Fred Alger Management LLC Cuts Holdings in Martin Marietta Materials, Inc. $MLM

Fred Alger Management LLC trimmed its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 5.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 174,081 shares of the construction company’s stock after selling 9,275 shares during the quarter. Fred Alger Management LLC owned about 0.29% of Martin Marietta Materials worth $109,720,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its stake in Martin Marietta Materials by 6.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company’s stock worth $379,000 after acquiring an additional 49 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Martin Marietta Materials by 11.4% during the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company’s stock valued at $673,000 after acquiring an additional 144 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in shares of Martin Marietta Materials by 11.1% in the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company’s stock valued at $280,000 after purchasing an additional 51 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Martin Marietta Materials by 73.2% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 781 shares of the construction company’s stock valued at $429,000 after purchasing an additional 330 shares in the last quarter. Finally, Vise Technologies Inc. bought a new stake in Martin Marietta Materials in the second quarter worth $391,000. 95.04% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MLM shares. Truist Financial set a $710.00 price objective on shares of Martin Marietta Materials in a research report on Thursday, February 12th. DA Davidson set a $680.00 target price on shares of Martin Marietta Materials in a report on Thursday, February 12th. Citigroup upped their target price on shares of Martin Marietta Materials from $780.00 to $804.00 and gave the company a “buy” rating in a research report on Monday, March 2nd. B. Riley Financial assumed coverage on shares of Martin Marietta Materials in a report on Thursday, January 15th. They issued a “neutral” rating and a $700.00 price target for the company. Finally, Wells Fargo & Company dropped their price target on Martin Marietta Materials from $631.00 to $612.00 and set an “equal weight” rating for the company in a research report on Thursday, February 12th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $696.88.

Martin Marietta Materials Stock Down 0.6%

NYSE MLM opened at $584.08 on Monday. The company has a quick ratio of 2.36, a current ratio of 3.57 and a debt-to-equity ratio of 0.53. The company has a fifty day moving average of $654.23 and a two-hundred day moving average of $632.73. The firm has a market capitalization of $35.23 billion, a price-to-earnings ratio of 31.07, a PEG ratio of 2.30 and a beta of 1.13. Martin Marietta Materials, Inc. has a 52 week low of $441.95 and a 52 week high of $710.97.

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

Martin Marietta Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 2nd will be given 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 is 17.66%.

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.