Jennison Associates LLC Boosts Stake in Martin Marietta Materials, Inc. $MLM

Jennison Associates LLC raised its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 7.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,303 shares of the construction company’s stock after buying an additional 2,373 shares during the quarter. Jennison Associates LLC owned about 0.05% of Martin Marietta Materials worth $19,016,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in shares of Martin Marietta Materials by 51.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock worth $1,524,853,000 after acquiring an additional 836,120 shares during the last quarter. Norges Bank acquired a new stake in shares of Martin Marietta Materials during the fourth quarter valued at $354,681,000. Bank of America Corp DE boosted its stake in shares of Martin Marietta Materials by 31.9% during the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock valued at $1,284,938,000 after acquiring an additional 565,856 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Martin Marietta Materials by 241.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 303,031 shares of the construction company’s stock valued at $188,686,000 after acquiring an additional 214,270 shares during the last quarter. Finally, Interval Partners LP purchased a new stake in Martin Marietta Materials during the 4th quarter worth about $128,996,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Down 1.1%

Shares of NYSE:MLM opened at $547.33 on Wednesday. The company has a current ratio of 2.28, a quick ratio of 1.11 and a debt-to-equity ratio of 0.47. The firm has a market cap of $32.87 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 2.35 and a beta of 1.10. The stock’s 50-day moving average price is $577.03 and its two-hundred day moving average price is $611.66. Martin Marietta Materials, Inc. has a 12-month low of $525.38 and a 12-month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.15. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The company’s quarterly revenue was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.90 EPS. On average, research analysts forecast that Martin Marietta Materials, Inc. will post 19.43 EPS for the current year.

Martin Marietta Materials Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.32 annualized dividend and a yield of 0.6%. Martin Marietta Materials’s dividend payout ratio is 7.91%.

Analysts Set New Price Targets

A number of research firms have issued reports on MLM. Wall Street Zen upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Monday. UBS Group set a $739.00 price target on shares of Martin Marietta Materials in a report on Sunday, May 10th. Citigroup boosted their price objective on shares of Martin Marietta Materials from $731.00 to $737.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Barclays decreased their target price on shares of Martin Marietta Materials from $675.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Finally, Zacks Research raised shares of Martin Marietta Materials from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Eleven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $681.53.

Martin Marietta Materials Profile

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.