HighTower Advisors LLC Sells 5,330 Shares of Martin Marietta Materials, Inc. $MLM

HighTower Advisors LLC cut its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 9.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,577 shares of the construction company’s stock after selling 5,330 shares during the period. HighTower Advisors LLC’s holdings in Martin Marietta Materials were worth $28,015,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. CoreCap Advisors LLC raised its position in Martin Marietta Materials by 370.0% in the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company’s stock worth $27,000 after buying an additional 37 shares during the last quarter. Meeder Asset Management Inc. grew its stake in shares of Martin Marietta Materials by 67.9% in the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock worth $28,000 after acquiring an additional 19 shares during the period. Garton & Associates Financial Advisors LLC bought a new stake in shares of Martin Marietta Materials in the fourth quarter worth approximately $31,000. Reflection Asset Management purchased a new position in shares of Martin Marietta Materials during the fourth quarter valued at approximately $35,000. Finally, Osterweis Capital Management Inc. bought a new position in Martin Marietta Materials during the second quarter valued at approximately $37,000. 95.04% of the stock is currently owned by institutional investors.

Martin Marietta Materials Stock Down 0.2%

MLM opened at $513.84 on Wednesday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a 1-year low of $502.56 and a 1-year high of $710.97. The company has a market capitalization of $30.86 billion, a PE ratio of 12.63, a PEG ratio of 2.22 and a beta of 1.10. The firm’s 50 day simple moving average is $550.13 and its two-hundred day simple moving average is $582.57.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company posted $5.43 EPS. The company’s revenue was up 21.0% compared to the same quarter last year. As a group, equities analysts forecast that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.7%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 8.26%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. DA Davidson started coverage on shares of Martin Marietta Materials in a report on Monday, August 24th. They issued a “neutral” rating and a $625.00 target price on the stock. Wall Street Zen downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, July 28th. Wolfe Research set a $648.00 price objective on Martin Marietta Materials in a report on Tuesday, August 4th. Stephens reduced their price objective on Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating for the company in a research report on Friday, July 31st. Finally, Raymond James Financial set a $660.00 target price on Martin Marietta Materials in a research report on Friday, July 31st. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $665.88.

Martin Marietta Materials Company 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.