Martin Marietta Materials, Inc. (NYSE:MLM) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC reduced its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 2.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 34,012 shares of the construction company’s stock after selling 908 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Martin Marietta Materials were worth $18,307,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its holdings in Martin Marietta Materials by 76.2% in the third quarter. Principal Financial Group Inc. now owns 1,628,701 shares of the construction company’s stock valued at $876,648,000 after purchasing an additional 704,460 shares in the last quarter. FMR LLC lifted its position in shares of Martin Marietta Materials by 15.3% during the 3rd quarter. FMR LLC now owns 2,515,441 shares of the construction company’s stock worth $1,353,936,000 after buying an additional 334,605 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Martin Marietta Materials by 7,608.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 181,373 shares of the construction company’s stock valued at $97,624,000 after buying an additional 179,020 shares in the last quarter. Diamond Hill Capital Management Inc. grew its position in shares of Martin Marietta Materials by 54.2% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 467,782 shares of the construction company’s stock valued at $251,784,000 after buying an additional 164,503 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Martin Marietta Materials by 247.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 148,827 shares of the construction company’s stock worth $80,634,000 after acquiring an additional 106,002 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MLM shares. JPMorgan Chase & Co. upgraded shares of Martin Marietta Materials from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $515.00 to $640.00 in a research note on Wednesday, November 27th. Stephens decreased their target price on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Citigroup cut their price target on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Loop Capital increased their price objective on Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Jefferies Financial Group reduced their price target on shares of Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Martin Marietta Materials presently has an average rating of “Moderate Buy” and an average target price of $644.46.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $588.86 on Wednesday. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43. Martin Marietta Materials, Inc. has a 12-month low of $456.83 and a 12-month high of $633.23. The company has a market cap of $35.99 billion, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 4.02 and a beta of 0.89. The stock has a 50 day simple moving average of $573.20 and a 200-day simple moving average of $555.97.

Martin Marietta Materials (NYSE:MLM) last released its 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). The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.94 billion. Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. Martin Marietta Materials’s revenue was down 5.3% compared to the same quarter last year. During the same period last year, the business posted $6.94 EPS. On average, equities analysts forecast that Martin Marietta Materials, Inc. will post 17.58 EPS for the current year.

Martin Marietta Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $0.79 per share. The ex-dividend date is Monday, December 2nd. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.54%. Martin Marietta Materials’s payout ratio is 9.85%.

Martin Marietta Materials 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.