The Manufacturers Life Insurance Company lessened its stake in Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) by 3.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 43,849 shares of the construction company’s stock after selling 1,426 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Martin Marietta Materials worth $14,820,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. City State Bank boosted its stake in Martin Marietta Materials by 6.6% in the 4th quarter. City State Bank now owns 487 shares of the construction company’s stock worth $165,000 after purchasing an additional 30 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Martin Marietta Materials by 1.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,982 shares of the construction company’s stock valued at $670,000 after acquiring an additional 30 shares during the period. Eagle Bay Advisors LLC lifted its stake in Martin Marietta Materials by 17.0% during the 3rd quarter. Eagle Bay Advisors LLC now owns 248 shares of the construction company’s stock valued at $80,000 after acquiring an additional 36 shares during the period. Ronald Blue Trust Inc. lifted its stake in Martin Marietta Materials by 64.9% during the 4th quarter. Ronald Blue Trust Inc. now owns 94 shares of the construction company’s stock valued at $31,000 after acquiring an additional 37 shares during the period. Finally, Mackenzie Financial Corp lifted its stake in Martin Marietta Materials by 0.9% during the 1st quarter. Mackenzie Financial Corp now owns 4,120 shares of the construction company’s stock valued at $1,586,000 after acquiring an additional 38 shares during the period. Hedge funds and other institutional investors own 93.07% of the company’s stock.
Analyst Ratings Changes
MLM has been the subject of several research reports. Raymond James lifted their price objective on shares of Martin Marietta Materials from $389.00 to $405.00 and gave the company an “outperform” rating in a research note on Thursday, February 16th. DA Davidson lifted their price objective on shares of Martin Marietta Materials from $450.00 to $465.00 in a research note on Wednesday, May 10th. Loop Capital lifted their price objective on shares of Martin Marietta Materials from $450.00 to $475.00 in a research note on Friday, May 5th. JPMorgan Chase & Co. lifted their target price on shares of Martin Marietta Materials from $400.00 to $450.00 in a report on Friday, May 5th. Finally, StockNews.com initiated coverage on shares of Martin Marietta Materials in a report on Thursday, May 18th. They set a “hold” rating for the company. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Martin Marietta Materials presently has a consensus rating of “Moderate Buy” and an average target price of $412.75.
Martin Marietta Materials Price Performance
Martin Marietta Materials (NYSE:MLM – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The construction company reported $2.16 EPS for the quarter, topping the consensus estimate of $0.99 by $1.17. The company had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.27 billion. Martin Marietta Materials had a net margin of 15.39% and a return on equity of 12.31%. The firm’s revenue was up 10.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 EPS. As a group, research analysts predict that Martin Marietta Materials, Inc. will post 15.94 EPS for the current fiscal year.
Martin Marietta Materials Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 1st will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date is Wednesday, May 31st. Martin Marietta Materials’s payout ratio is 17.04%.
Martin Marietta Materials Profile
Martin Marietta Materials, Inc engages in the provision of aggregates including crushed stone, sand, and gravel through its network of quarries and distribution yards. It operates through the following geographical segments: East Group and West Group. The East Group segments provide aggregated products only.
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