Rockland Trust Co. trimmed its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 1.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,055 shares of the construction company’s stock after selling 1,176 shares during the quarter. Martin Marietta Materials accounts for approximately 1.7% of Rockland Trust Co.’s portfolio, making the stock its 14th largest holding. Rockland Trust Co.’s holdings in Martin Marietta Materials were worth $18,719,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of MLM. Meridian Wealth Management LLC acquired a new position in Martin Marietta Materials during the first quarter worth about $64,000. Bank of New York Mellon Corp grew its position in Martin Marietta Materials by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 1,151,362 shares of the construction company’s stock worth $264,939,000 after buying an additional 105,241 shares during the period. Northern Trust Corp grew its position in Martin Marietta Materials by 1.6% during the first quarter. Northern Trust Corp now owns 714,199 shares of the construction company’s stock worth $143,684,000 after buying an additional 10,945 shares during the period. CIBC Private Wealth Group LLC acquired a new position in Martin Marietta Materials during the second quarter worth about $41,050,000. Finally, Advisory Services Network LLC grew its position in Martin Marietta Materials by 68.1% during the first quarter. Advisory Services Network LLC now owns 6,681 shares of the construction company’s stock worth $1,344,000 after buying an additional 2,706 shares during the period.
Shares of NYSE MLM traded up $1.96 on Friday, hitting $269.83. The company’s stock had a trading volume of 121,191 shares, compared to its average volume of 511,877. Martin Marietta Materials, Inc. has a 12-month low of $150.75 and a 12-month high of $275.99. The company has a market capitalization of $16.42 billion, a price-to-earnings ratio of 33.35, a price-to-earnings-growth ratio of 2.45 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.86 and a quick ratio of 1.08. The stock has a 50 day moving average of $261.42 and a 200-day moving average of $232.03.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $0.55 dividend. This represents a $2.20 annualized dividend and a dividend yield of 0.82%. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.48. Martin Marietta Materials’s dividend payout ratio is 27.19%.
Several research analysts have weighed in on the stock. Longbow Research set a $265.00 target price on shares of Martin Marietta Materials and gave the stock a “buy” rating in a research report on Friday, August 30th. ValuEngine lowered shares of Martin Marietta Materials from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. upped their target price on shares of Martin Marietta Materials from $265.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. Exane BNP Paribas assumed coverage on shares of Martin Marietta Materials in a research report on Wednesday. They set an “underperform” rating on the stock. Finally, Jefferies Financial Group upped their price target on shares of Martin Marietta Materials from $265.00 to $290.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and twelve have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $231.86.
In related news, EVP Roselyn R. Bar sold 2,821 shares of the company’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 transaction of $696,589.53. Following 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, Chairman C Howard Nye sold 11,224 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $243.66, for a total transaction of $2,734,839.84. Following the transaction, the chairman now directly owns 158,885 shares in the company, valued at approximately $38,713,919.10. The disclosure for this sale can be found here. Insiders sold 21,485 shares of company stock worth $5,317,618 in the last ninety days. Insiders own 0.73% of the company’s stock.
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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