Mawer Investment Management Ltd. Reduces Position in Martin Marietta Materials, Inc. $MLM

Mawer Investment Management Ltd. lessened its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 5.2% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 264,946 shares of the construction company’s stock after selling 14,450 shares during the quarter. Mawer Investment Management Ltd. owned about 0.44% of Martin Marietta Materials worth $164,971,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Martin Marietta Materials by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 7,442,945 shares of the construction company’s stock worth $4,691,139,000 after buying an additional 93,595 shares during the last quarter. Bank of America Corp DE grew its stake in Martin Marietta Materials by 1.1% during the 3rd quarter. Bank of America Corp DE now owns 2,365,832 shares of the construction company’s stock worth $1,491,136,000 after buying an additional 25,155 shares during the last quarter. Geode Capital Management LLC grew its stake in Martin Marietta Materials by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after buying an additional 10,743 shares during the last quarter. King Luther Capital Management Corp grew its stake in Martin Marietta Materials by 0.7% during the 4th quarter. King Luther Capital Management Corp now owns 690,128 shares of the construction company’s stock worth $429,715,000 after buying an additional 5,025 shares during the last quarter. Finally, Norges Bank purchased a new position in Martin Marietta Materials during the 4th quarter worth approximately $354,681,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

MLM has been the subject of a number of recent research reports. Truist Financial increased their price objective on Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Stephens decreased their price objective on Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating for the company in a research report on Friday, February 13th. Barclays decreased their price objective on Martin Marietta Materials from $675.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Wells Fargo & Company increased their price objective on Martin Marietta Materials from $608.00 to $614.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Finally, Oppenheimer initiated coverage on Martin Marietta Materials in a research report on Thursday. They set a “market perform” rating for the company. Eleven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $689.81.

Martin Marietta Materials Stock Down 1.9%

MLM opened at $570.80 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. The business has a 50 day simple moving average of $591.02 and a 200-day simple moving average of $620.79. The stock has a market capitalization of $34.27 billion, a P/E ratio of 13.60, a P/E/G ratio of 2.47 and a beta of 1.10. Martin Marietta Materials, Inc. has a 12 month low of $525.38 and a 12 month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.15. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.Martin Marietta Materials’s revenue was up 17.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.90 earnings per share. On average, equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.41 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.32 annualized dividend and a yield of 0.6%. Martin Marietta Materials’s payout ratio is currently 7.91%.

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.