Ceredex Value Advisors LLC Invests $106.47 Million in Martin Marietta Materials (MLM)
Ceredex Value Advisors LLC bought a new stake in Martin Marietta Materials (NYSE:MLM) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 513,575 shares of the construction company’s stock, valued at approximately $106,465,000. Martin Marietta Materials makes up approximately 1.3% of Ceredex Value Advisors LLC’s investment portfolio, making the stock its 9th largest position. Ceredex Value Advisors LLC owned about 0.82% of Martin Marietta Materials as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the business. Eagle Asset Management Inc. raised its position in shares of Martin Marietta Materials by 9.8% in the 1st quarter. Eagle Asset Management Inc. now owns 620,694 shares of the construction company’s stock valued at $128,669,000 after purchasing an additional 55,232 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Martin Marietta Materials by 9.1% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 5,842 shares of the construction company’s stock valued at $1,211,000 after acquiring an additional 487 shares in the last quarter. Exencial Wealth Advisors LLC acquired a new stake in shares of Martin Marietta Materials during the 1st quarter valued at approximately $2,841,000. King Luther Capital Management Corp raised its position in shares of Martin Marietta Materials by 5.0% during the 1st quarter. King Luther Capital Management Corp now owns 737,452 shares of the construction company’s stock valued at $152,874,000 after acquiring an additional 34,840 shares in the last quarter. Finally, Douglass Winthrop Advisors LLC raised its position in shares of Martin Marietta Materials by 23.1% during the 1st quarter. Douglass Winthrop Advisors LLC now owns 178,790 shares of the construction company’s stock valued at $37,063,000 after acquiring an additional 33,571 shares in the last quarter. 99.55% of the stock is currently owned by institutional investors.
In other Martin Marietta Materials news, Chairman C Howard Nye sold 8,409 shares of the stock in a transaction on Wednesday, May 9th. The stock was sold at an average price of $212.66, for a total value of $1,788,257.94. Following the sale, the chairman now directly owns 146,977 shares of the company’s stock, valued at $31,256,128.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sue W. Cole sold 3,000 shares of the stock in a transaction on Monday, March 12th. The stock was sold at an average price of $210.06, for a total value of $630,180.00. Following the completion of the sale, the director now directly owns 24,145 shares in the company, valued at $5,071,898.70. The disclosure for this sale can be found here. Insiders sold 20,407 shares of company stock worth $4,337,531 over the last ninety days. 0.75% of the stock is owned by corporate insiders.
Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Tuesday, May 8th. The construction company reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.09). Martin Marietta Materials had a return on equity of 9.47% and a net margin of 17.36%. The company had revenue of $802.00 million during the quarter, compared to analyst estimates of $822.23 million. During the same period in the prior year, the business earned $0.67 earnings per share. Martin Marietta Materials’s quarterly revenue was down 5.0% on a year-over-year basis. sell-side analysts expect that Martin Marietta Materials will post 8.97 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 1st will be given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.82%. Martin Marietta Materials’s dividend payout ratio is presently 24.51%.
MLM has been the topic of several research reports. Zacks Investment Research raised Martin Marietta Materials from a “strong sell” rating to a “hold” rating in a research report on Friday, January 19th. Citigroup upped their price target on Martin Marietta Materials from $245.00 to $265.00 and gave the company a “buy” rating in a research report on Thursday, January 25th. SunTrust Banks reissued a “buy” rating and set a $245.00 price target on shares of Martin Marietta Materials in a research report on Tuesday, February 13th. Alembic Global Advisors reissued a “buy” rating on shares of Martin Marietta Materials in a research report on Wednesday, February 14th. Finally, Stephens reissued a “hold” rating and set a $233.00 price target on shares of Martin Marietta Materials in a research report on Friday, April 13th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $234.57.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc, a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; 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.
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