State of Tennessee Treasury Department Boosts Stock Position in Martin Marietta Materials, Inc. (NYSE:MLM)

State of Tennessee Treasury Department boosted its holdings in Martin Marietta Materials, Inc. (NYSE:MLMFree Report) by 2.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,676 shares of the construction company’s stock after purchasing an additional 1,543 shares during the period. State of Tennessee Treasury Department owned about 0.09% of Martin Marietta Materials worth $27,278,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. JPMorgan Chase & Co. boosted its position in Martin Marietta Materials by 9.7% in the third quarter. JPMorgan Chase & Co. now owns 2,042,537 shares of the construction company’s stock worth $838,421,000 after purchasing an additional 181,136 shares during the last quarter. FMR LLC boosted its position in Martin Marietta Materials by 225.3% in the third quarter. FMR LLC now owns 1,833,959 shares of the construction company’s stock worth $752,803,000 after purchasing an additional 1,270,116 shares during the last quarter. Norges Bank purchased a new position in Martin Marietta Materials in the fourth quarter worth $308,705,000. Northern Trust Corp boosted its position in Martin Marietta Materials by 3.8% in the third quarter. Northern Trust Corp now owns 615,467 shares of the construction company’s stock worth $252,637,000 after purchasing an additional 22,391 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Martin Marietta Materials by 4.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 615,396 shares of the construction company’s stock worth $307,026,000 after purchasing an additional 27,775 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on MLM. HSBC raised Martin Marietta Materials from a “reduce” rating to a “hold” rating and boosted their price objective for the stock from $376.00 to $543.00 in a research report on Thursday, February 22nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $600.00 price target (up previously from $530.00) on shares of Martin Marietta Materials in a research report on Friday, March 22nd. Citigroup upped their price target on Martin Marietta Materials from $635.00 to $708.00 and gave the company a “buy” rating in a research report on Friday, April 5th. The Goldman Sachs Group upped their price target on Martin Marietta Materials from $642.00 to $737.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, Truist Financial upped their price target on Martin Marietta Materials from $610.00 to $700.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $610.27.

Check Out Our Latest Stock Report on Martin Marietta Materials

Insiders Place Their Bets

In other Martin Marietta Materials news, EVP Roselyn R. Bar sold 10,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $603.29, for a total value of $6,032,900.00. Following the transaction, the executive vice president now directly owns 59,970 shares in the company, valued at approximately $36,179,301.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.68% of the company’s stock.

Martin Marietta Materials Price Performance

Shares of NYSE MLM opened at $552.34 on Tuesday. The firm has a market capitalization of $34.05 billion, a P/E ratio of 16.37, a P/E/G ratio of 2.41 and a beta of 0.93. The company has a quick ratio of 2.41, a current ratio of 3.16 and a debt-to-equity ratio of 0.44. The stock’s 50-day simple moving average is $588.78 and its two-hundred day simple moving average is $549.01. Martin Marietta Materials, Inc. has a twelve month low of $389.90 and a twelve month high of $626.67.

Martin Marietta Materials (NYSE:MLMGet Free Report) last announced its earnings results on Tuesday, April 30th. The construction company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.05. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.31 billion. Martin Marietta Materials had a return on equity of 14.74% and a net margin of 31.35%. The company’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.16 EPS. As a group, equities analysts anticipate that Martin Marietta Materials, Inc. will post 23.38 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be paid a $0.74 dividend. The ex-dividend date is Monday, June 3rd. This represents a $2.96 dividend on an annualized basis and a yield of 0.54%. Martin Marietta Materials’s dividend payout ratio is currently 8.77%.

Martin Marietta Materials Profile

(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.

Further Reading

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Institutional Ownership by Quarter for Martin Marietta Materials (NYSE:MLM)

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