Procyon Advisors LLC Raises Stake in Martin Marietta Materials, Inc. (NYSE:MLM)

Procyon Advisors LLC lifted its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 9.6% in the first quarter, HoldingsChannel.com reports. The firm owned 3,654 shares of the construction company’s stock after purchasing an additional 319 shares during the quarter. Procyon Advisors LLC’s holdings in Martin Marietta Materials were worth $1,747,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Martin Marietta Materials by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 7,174,183 shares of the construction company’s stock valued at $3,705,466,000 after buying an additional 36,531 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Martin Marietta Materials by 23.3% in the third quarter. JPMorgan Chase & Co. now owns 2,678,425 shares of the construction company’s stock valued at $1,441,663,000 after acquiring an additional 506,705 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Martin Marietta Materials by 11.7% in the fourth quarter. Principal Financial Group Inc. now owns 1,819,744 shares of the construction company’s stock worth $939,898,000 after acquiring an additional 191,043 shares during the period. Amundi boosted its stake in shares of Martin Marietta Materials by 10.5% in the fourth quarter. Amundi now owns 1,562,146 shares of the construction company’s stock worth $808,005,000 after acquiring an additional 148,065 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Martin Marietta Materials by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 1,472,411 shares of the construction company’s stock worth $758,499,000 after purchasing an additional 32,082 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MLM has been the topic of a number of research analyst reports. Wall Street Zen cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Saturday, May 31st. Raymond James lowered their target price on shares of Martin Marietta Materials from $600.00 to $597.00 and set an “outperform” rating on the stock in a report on Tuesday, April 29th. UBS Group raised shares of Martin Marietta Materials from a “neutral” rating to a “buy” rating and raised their target price for the company from $548.00 to $634.00 in a research note on Friday, May 16th. Truist Financial decreased their price target on shares of Martin Marietta Materials from $670.00 to $610.00 and set a “buy” rating on the stock in a research note on Thursday, February 13th. Finally, Seaport Res Ptn upgraded Martin Marietta Materials to a “strong-buy” rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $610.69.

Martin Marietta Materials Stock Up 0.2%

Shares of NYSE MLM opened at $551.29 on Friday. The company has a current ratio of 2.50, a quick ratio of 1.40 and a debt-to-equity ratio of 0.56. Martin Marietta Materials, Inc. has a 12-month low of $441.95 and a 12-month high of $633.23. The firm’s 50-day moving average price is $521.85 and its 200-day moving average price is $524.42. The stock has a market capitalization of $33.23 billion, a price-to-earnings ratio of 17.05, a P/E/G ratio of 4.45 and a beta of 0.89.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Wednesday, April 30th. The construction company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.02. The company had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Martin Marietta Materials had a return on equity of 12.11% and a net margin of 30.54%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.93 earnings per share. On average, equities research analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Monday, June 2nd. Martin Marietta Materials’s dividend payout ratio is currently 18.20%.

About Martin Marietta Materials

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.