Nordea Investment Management AB Sells 3,034 Shares of Martin Marietta Materials, Inc. $MLM

Nordea Investment Management AB lessened its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 23.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 9,692 shares of the construction company’s stock after selling 3,034 shares during the quarter. Nordea Investment Management AB’s holdings in Martin Marietta Materials were worth $6,066,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MLM. Tokio Marine Asset Management Co. Ltd. boosted its holdings in shares of Martin Marietta Materials by 2.5% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,034 shares of the construction company’s stock valued at $1,282,000 after buying an additional 50 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Martin Marietta Materials by 1.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 140,623 shares of the construction company’s stock valued at $88,632,000 after acquiring an additional 1,432 shares during the period. First Horizon Corp bought a new stake in Martin Marietta Materials during the third quarter worth about $183,000. MGO One Seven LLC purchased a new stake in Martin Marietta Materials in the third quarter worth about $223,000. Finally, Citizens Financial Group Inc. RI grew its holdings in Martin Marietta Materials by 3.3% in the third quarter. Citizens Financial Group Inc. RI now owns 1,358 shares of the construction company’s stock worth $856,000 after purchasing an additional 44 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Raymond James Financial boosted their price target on Martin Marietta Materials from $645.00 to $680.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 21st. DA Davidson reissued a “neutral” rating and issued a $690.00 target price on shares of Martin Marietta Materials in a report on Wednesday. Jefferies Financial Group increased their target price on Martin Marietta Materials from $725.00 to $730.00 and gave the stock a “buy” rating in a research note on Monday, December 15th. Wall Street Zen downgraded Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Martin Marietta Materials in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Martin Marietta Materials currently has an average rating of “Moderate Buy” and a consensus target price of $670.63.

Martin Marietta Materials Stock Up 1.8%

MLM stock opened at $652.35 on Friday. The stock has a market capitalization of $39.34 billion, a P/E ratio of 34.39 and a beta of 1.15. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.97 and a quick ratio of 2.07. Martin Marietta Materials, Inc. has a 1-year low of $441.95 and a 1-year high of $668.83. The business has a fifty day moving average price of $626.04 and a 200-day moving average price of $612.42.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Tuesday, November 4th. The construction company reported $5.97 EPS for the quarter, missing the consensus estimate of $6.62 by ($0.65). Martin Marietta Materials had a net margin of 17.34% and a return on equity of 11.68%. The business had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Equities analysts forecast that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, December 1st. Martin Marietta Materials’s payout ratio is presently 17.50%.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.