Corient Private Wealth LP Acquires Shares of 111,998 Martin Marietta Materials, Inc. $MLM

Corient Private Wealth LP bought a new stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 111,998 shares of the construction company’s stock, valued at approximately $64,589,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Martin Marietta Materials in the second quarter worth about $2,706,134,000. Bank of America Corp DE acquired a new stake in Martin Marietta Materials during the 2nd quarter valued at approximately $1,411,047,000. Victory Capital Management Inc. increased its holdings in Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock worth $1,524,853,000 after purchasing an additional 836,120 shares during the last quarter. Norges Bank acquired a new position in shares of Martin Marietta Materials in the 4th quarter valued at approximately $354,681,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Martin Marietta Materials in the 2nd quarter valued at approximately $199,321,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MLM shares. Wolfe Research set a $648.00 price target on shares of Martin Marietta Materials in a research note on Tuesday, August 4th. Berenberg Bank set a $556.00 price target on Martin Marietta Materials and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. Citigroup lowered their price objective on Martin Marietta Materials from $737.00 to $690.00 and set a “buy” rating for the company in a report on Monday, August 3rd. JPMorgan Chase & Co. reduced their target price on Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Finally, Morgan Stanley lowered their price target on Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $665.29.

Martin Marietta Materials Trading Down 0.7%

Martin Marietta Materials stock opened at $528.56 on Friday. Martin Marietta Materials, Inc. has a 52-week low of $522.19 and a 52-week high of $710.97. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $31.75 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 2.30 and a beta of 1.11. The firm has a 50-day moving average price of $564.37 and a two-hundred day moving average price of $591.62.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, beating analysts’ consensus estimates of $4.76 by $0.24. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period last year, the company earned $5.43 earnings per share. Sell-side analysts expect that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 8.16%.

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.