Chesapeake Capital Corp IL Invests $930,000 in Martin Marietta Materials, Inc. $MLM

Chesapeake Capital Corp IL purchased a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,475 shares of the construction company’s stock, valued at approximately $930,000.

A number of other institutional investors also recently modified their holdings of the business. Bank of America Corp DE grew its stake 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 valued at $1,284,938,000 after buying 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 $233,811,000. Principal Financial Group Inc. lifted its position in shares of Martin Marietta Materials by 9.6% during the third quarter. Principal Financial Group Inc. now owns 2,204,425 shares of the construction company’s stock worth $1,389,428,000 after acquiring an additional 192,637 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Martin Marietta Materials by 1.3% in the third quarter. Vanguard Group Inc. now owns 7,442,945 shares of the construction company’s stock worth $4,691,139,000 after acquiring an additional 93,595 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Martin Marietta Materials by 141.3% in the third quarter. BNP Paribas Financial Markets now owns 117,872 shares of the construction company’s stock worth $74,292,000 after acquiring an additional 69,016 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Trading Down 0.6%

Martin Marietta Materials stock opened at $584.08 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.36 and a current ratio of 3.57. Martin Marietta Materials, Inc. has a fifty-two week low of $441.95 and a fifty-two week high of $710.97. The stock has a market cap of $35.23 billion, a P/E ratio of 31.07, a PEG ratio of 2.31 and a beta of 1.13. The firm’s fifty day moving average price is $654.23 and its 200-day moving average price is $632.51.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Wednesday, February 11th. The construction company reported $4.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($0.19). Martin Marietta Materials had a net margin of 17.38% and a return on equity of 10.86%. The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the business posted $4.79 EPS. Martin Marietta Materials’s quarterly revenue was up 9.3% on a year-over-year basis. Equities research analysts forecast that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 2nd will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, March 2nd. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 17.66%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MLM. B. Riley Financial initiated coverage on Martin Marietta Materials in a research note on Thursday, January 15th. They set a “neutral” rating and a $700.00 price objective on the stock. Truist Financial set a $710.00 target price on Martin Marietta Materials in a research note on Thursday, February 12th. Citigroup lifted their target price on Martin Marietta Materials from $780.00 to $804.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Wells Fargo & Company decreased their price target on Martin Marietta Materials from $631.00 to $612.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 12th. Finally, Stephens lowered their price target on shares of Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Martin Marietta Materials currently has a consensus rating of “Hold” and a consensus target price of $696.88.

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.