OLD National Bancorp IN Decreases Stock Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

OLD National Bancorp IN reduced its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 12.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 816 shares of the construction company’s stock after selling 115 shares during the quarter. OLD National Bancorp IN’s holdings in Martin Marietta Materials were worth $407,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its stake in shares of Martin Marietta Materials by 9.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,042,537 shares of the construction company’s stock worth $838,421,000 after purchasing an additional 181,136 shares during the last quarter. FMR LLC lifted its stake in shares of Martin Marietta Materials by 225.3% during the 3rd quarter. FMR LLC now owns 1,833,959 shares of the construction company’s stock worth $752,803,000 after purchasing an additional 1,270,116 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Martin Marietta Materials by 3.8% during the 3rd quarter. Northern Trust Corp now owns 615,467 shares of the construction company’s stock worth $252,637,000 after purchasing an additional 22,391 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Martin Marietta Materials by 22.6% during the 3rd quarter. Invesco Ltd. now owns 570,193 shares of the construction company’s stock worth $234,053,000 after purchasing an additional 104,981 shares during the last quarter. Finally, DAVENPORT & Co LLC lifted its stake in shares of Martin Marietta Materials by 0.8% during the 4th quarter. DAVENPORT & Co LLC now owns 423,953 shares of the construction company’s stock worth $211,103,000 after purchasing an additional 3,292 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO C Howard Nye sold 15,000 shares of Martin Marietta Materials stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total transaction of $9,063,900.00. Following the transaction, the chief executive officer now owns 134,640 shares in the company, valued at $81,357,566.40. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Sue W. Cole sold 1,724 shares of Martin Marietta Materials stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $543.48, for a total transaction of $936,959.52. Following the transaction, the director now owns 19,793 shares in the company, valued at $10,757,099.64. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO C Howard Nye sold 15,000 shares of Martin Marietta Materials stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total value of $9,063,900.00. Following the transaction, the chief executive officer now owns 134,640 shares in the company, valued at approximately $81,357,566.40. The disclosure for this sale can be found here. Insiders have sold a total of 26,724 shares of company stock worth $16,033,760 over the last quarter. 0.61% of the stock is currently owned by corporate insiders.

Martin Marietta Materials Stock Down 0.4 %

Martin Marietta Materials stock opened at $591.82 on Thursday. The firm has a market cap of $36.53 billion, a price-to-earnings ratio of 31.43, a price-to-earnings-growth ratio of 2.88 and a beta of 0.96. Martin Marietta Materials, Inc. has a 52 week low of $343.79 and a 52 week high of $626.67. The business’s 50-day moving average price is $590.82 and its 200 day moving average price is $514.16. The company has a quick ratio of 2.50, a current ratio of 3.35 and a debt-to-equity ratio of 0.49.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Wednesday, February 14th. The construction company reported $4.63 EPS for the quarter, beating the consensus estimate of $3.96 by $0.67. Martin Marietta Materials had a return on equity of 15.77% and a net margin of 17.25%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. During the same period last year, the company earned $3.04 earnings per share. Martin Marietta Materials’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 21.24 earnings per share for the current year.

Martin Marietta Materials Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 4th were given a $0.74 dividend. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.96 annualized dividend and a dividend yield of 0.50%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 15.72%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wolfe Research cut Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 8th. Raymond James increased their price target on Martin Marietta Materials from $505.00 to $555.00 and gave the company an “outperform” rating in a research note on Thursday, January 25th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $600.00 price target (up from $530.00) on shares of Martin Marietta Materials in a research note on Friday, March 22nd. Stephens raised their price objective on Martin Marietta Materials from $575.00 to $605.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Finally, HSBC upgraded Martin Marietta Materials from a “reduce” rating to a “hold” rating and raised their price objective for the stock from $376.00 to $543.00 in a research note on Thursday, February 22nd. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average price target of $588.69.

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.