Brookstone Capital Management Sells 378 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Posted by Defense World Staff on Sep 23rd, 2023

Brookstone Capital Management reduced its position in Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) by 25.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,108 shares of the construction company’s stock after selling 378 shares during the period. Brookstone Capital Management’s holdings in Martin Marietta Materials were worth $488,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Householder Group Estate & Retirement Specialist LLC purchased a new position in shares of Martin Marietta Materials in the 1st quarter valued at approximately $26,000. Quarry LP purchased a new position in shares of Martin Marietta Materials in the 1st quarter valued at approximately $30,000. First Horizon Advisors Inc. raised its position in shares of Martin Marietta Materials by 212.9% in the 4th quarter. First Horizon Advisors Inc. now owns 97 shares of the construction company’s stock valued at $33,000 after purchasing an additional 66 shares during the last quarter. Mizuho Securities Co. Ltd. purchased a new position in shares of Martin Marietta Materials in the 1st quarter valued at approximately $36,000. Finally, ZRC Wealth Management LLC purchased a new position in shares of Martin Marietta Materials in the 1st quarter valued at approximately $39,000. 93.22% of the stock is currently owned by institutional investors.

Martin Marietta Materials Price Performance

Martin Marietta Materials stock opened at $406.38 on Friday. The company’s fifty day moving average price is $444.48 and its 200 day moving average price is $408.31. Martin Marietta Materials, Inc. has a 1 year low of $298.32 and a 1 year high of $463.41. The stock has a market capitalization of $25.18 billion, a P/E ratio of 26.67, a P/E/G ratio of 1.25 and a beta of 0.90. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.55 and a current ratio of 2.21.

Martin Marietta Materials (NYSE:MLM – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The construction company reported $5.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.77. Martin Marietta Materials had a net margin of 14.68% and a return on equity of 13.42%. The firm had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter last year, the company earned $3.96 EPS. The firm’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Martin Marietta Materials, Inc. will post 17.75 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 1st will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend is Thursday, August 31st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.66. Martin Marietta Materials’s payout ratio is currently 19.42%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MLM shares. Raymond James increased their price objective on shares of Martin Marietta Materials from $416.00 to $484.00 in a research report on Friday, July 28th. StockNews.com began coverage on shares of Martin Marietta Materials in a research report on Thursday, August 17th. They issued a “hold” rating for the company. JPMorgan Chase & Co. raised their price target on shares of Martin Marietta Materials from $470.00 to $490.00 and gave the stock a “neutral” rating in a research report on Thursday, August 24th. Citigroup raised their price target on shares of Martin Marietta Materials from $460.00 to $527.00 and gave the stock a “buy” rating in a research report on Friday, July 14th. Finally, Truist Financial raised their price target on shares of Martin Marietta Materials from $446.00 to $550.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $469.21.

View Our Latest Stock Report on Martin Marietta Materials

Insider Activity at Martin Marietta Materials

In related news, VP Craig M. Latorre sold 500 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $447.09, for a total value of $223,545.00. Following the sale, the vice president now directly owns 11,665 shares in the company, valued at approximately $5,215,304.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, VP Craig M. Latorre sold 1,934 shares of the business’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $431.68, for a total transaction of $834,869.12. Following the completion of the transaction, the vice president now directly owns 9,731 shares of the company’s stock, valued at $4,200,678.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Craig M. Latorre sold 500 shares of the business’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $447.09, for a total value of $223,545.00. Following the transaction, the vice president now directly owns 11,665 shares of the company’s stock, valued at $5,215,304.85. The disclosure for this sale can be found here. 0.61% of the stock is owned by insiders.

About Martin Marietta Materials

(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.