NuWave Investment Management LLC increased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) by 369.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 394 shares of the construction company’s stock after purchasing an additional 310 shares during the period. NuWave Investment Management LLC’s holdings in Martin Marietta Materials were worth $152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. AHL Investment Management Inc. purchased a new position in shares of Martin Marietta Materials during the fourth quarter worth $31,000. Tortoise Investment Management LLC purchased a new position in shares of Martin Marietta Materials during the fourth quarter worth $39,000. First Eagle Investment Management LLC acquired a new stake in Martin Marietta Materials during the fourth quarter valued at $41,000. Hanson & Doremus Investment Management acquired a new stake in Martin Marietta Materials during the fourth quarter valued at $44,000. Finally, Concord Wealth Partners acquired a new stake in Martin Marietta Materials during the fourth quarter valued at $44,000. 93.49% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently commented on MLM shares. StockNews.com upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Wednesday, June 15th. JPMorgan Chase & Co. upgraded shares of Martin Marietta Materials from a “neutral” rating to an “overweight” rating and dropped their price target for the company from $420.00 to $410.00 in a research report on Friday, June 3rd. Morgan Stanley dropped their price target on shares of Martin Marietta Materials from $470.00 to $441.00 and set an “overweight” rating on the stock in a research report on Monday, April 18th. Finally, TheStreet lowered shares of Martin Marietta Materials from a “b” rating to a “c+” rating in a research report on Tuesday, May 10th. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Martin Marietta Materials presently has an average rating of “Moderate Buy” and a consensus price target of $445.80.
Martin Marietta Materials (NYSE:MLM – Get Rating) last posted its quarterly earnings results on Tuesday, May 3rd. The construction company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.32). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.13 billion. Martin Marietta Materials had a return on equity of 11.42% and a net margin of 11.63%. The business’s revenue was up 25.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 earnings per share. As a group, analysts predict that Martin Marietta Materials, Inc. will post 13.47 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 1st will be given a dividend of $0.61 per share. The ex-dividend date is Tuesday, May 31st. This represents a $2.44 dividend on an annualized basis and a yield of 0.81%. Martin Marietta Materials’s payout ratio is presently 23.19%.
About Martin Marietta Materials (Get Rating)
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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