Martin Marietta Materials (NYSE:MLM) Reaches New 1-Year High – Here’s What Happened

Martin Marietta Materials, Inc. (NYSE:MLM) hit a new 52-week high on Monday . The company traded as high as $696.65 and last traded at $698.4650, with a volume of 51370 shares traded. The stock had previously closed at $690.00.

Analyst Ratings Changes

MLM has been the topic of a number of research analyst reports. Morgan Stanley upped their price target on Martin Marietta Materials from $660.00 to $690.00 and gave the company an “overweight” rating in a report on Monday, December 22nd. Stifel Nicolaus lifted their price target on shares of Martin Marietta Materials from $637.00 to $681.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Jefferies Financial Group increased their price objective on shares of Martin Marietta Materials from $725.00 to $730.00 and gave the company a “buy” rating in a research report on Monday, December 15th. B. Riley Financial assumed coverage on Martin Marietta Materials in a research report on Thursday, January 15th. They issued a “neutral” rating and a $700.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of Martin Marietta Materials from $670.00 to $700.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Ten investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $676.63.

Martin Marietta Materials Stock Up 0.9%

The company has a market capitalization of $41.98 billion, a P/E ratio of 36.80 and a beta of 1.16. The company has a 50 day simple moving average of $640.15 and a two-hundred day simple moving average of $622.79. The company has a quick ratio of 2.07, a current ratio of 2.97 and a debt-to-equity ratio of 0.54.

Martin Marietta Materials Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 1st were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. Martin Marietta Materials’s payout ratio is currently 17.50%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Bank of America Corp DE increased its holdings in Martin Marietta Materials by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock worth $1,284,938,000 after acquiring an additional 565,856 shares in the last quarter. Norges Bank purchased a new stake in shares of Martin Marietta Materials during the second quarter worth about $233,811,000. Principal Financial Group Inc. raised its position in shares of Martin Marietta Materials by 9.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,204,425 shares of the construction company’s stock worth $1,389,428,000 after purchasing an additional 192,637 shares during the last quarter. Millennium Management LLC lifted its stake in Martin Marietta Materials by 1,570.3% in the 3rd quarter. Millennium Management LLC now owns 108,167 shares of the construction company’s stock valued at $68,175,000 after buying an additional 115,524 shares in the last quarter. Finally, Freestone Grove Partners LP boosted its stake in shares of Martin Marietta Materials by 748.5% in the third quarter. Freestone Grove Partners LP now owns 124,963 shares of the construction company’s stock worth $78,762,000 after acquiring an additional 110,236 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.