Fundamentun LLC bought a new stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) in the 1st quarter, HoldingsChannel.com reports. The fund bought 1,802 shares of the construction company’s stock, valued at approximately $362,000.
Several other institutional investors have also made changes to their positions in MLM. Norges Bank purchased a new stake in shares of Martin Marietta Materials during the 4th quarter valued at $97,355,000. Pactiv General Employee Benefit Trust bought a new position in shares of Martin Marietta Materials during the 4th quarter worth $53,532,000. Bank of America Corp DE grew its stake in shares of Martin Marietta Materials by 46.4% during the 4th quarter. Bank of America Corp DE now owns 531,590 shares of the construction company’s stock worth $91,365,000 after acquiring an additional 168,379 shares during the period. Federated Investors Inc. PA grew its stake in shares of Martin Marietta Materials by 77,513.2% during the 3rd quarter. Federated Investors Inc. PA now owns 135,047 shares of the construction company’s stock worth $24,572,000 after acquiring an additional 134,873 shares during the period. Finally, Strs Ohio grew its stake in shares of Martin Marietta Materials by 392.1% during the 1st quarter. Strs Ohio now owns 163,195 shares of the construction company’s stock worth $32,831,000 after acquiring an additional 130,033 shares during the period.
MLM has been the subject of several research reports. Bank of America downgraded Martin Marietta Materials from a “neutral” rating to an “underperform” rating in a research note on Tuesday, April 16th. Stephens upgraded Martin Marietta Materials from an “equal” rating to an “overweight” rating in a research note on Friday, February 15th. Deutsche Bank raised their target price on Martin Marietta Materials from $198.00 to $207.00 and gave the stock a “buy” rating in a research note on Wednesday, February 13th. Jefferies Financial Group restated a “buy” rating and issued a $232.00 target price on shares of Martin Marietta Materials in a research note on Tuesday, January 29th. Finally, Goldman Sachs Group upgraded Martin Marietta Materials from a “neutral” rating to a “buy” rating and raised their target price for the stock from $207.00 to $232.00 in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $219.93.
Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Tuesday, April 30th. The construction company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.39. The firm had revenue of $938.96 million during the quarter, compared to the consensus estimate of $881.82 million. Martin Marietta Materials had a return on equity of 10.82% and a net margin of 11.48%. The company’s revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter last year, the company posted $0.16 EPS. Equities research analysts anticipate that Martin Marietta Materials, Inc. will post 9.21 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be given a dividend of $0.48 per share. The ex-dividend date is Friday, May 31st. This represents a $1.92 dividend on an annualized basis and a dividend yield of 0.88%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 23.73%.
In other news, Chairman C Howard Nye sold 14,668 shares of Martin Marietta Materials stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $220.48, for a total transaction of $3,234,000.64. Following the completion of the sale, the chairman now owns 167,019 shares in the company, valued at approximately $36,824,349.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Sue W. Cole sold 1,500 shares of Martin Marietta Materials stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $195.07, for a total value of $292,605.00. Following the sale, the director now owns 20,933 shares of the company’s stock, valued at approximately $4,083,400.31. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,011 shares of company stock valued at $4,353,464. Corporate insiders own 0.73% of the company’s stock.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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.
Further Reading: Portfolio Manager
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