Bridges Investment Management Inc. boosted its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 20.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,335 shares of the construction company’s stock after buying an additional 3,974 shares during the period. Bridges Investment Management Inc.’s holdings in Martin Marietta Materials were worth $5,212,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MLM. Synovus Financial Corp bought a new position in Martin Marietta Materials during the 1st quarter valued at approximately $102,000. Lee Financial Co bought a new stake in shares of Martin Marietta Materials in the 1st quarter worth $109,000. Flagship Harbor Advisors LLC bought a new stake in shares of Martin Marietta Materials in the 2nd quarter worth $128,000. Piedmont Investment Advisors LLC bought a new stake in shares of Martin Marietta Materials in the 2nd quarter worth $160,000. Finally, IFP Advisors Inc increased its holdings in shares of Martin Marietta Materials by 70.6% in the 1st quarter. IFP Advisors Inc now owns 829 shares of the construction company’s stock worth $172,000 after purchasing an additional 343 shares in the last quarter.
Martin Marietta Materials stock opened at $193.13 on Friday. The firm has a market capitalization of $12.13 billion, a price-to-earnings ratio of 26.90, a price-to-earnings-growth ratio of 1.43 and a beta of 1.06. Martin Marietta Materials, Inc. has a 12 month low of $188.34 and a 12 month high of $241.33. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.05 and a quick ratio of 1.14.
Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Thursday, July 26th. The construction company reported $3.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.80 by $0.45. Martin Marietta Materials had a return on equity of 10.52% and a net margin of 17.82%. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the previous year, the company posted $2.27 earnings per share. Martin Marietta Materials’s revenue was up 13.1% compared to the same quarter last year. equities research analysts forecast that Martin Marietta Materials, Inc. will post 9.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Tuesday, September 4th will be issued a $0.48 dividend. The ex-dividend date is Friday, August 31st. This represents a $1.92 annualized dividend and a dividend yield of 0.99%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.44. Martin Marietta Materials’s payout ratio is presently 26.74%.
In related news, SVP Donald A. Mccunniff sold 2,250 shares of Martin Marietta Materials stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $204.33, for a total value of $459,742.50. Following the completion of the sale, the senior vice president now owns 12,649 shares of the company’s stock, valued at $2,584,570.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John J. Koraleski acquired 2,400 shares of the business’s stock in a transaction that occurred on Friday, July 27th. The stock was purchased at an average cost of $208.06 per share, with a total value of $499,344.00. Following the acquisition, the director now directly owns 4,750 shares of the company’s stock, valued at $988,285. The disclosure for this purchase can be found here. Insiders own 0.75% of the company’s stock.
MLM has been the subject of a number of research analyst reports. Barclays set a $232.00 target price on Martin Marietta Materials and gave the stock a “hold” rating in a report on Thursday, May 31st. Zacks Investment Research raised Martin Marietta Materials from a “hold” rating to a “buy” rating and set a $258.00 target price for the company in a report on Thursday, June 14th. Bank of America reduced their target price on Martin Marietta Materials to $247.00 and set a “buy” rating for the company in a report on Wednesday, July 25th. Stifel Nicolaus lifted their target price on Martin Marietta Materials from $256.00 to $260.00 and gave the stock a “buy” rating in a report on Friday, July 27th. Finally, ValuEngine lowered Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Saturday, July 28th. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $241.22.
About Martin Marietta Materials
Martin Marietta Materials, Inc, a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; 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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