Norges Bank Acquires New Holdings in Martin Marietta Materials, Inc. $MLM

Norges Bank acquired a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 569,623 shares of the construction company’s stock, valued at approximately $354,681,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp increased its holdings in Martin Marietta Materials by 321.8% in the third quarter. Atlantic Union Bankshares Corp now owns 3,817 shares of the construction company’s stock valued at $2,406,000 after purchasing an additional 2,912 shares during the period. National Pension Service raised its stake in Martin Marietta Materials by 1.0% during the third quarter. National Pension Service now owns 84,820 shares of the construction company’s stock worth $53,460,000 after buying an additional 843 shares during the last quarter. Caprock Group LLC bought a new position in Martin Marietta Materials during the third quarter worth $1,605,000. Pelham Capital Ltd. raised its stake in Martin Marietta Materials by 57.1% during the third quarter. Pelham Capital Ltd. now owns 30,052 shares of the construction company’s stock worth $18,941,000 after buying an additional 10,917 shares during the last quarter. Finally, Border to Coast Pensions Partnership Ltd raised its stake in Martin Marietta Materials by 4.8% during the third quarter. Border to Coast Pensions Partnership Ltd now owns 80,587 shares of the construction company’s stock worth $50,792,000 after buying an additional 3,721 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MLM. Stephens lowered their target price on shares of Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Raymond James Financial set a $690.00 price target on shares of Martin Marietta Materials in a report on Monday, April 27th. Morgan Stanley reduced their price target on shares of Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating for the company in a report on Monday, April 6th. Oppenheimer assumed coverage on shares of Martin Marietta Materials in a report on Thursday. They issued a “market perform” rating for the company. Finally, Wall Street Zen upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Eleven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average price target of $689.81.

Martin Marietta Materials Trading Down 1.9%

Shares of MLM stock opened at $570.80 on Tuesday. 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 has a 50-day simple moving average of $591.02 and a two-hundred day simple moving average of $620.79. The company has a market capitalization of $34.28 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 2.47 and a beta of 1.10.

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 analysts’ consensus estimates of $1.78 by $0.15. The business had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The firm’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.90 EPS. Research analysts anticipate that Martin Marietta Materials, Inc. will post 19.41 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

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

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.