Martin Marietta Materials, Inc. (NYSE:MLM) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 7.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,789 shares of the construction company’s stock after selling 3,637 shares during the quarter. New York State Teachers Retirement System owned approximately 0.08% of Martin Marietta Materials worth $25,184,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Martin Marietta Materials by 114.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 980,699 shares of the construction company’s stock valued at $602,092,000 after purchasing an additional 523,038 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Martin Marietta Materials by 247.5% in the second quarter. The Manufacturers Life Insurance Company now owns 148,827 shares of the construction company’s stock worth $80,634,000 after acquiring an additional 106,002 shares during the period. M&G Plc acquired a new position in shares of Martin Marietta Materials in the first quarter worth about $41,142,000. Assenagon Asset Management S.A. boosted its stake in shares of Martin Marietta Materials by 682.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 75,045 shares of the construction company’s stock worth $40,393,000 after acquiring an additional 65,454 shares in the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Martin Marietta Materials by 46,996.7% during the 3rd quarter. International Assets Investment Management LLC now owns 56,516 shares of the construction company’s stock valued at $30,420,000 after acquiring an additional 56,396 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Stephens lowered 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. Citigroup decreased their target price on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. BNP Paribas raised shares of Martin Marietta Materials to a “strong-buy” rating in a report on Thursday, September 19th. Morgan Stanley increased their price objective on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Finally, Truist Financial dropped their target price 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 research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Martin Marietta Materials has an average rating of “Moderate Buy” and an average price target of $626.92.

Martin Marietta Materials Stock Down 2.1 %

Shares of NYSE MLM opened at $592.34 on Friday. The stock has a market cap of $36.20 billion, a PE ratio of 18.00, a P/E/G ratio of 4.62 and a beta of 0.91. The company has a current ratio of 1.86, a quick ratio of 0.94 and a debt-to-equity ratio of 0.45. Martin Marietta Materials, Inc. has a 12-month low of $404.93 and a 12-month high of $626.67. The company has a 50-day moving average of $540.91 and a 200 day moving average of $556.38.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.41 by ($0.50). Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the company earned $6.94 earnings per share. Martin Marietta Materials’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.07 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s payout ratio is currently 9.60%.

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.