Ironsides Asset Advisors LLC Trims Stock Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Ironsides Asset Advisors LLC trimmed its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 2.8% during the third quarter, HoldingsChannel reports. The institutional investor owned 832 shares of the construction company’s stock after selling 24 shares during the period. Ironsides Asset Advisors LLC’s holdings in Martin Marietta Materials were worth $448,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norden Group LLC acquired a new position in Martin Marietta Materials during the first quarter worth approximately $209,000. Private Advisor Group LLC increased its holdings in shares of Martin Marietta Materials by 2.1% in the 1st quarter. Private Advisor Group LLC now owns 1,227 shares of the construction company’s stock valued at $754,000 after acquiring an additional 25 shares during the period. Nordea Investment Management AB raised its position in Martin Marietta Materials by 2.7% in the 1st quarter. Nordea Investment Management AB now owns 4,271 shares of the construction company’s stock valued at $2,619,000 after purchasing an additional 113 shares during the last quarter. Whittier Trust Co. raised its position in Martin Marietta Materials by 54.7% in the 1st quarter. Whittier Trust Co. now owns 232 shares of the construction company’s stock valued at $142,000 after purchasing an additional 82 shares during the last quarter. Finally, SPC Financial Inc. acquired a new stake in Martin Marietta Materials during the 1st quarter worth $215,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Stephens lowered their price objective on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating on the stock in a report on Friday, August 9th. Citigroup dropped their price objective on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Morgan Stanley boosted their target price on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. BNP Paribas upgraded shares of Martin Marietta Materials to a “strong-buy” rating in a report on Thursday, September 19th. Finally, Truist Financial decreased their price objective on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $626.92.

Martin Marietta Materials Stock Performance

Shares of MLM opened at $617.31 on Thursday. Martin Marietta Materials, Inc. has a 1 year low of $439.36 and a 1 year high of $633.23. The company’s 50 day simple moving average is $545.48 and its 200 day simple moving average is $556.16. The company has a market capitalization of $37.73 billion, a price-to-earnings ratio of 19.24, a PEG ratio of 3.86 and a beta of 0.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.41 by ($0.50). Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter last year, the business earned $6.94 EPS. Martin Marietta Materials’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, sell-side analysts predict that Martin Marietta Materials, Inc. will post 17.95 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.79 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.16 dividend on an annualized basis and a yield of 0.51%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 9.85%.

Martin Marietta Materials Profile

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.