of 13.09, a P/E/G ratio of 2.30 and a beta of 1.11. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a twelve month low of $522.19 and a twelve month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the business posted $5.43 earnings per share. The company’s revenue for the quarter was up 21.0% on a year-over-year basis. As a group, analysts expect that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio is 8.16%.

Wall Street Analyst Weigh In

MLM has been the topic of a number of research reports. Citigroup reduced their price target on shares of Martin Marietta Materials from $737.00 to $690.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Weiss Ratings lowered Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, August 17th. Oppenheimer started coverage on Martin Marietta Materials in a report on Thursday, May 28th. They issued a “market perform” rating on the stock. Wall Street Zen downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, July 28th. Finally, Truist Financial increased their price target on Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $665.29.

Martin Marietta Materials 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.