Martin Marietta Materials, Inc. (NYSE:MLM) Holdings Decreased by Forsta AP Fonden

Forsta AP Fonden cut its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 9.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,800 shares of the construction company’s stock after selling 1,800 shares during the quarter. Forsta AP Fonden’s holdings in Martin Marietta Materials were worth $9,581,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Martin Marietta Materials by 8.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,846 shares of the construction company’s stock worth $4,230,000 after buying an additional 635 shares during the last quarter. Parcion Private Wealth LLC bought a new stake in shares of Martin Marietta Materials during the 3rd quarter valued at about $302,000. Allworth Financial LP raised its stake in Martin Marietta Materials by 89.3% during the third quarter. Allworth Financial LP now owns 799 shares of the construction company’s stock worth $430,000 after acquiring an additional 377 shares during the period. Mediolanum International Funds Ltd lifted its holdings in Martin Marietta Materials by 4.9% in the third quarter. Mediolanum International Funds Ltd now owns 6,448 shares of the construction company’s stock worth $3,470,000 after acquiring an additional 299 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Martin Marietta Materials by 682.5% in the third quarter. Assenagon Asset Management S.A. now owns 75,045 shares of the construction company’s stock valued at $40,393,000 after acquiring an additional 65,454 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

MLM has been the topic of a number of research reports. Stephens dropped their price target on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating on the stock in a research report on Friday, August 9th. Morgan Stanley increased their target price on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Loop Capital reduced their price target on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. JPMorgan Chase & Co. lowered their price target on shares of Martin Marietta Materials from $560.00 to $515.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, Truist Financial cut their price objective on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $619.36.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $570.21 on Monday. The stock’s 50 day moving average price is $536.79 and its 200 day moving average price is $556.47. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.86 and a quick ratio of 0.94. The stock has a market cap of $35.15 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 4.62 and a beta of 0.91. Martin Marietta Materials, Inc. has a 12 month low of $389.90 and a 12 month high of $626.67.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.60). The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.83 billion. Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $5.60 EPS. Equities research analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a $0.79 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.16 annualized dividend and a dividend yield of 0.55%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s payout ratio is currently 9.36%.

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.