Martin Marietta Materials, Inc. (NYSE:MLM) Sees Large Decline in Short Interest

Martin Marietta Materials, Inc. (NYSE:MLM) was the recipient of a significant decline in short interest in July. As of July 31st, there was short interest totalling 1,924,800 shares, a decline of 15.3% from the June 30th total of 2,273,700 shares. Based on an average trading volume of 587,500 shares, the short-interest ratio is currently 3.3 days. Currently, 3.1% of the company’s shares are sold short.

In related news, EVP Roselyn R. Bar sold 2,821 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $246.93, for a total value of $696,589.53. Following the completion of the transaction, the executive vice president now owns 57,149 shares of the company’s stock, valued at $14,111,802.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Laree E. Perez sold 824 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $231.80, for a total transaction of $191,003.20. Following the completion of the transaction, the director now directly owns 14,136 shares of the company’s stock, valued at approximately $3,276,724.80. The disclosure for this sale can be found here. Insiders have sold 14,869 shares of company stock valued at $3,622,433 in the last ninety days. Insiders own 0.73% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Commonwealth Bank of Australia grew its holdings in shares of Martin Marietta Materials by 28.1% during the second quarter. Commonwealth Bank of Australia now owns 196 shares of the construction company’s stock valued at $43,000 after buying an additional 43 shares during the last quarter. D.A. Davidson & CO. lifted its position in Martin Marietta Materials by 0.7% during the second quarter. D.A. Davidson & CO. now owns 6,563 shares of the construction company’s stock valued at $1,510,000 after purchasing an additional 44 shares during the period. Valeo Financial Advisors LLC lifted its position in Martin Marietta Materials by 4.9% during the second quarter. Valeo Financial Advisors LLC now owns 1,070 shares of the construction company’s stock valued at $246,000 after purchasing an additional 50 shares during the period. Hartford Investment Management Co. lifted its position in Martin Marietta Materials by 0.8% during the second quarter. Hartford Investment Management Co. now owns 6,851 shares of the construction company’s stock valued at $1,576,000 after purchasing an additional 53 shares during the period. Finally, Dupont Capital Management Corp lifted its position in Martin Marietta Materials by 1.8% during the second quarter. Dupont Capital Management Corp now owns 3,252 shares of the construction company’s stock valued at $748,000 after purchasing an additional 56 shares during the period.

MLM has been the subject of a number of recent research reports. ValuEngine raised shares of Martin Marietta Materials from a “hold” rating to a “buy” rating in a research note on Wednesday, July 31st. Longbow Research boosted their price objective on shares of Martin Marietta Materials from $260.00 to $265.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. DA Davidson raised shares of Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $227.22 price objective for the company in a research note on Thursday, June 6th. Jefferies Financial Group lifted their price target on shares of Martin Marietta Materials from $265.00 to $290.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Finally, Citigroup lifted their price target on shares of Martin Marietta Materials from $239.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $226.37.

NYSE MLM traded up $2.88 on Tuesday, hitting $251.43. The stock had a trading volume of 421,554 shares, compared to its average volume of 641,450. The business has a fifty day moving average of $232.95. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.08 and a current ratio of 1.86. Martin Marietta Materials has a 52-week low of $150.75 and a 52-week high of $252.91. The company has a market capitalization of $15.57 billion, a PE ratio of 31.08, a price-to-earnings-growth ratio of 2.34 and a beta of 1.13.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Tuesday, July 30th. The construction company reported $3.01 earnings per share for the quarter, missing analysts’ consensus estimates of $3.08 by ($0.07). The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.27 billion. Martin Marietta Materials had a net margin of 11.37% and a return on equity of 10.35%. Martin Marietta Materials’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the firm earned $3.25 earnings per share. On average, analysts predict that Martin Marietta Materials will post 9.31 EPS for the current fiscal year.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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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