Martin Marietta Materials, Inc. $MLM Shares Sold by Pelham Capital Ltd.

Pelham Capital Ltd. decreased its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 46.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,857 shares of the construction company’s stock after selling 8,623 shares during the period. Martin Marietta Materials makes up approximately 3.2% of Pelham Capital Ltd.’s holdings, making the stock its 12th biggest position. Pelham Capital Ltd.’s holdings in Martin Marietta Materials were worth $5,685,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Bank of Nova Scotia bought a new position in shares of Martin Marietta Materials in the second quarter worth $3,650,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Martin Marietta Materials by 14,332.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the construction company’s stock valued at $48,438,000 after purchasing an additional 77,253 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Martin Marietta Materials by 51.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock valued at $1,524,853,000 after purchasing an additional 836,120 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Martin Marietta Materials by 4.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 126,524 shares of the construction company’s stock worth $80,272,000 after purchasing an additional 5,227 shares during the period. Finally, Stephens Inc. AR lifted its holdings in Martin Marietta Materials by 11.2% in the fourth quarter. Stephens Inc. AR now owns 51,326 shares of the construction company’s stock worth $31,958,000 after purchasing an additional 5,150 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on MLM. Truist Financial raised their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Raymond James Financial set a $660.00 price target on shares of Martin Marietta Materials in a research note on Friday, July 31st. Wall Street Zen cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 28th. Stephens lowered their price objective on shares of Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Finally, Royal Bank Of Canada raised their price objective on shares of Martin Marietta Materials from $610.00 to $620.00 and gave the company a “sector perform” rating in a research note on Friday. Ten investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $665.88.

Martin Marietta Materials Trading Down 2.3%

Shares of MLM stock opened at $518.75 on Tuesday. The stock has a 50-day simple moving average of $560.97 and a 200 day simple moving average of $589.12. Martin Marietta Materials, Inc. has a fifty-two week low of $517.65 and a fifty-two week high of $710.97. The stock has a market capitalization of $31.16 billion, a P/E ratio of 12.75, a P/E/G ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, beating analysts’ consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the company earned $5.43 EPS. Martin Marietta Materials’s revenue was up 21.0% on a year-over-year basis. On average, sell-side analysts expect that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s payout ratio is presently 8.16%.

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.