Skye Global Management LP Acquires 54,000 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Skye Global Management LP raised its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 63.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 138,500 shares of the construction company’s stock after buying an additional 54,000 shares during the quarter. Martin Marietta Materials comprises approximately 1.8% of Skye Global Management LP’s holdings, making the stock its 12th largest position. Skye Global Management LP owned about 0.23% of Martin Marietta Materials worth $74,548,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. FMR LLC lifted its stake in Martin Marietta Materials by 15.3% in the 3rd quarter. FMR LLC now owns 2,515,441 shares of the construction company’s stock worth $1,353,936,000 after purchasing an additional 334,605 shares in the last quarter. Principal Financial Group Inc. increased its stake in Martin Marietta Materials by 76.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,628,701 shares of the construction company’s stock worth $876,648,000 after acquiring an additional 704,460 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Martin Marietta Materials by 2.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 623,681 shares of the construction company’s stock valued at $337,903,000 after acquiring an additional 12,759 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Martin Marietta Materials by 54.2% in the third quarter. Diamond Hill Capital Management Inc. now owns 467,782 shares of the construction company’s stock valued at $251,784,000 after purchasing an additional 164,503 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Martin Marietta Materials by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 465,703 shares of the construction company’s stock valued at $252,318,000 after purchasing an additional 11,749 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on MLM. Loop Capital upped their target price on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. BNP Paribas raised Martin Marietta Materials to a “strong-buy” rating in a research report on Thursday, September 19th. Morgan Stanley raised their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Citigroup reduced their target price on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Truist Financial decreased their price objective on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $644.46.

Martin Marietta Materials Price Performance

MLM opened at $595.60 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.34 and a quick ratio of 1.24. The firm has a market capitalization of $36.40 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 4.04 and a beta of 0.90. The business’s 50-day moving average is $570.11 and its two-hundred day moving average is $556.63. Martin Marietta Materials, Inc. has a 1 year low of $456.83 and a 1 year high of $633.23.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing analysts’ consensus estimates of $6.41 by ($0.50). Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same quarter last year, the business posted $6.94 earnings per share. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. Research analysts anticipate that Martin Marietta Materials, Inc. will post 17.58 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Monday, December 2nd. Martin Marietta Materials’s payout ratio is 9.85%.

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.