Acadian Asset Management LLC cut its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 78.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,878 shares of the construction company's stock after selling 14,492 shares during the period. Acadian Asset Management LLC's holdings in Martin Marietta Materials were worth $2,379,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of MLM. Norges Bank bought a new position in Martin Marietta Materials during the 4th quarter valued at $308,705,000. Balyasny Asset Management L.P. grew its position in shares of Martin Marietta Materials by 4,244.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 277,182 shares of the construction company's stock worth $138,289,000 after acquiring an additional 270,802 shares in the last quarter. Corient Private Wealth LLC grew its position in shares of Martin Marietta Materials by 306.8% in the 4th quarter. Corient Private Wealth LLC now owns 161,690 shares of the construction company's stock worth $80,668,000 after acquiring an additional 121,941 shares in the last quarter. Jennison Associates LLC raised its position in shares of Martin Marietta Materials by 96.6% during the 4th quarter. Jennison Associates LLC now owns 157,904 shares of the construction company's stock valued at $78,780,000 after acquiring an additional 77,596 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Martin Marietta Materials by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,170,166 shares of the construction company's stock worth $3,577,268,000 after purchasing an additional 69,701 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have recently issued reports on the stock. Loop Capital reduced their price target on shares of Martin Marietta Materials from $710.00 to $630.00 and set a "buy" rating on the stock in a research report on Wednesday, July 3rd. StockNews.com downgraded Martin Marietta Materials from a "buy" rating to a "hold" rating in a report on Thursday, May 9th. Citigroup lowered their price objective on Martin Marietta Materials from $696.00 to $658.00 and set a "buy" rating for the company in a research note on Thursday, July 11th. Stifel Nicolaus cut their target price on Martin Marietta Materials from $650.00 to $630.00 and set a "buy" rating on the stock in a research note on Wednesday, July 3rd. Finally, Truist Financial upped their price target on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the stock a "buy" rating in a research report on Tuesday, April 2nd. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $617.33.
Read Our Latest Research Report on MLM
Martin Marietta Materials Price Performance
Shares of NYSE MLM traded down $27.24 during midday trading on Wednesday, reaching $537.83. The company's stock had a trading volume of 613,991 shares, compared to its average volume of 434,974. Martin Marietta Materials, Inc. has a one year low of $389.90 and a one year high of $626.67. The company has a market cap of $33.15 billion, a price-to-earnings ratio of 15.94, a price-to-earnings-growth ratio of 3.02 and a beta of 0.91. The company has a 50 day moving average price of $557.86 and a 200 day moving average price of $563.97. The company has a current ratio of 3.16, a quick ratio of 2.41 and a debt-to-equity ratio of 0.44.
Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.05. The company had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 14.74% and a net margin of 31.35%. The firm's revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.16 earnings per share. On average, equities research analysts expect that Martin Marietta Materials, Inc. will post 22.86 EPS for the current year.
Martin Marietta Materials Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a $0.74 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.96 dividend on an annualized basis and a yield of 0.55%. Martin Marietta Materials's dividend payout ratio is currently 8.77%.
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.
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