Martin Marietta Materials Inc. (MLM) Stake Increased by BlackRock Advisors LLC
BlackRock Advisors LLC raised its stake in Martin Marietta Materials Inc. (NYSE:MLM) by 15.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,352 shares of the company’s stock after buying an additional 8,484 shares during the period. BlackRock Advisors LLC owned approximately 0.10% of Martin Marietta Materials worth $11,972,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the company. Aperio Group LLC increased its position in Martin Marietta Materials by 22.6% in the first quarter. Aperio Group LLC now owns 9,179 shares of the company’s stock valued at $1,464,000 after buying an additional 1,694 shares during the period. Prudential Financial Inc. increased its position in Martin Marietta Materials by 3.1% in the first quarter. Prudential Financial Inc. now owns 83,770 shares of the company’s stock worth $13,362,000 after buying an additional 2,520 shares during the period. Franklin Resources Inc. increased its position in Martin Marietta Materials by 5.0% in the first quarter. Franklin Resources Inc. now owns 1,181,664 shares of the company’s stock worth $188,491,000 after buying an additional 56,163 shares during the period. BlackRock Group LTD increased its position in Martin Marietta Materials by 1.3% in the first quarter. BlackRock Group LTD now owns 444,005 shares of the company’s stock worth $70,823,000 after buying an additional 5,704 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its position in Martin Marietta Materials by 6.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,570 shares of the company’s stock worth $250,000 after buying an additional 98 shares during the period. Hedge funds and other institutional investors own 97.18% of the company’s stock.
Shares of Martin Marietta Materials Inc. (NYSE:MLM) opened at 178.45 on Friday. Martin Marietta Materials Inc. has a 1-year low of $108.31 and a 1-year high of $206.36. The firm has a market cap of $11.32 billion, a price-to-earnings ratio of 31.79 and a beta of 1.36. The stock has a 50 day moving average price of $182.80 and a 200-day moving average price of $182.96.
Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.02 by $0.12. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The company earned $915.40 million during the quarter, compared to the consensus estimate of $953.30 million. During the same quarter in the prior year, the company posted $1.22 earnings per share. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. On average, equities research analysts expect that Martin Marietta Materials Inc. will post $7.14 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 1st were paid a $0.42 dividend. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. This represents a $1.68 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend was Tuesday, August 30th. Martin Marietta Materials’s dividend payout ratio is currently 30.05%.
A number of equities analysts have recently commented on the company. Zacks Investment Research downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Alembic Global Advisors assumed coverage on Martin Marietta Materials in a report on Thursday, June 9th. They issued an “overweight” rating and a $220.00 price objective on the stock. Bank of America Corp. restated a “buy” rating on shares of Martin Marietta Materials in a report on Friday, June 17th. DA Davidson raised their price objective on Martin Marietta Materials from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, Jefferies Group restated a “hold” rating on shares of Martin Marietta Materials in a report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $204.17.
In other news, EVP Roselyn R. Bar sold 5,830 shares of the company’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $199.98, for a total value of $1,165,883.40. Following the sale, the executive vice president now directly owns 42,588 shares in the company, valued at approximately $8,516,748.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David G. Maffucci sold 6,779 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $199.90, for a total value of $1,355,122.10. Following the completion of the sale, the director now owns 20,326 shares in the company, valued at $4,063,167.40. The disclosure for this sale can be found here. 1.06% of the stock is owned by insiders.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand and gravel) for the construction industry, used for the construction of infrastructure, non-residential, and residential projects. The Company operates through three businesses: Aggregates Business, Cement Business and Magnesia Specialties Business.
Receive News & Ratings for Martin Marietta Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Martin Marietta Materials Inc. and related companies with MarketBeat.com's FREE daily email newsletter.