Fred Alger Management LLC Sells 11,771 Shares of Martin Marietta Materials, Inc. $MLM

Fred Alger Management LLC lowered its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 6.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 162,310 shares of the construction company’s stock after selling 11,771 shares during the quarter. Fred Alger Management LLC’s holdings in Martin Marietta Materials were worth $101,064,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Douglass Winthrop Advisors LLC increased its position in Martin Marietta Materials by 0.8% during the third quarter. Douglass Winthrop Advisors LLC now owns 232,234 shares of the construction company’s stock worth $146,372,000 after acquiring an additional 1,939 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Martin Marietta Materials by 5.4% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,297 shares of the construction company’s stock worth $76,451,000 after acquiring an additional 6,209 shares during the period. Citigroup Inc. increased its position in Martin Marietta Materials by 33.6% during the third quarter. Citigroup Inc. now owns 125,119 shares of the construction company’s stock worth $78,860,000 after acquiring an additional 31,463 shares during the period. Camrose Capital Investment Partners LLP increased its position in Martin Marietta Materials by 11.0% during the third quarter. Camrose Capital Investment Partners LLP now owns 95,619 shares of the construction company’s stock worth $60,267,000 after acquiring an additional 9,514 shares during the period. Finally, BNP Paribas Financial Markets increased its position in Martin Marietta Materials by 141.3% during the third 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. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Up 2.4%

Shares of NYSE:MLM opened at $602.95 on Wednesday. Martin Marietta Materials, Inc. has a 52 week low of $525.38 and a 52 week high of $710.97. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 2.28. The company’s fifty day moving average is $589.40 and its 200-day moving average is $618.63. The company has a market capitalization of $36.21 billion, a PE ratio of 14.37, a P/E/G ratio of 2.50 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.78 by $0.15. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company earned $1.90 EPS. The firm’s revenue for the quarter was up 17.2% compared to the same quarter last year. Equities research analysts predict that Martin Marietta Materials, Inc. will post 19.41 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 Tuesday, June 30th. Stockholders of record on Monday, June 1st will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, June 1st. Martin Marietta Materials’s payout ratio is currently 7.91%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company lifted their price target on shares of Martin Marietta Materials from $608.00 to $614.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Oppenheimer started coverage on shares of Martin Marietta Materials in a research note on Thursday, May 28th. They issued a “market perform” rating for the company. Royal Bank Of Canada dropped their price objective on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “sector perform” rating for the company in a research note on Monday, May 4th. Raymond James Financial set a $690.00 price objective on shares of Martin Marietta Materials in a research note on Monday, April 27th. Finally, Truist Financial increased their price objective on shares of 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 analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $681.94.

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.