Pictet Asset Management SA Raises Stock Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Posted by Defense World Staff on Aug 22nd, 2023

Pictet Asset Management SA grew its holdings in Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) by 4.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,740 shares of the construction company’s stock after acquiring an additional 1,136 shares during the period. Pictet Asset Management SA’s holdings in Martin Marietta Materials were worth $10,204,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Martin Marietta Materials in the first quarter valued at about $26,000. First Horizon Advisors Inc. lifted its position in shares of Martin Marietta Materials by 212.9% in the fourth quarter. First Horizon Advisors Inc. now owns 97 shares of the construction company’s stock valued at $33,000 after acquiring an additional 66 shares in the last quarter. Mizuho Securities Co. Ltd. bought a new stake in shares of Martin Marietta Materials in the first quarter worth about $36,000. ZRC Wealth Management LLC bought a new stake in shares of Martin Marietta Materials in the first quarter worth about $39,000. Finally, Fairfield Bush & CO. bought a new stake in shares of Martin Marietta Materials in the first quarter worth about $46,000. 94.18% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Up 0.3 %

Shares of NYSE:MLM opened at $432.55 on Tuesday. Martin Marietta Materials, Inc. has a 1 year low of $298.32 and a 1 year high of $463.41. The business has a 50 day simple moving average of $448.14 and a two-hundred day simple moving average of $396.45. The firm has a market capitalization of $26.81 billion, a PE ratio of 28.38, a price-to-earnings-growth ratio of 1.30 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.21 and a quick ratio of 1.55.

Martin Marietta Materials (NYSE:MLM – Get Free Report) last announced its earnings results on Thursday, July 27th. The construction company reported $5.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.77. Martin Marietta Materials had a return on equity of 13.42% and a net margin of 14.68%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the previous year, the business earned $3.96 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. On average, equities analysts predict that Martin Marietta Materials, Inc. will post 17.37 EPS for the current year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a $0.74 dividend. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.66. The ex-dividend date of this dividend is Thursday, August 31st. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.68%. Martin Marietta Materials’s payout ratio is presently 17.32%.

Wall Street Analysts Forecast Growth

MLM has been the topic of several research reports. Loop Capital lifted their target price on Martin Marietta Materials from $450.00 to $475.00 in a report on Friday, May 5th. Stifel Nicolaus lifted their target price on Martin Marietta Materials from $410.00 to $493.00 in a report on Friday, July 14th. StockNews.com assumed coverage on Martin Marietta Materials in a report on Thursday, August 17th. They issued a “hold” rating on the stock. Barclays boosted their price objective on Martin Marietta Materials from $430.00 to $490.00 and gave the stock an “overweight” rating in a research note on Friday, July 28th. Finally, JPMorgan Chase & Co. cut Martin Marietta Materials from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $450.00 to $470.00 in a research note on Thursday, July 6th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $470.00.

Get Our Latest Analysis on MLM

Insider Activity at Martin Marietta Materials

In related news, VP Craig M. Latorre sold 500 shares of the business’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $447.09, for a total value of $223,545.00. Following the completion of the sale, the vice president now owns 11,665 shares in the company, valued at $5,215,304.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.59% of the stock is owned by company insiders.

Martin Marietta Materials Profile

(Free Report)

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.