Victory Capital Management Inc. raised its position in Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) by 4.8% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 40,826 shares of the construction company’s stock after acquiring an additional 1,863 shares during the period. Victory Capital Management Inc.’s holdings in Martin Marietta Materials were worth $14,806,000 as of its most recent filing with the SEC.
A number of other large investors also recently modified their holdings of the stock. AHL Investment Management Inc. purchased a new stake in Martin Marietta Materials in the fourth quarter worth $31,000. Tortoise Investment Management LLC purchased a new position in shares of Martin Marietta Materials in the fourth quarter valued at $39,000. First Eagle Investment Management LLC purchased a new position in shares of Martin Marietta Materials in the fourth quarter valued at $41,000. Riverview Trust Co purchased a new position in shares of Martin Marietta Materials in the first quarter valued at $50,000. Finally, Sandy Cove Advisors LLC purchased a new position in shares of Martin Marietta Materials in the fourth quarter valued at $52,000. Institutional investors own 93.49% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have recently weighed in on the company. TheStreet cut Martin Marietta Materials from a “b” rating to a “c+” rating in a research report on Tuesday, May 10th. Truist Financial reduced their target price on Martin Marietta Materials to $392.00 in a research report on Tuesday, July 5th. JPMorgan Chase & Co. upgraded Martin Marietta Materials from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $420.00 to $410.00 in a research report on Friday, June 3rd. DA Davidson reduced their target price on Martin Marietta Materials from $450.00 to $375.00 and set a “buy” rating for the company in a research report on Friday, July 1st. Finally, StockNews.com upgraded Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Monday, August 1st. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $418.10.
Martin Marietta Materials Stock Performance
Martin Marietta Materials (NYSE:MLM – Get Rating) last issued its earnings results on Thursday, July 28th. The construction company reported $3.96 EPS for the quarter, missing the consensus estimate of $4.09 by ($0.13). Martin Marietta Materials had a net margin of 13.49% and a return on equity of 11.28%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter in the prior year, the business posted $3.81 earnings per share. The business’s revenue for the quarter was up 19.1% on a year-over-year basis. Research analysts anticipate that Martin Marietta Materials, Inc. will post 13.28 earnings per share for the current fiscal year.
Martin Marietta Materials Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 1st were issued a dividend of $0.61 per share. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $2.44 annualized dividend and a dividend yield of 0.69%. Martin Marietta Materials’s payout ratio is 19.11%.
Martin Marietta Materials Company Profile
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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