The Manufacturers Life Insurance Company grew its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 10.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 70,320 shares of the construction company’s stock after purchasing an additional 6,610 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.11% of Martin Marietta Materials worth $15,652,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of MLM. Swiss National Bank boosted its stake in Martin Marietta Materials by 7.7% during the second quarter. Swiss National Bank now owns 230,250 shares of the construction company’s stock valued at $51,249,000 after buying an additional 16,500 shares in the last quarter. Greenwood Capital Associates LLC boosted its stake in Martin Marietta Materials by 4.1% during the second quarter. Greenwood Capital Associates LLC now owns 2,641 shares of the construction company’s stock valued at $588,000 after buying an additional 105 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in Martin Marietta Materials during the second quarter valued at about $716,000. Victory Capital Management Inc. boosted its stake in Martin Marietta Materials by 17.5% during the second quarter. Victory Capital Management Inc. now owns 18,153 shares of the construction company’s stock valued at $4,041,000 after buying an additional 2,708 shares in the last quarter. Finally, Chilton Investment Co. LLC boosted its stake in Martin Marietta Materials by 8.7% during the second quarter. Chilton Investment Co. LLC now owns 419,759 shares of the construction company’s stock valued at $93,430,000 after buying an additional 33,537 shares in the last quarter. 96.23% of the stock is currently owned by institutional investors.
Shares of Martin Marietta Materials, Inc. (NYSE:MLM) traded up 0.09% during midday trading on Friday, reaching $217.12. The company’s stock had a trading volume of 367,115 shares. The company has a market cap of $13.64 billion, a price-to-earnings ratio of 31.24 and a beta of 1.13. The stock has a 50-day moving average of $205.24 and a 200 day moving average of $217.43. Martin Marietta Materials, Inc. has a 12 month low of $175.16 and a 12 month high of $244.32.
Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Tuesday, August 1st. The construction company reported $2.25 EPS for the quarter, missing analysts’ consensus estimates of $2.38 by ($0.13). The company had revenue of $996.30 million during the quarter, compared to the consensus estimate of $1.01 billion. Martin Marietta Materials had a return on equity of 10.69% and a net margin of 11.19%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the firm posted $1.90 EPS. On average, analysts predict that Martin Marietta Materials, Inc. will post $7.14 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Tuesday, September 5th were issued a dividend of $0.44 per share. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.42. The ex-dividend date was Thursday, August 31st. This represents a $1.76 dividend on an annualized basis and a yield of 0.81%. Martin Marietta Materials’s payout ratio is presently 25.29%.
In other Martin Marietta Materials news, Director John J. Koraleski bought 500 shares of the stock in a transaction on Friday, August 18th. The shares were acquired at an average price of $198.37 per share, with a total value of $99,185.00. Following the acquisition, the director now directly owns 1,439 shares of the company’s stock, valued at approximately $285,454.43. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 8.45% of the company’s stock.
Several brokerages recently weighed in on MLM. SunTrust Banks, Inc. reaffirmed a “buy” rating and set a $228.00 target price on shares of Martin Marietta Materials in a research note on Friday. Bank of America Corporation decreased their price target on Martin Marietta Materials from $233.00 to $229.00 and set a “neutral” rating for the company in a research report on Thursday, October 19th. Jefferies Group LLC reiterated a “buy” rating and issued a $240.00 price target on shares of Martin Marietta Materials in a research report on Wednesday, October 11th. Citigroup Inc. reiterated a “buy” rating and issued a $260.00 price target (down previously from $270.00) on shares of Martin Marietta Materials in a research report on Monday, October 9th. Finally, Zacks Investment Research upgraded Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. Martin Marietta Materials currently has an average rating of “Buy” and a consensus target price of $245.33.
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About Martin Marietta Materials
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand, and gravel) used for the construction of infrastructure, nonresidential, and residential projects. Aggregates products are also used for railroad ballast and in agricultural, utility and environmental applications.
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