Fenimore Asset Management Inc Boosts Holdings in Martin Marietta Materials, Inc. $MLM

Fenimore Asset Management Inc lifted its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 1.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,370 shares of the construction company’s stock after buying an additional 1,224 shares during the quarter. Fenimore Asset Management Inc owned about 0.15% of Martin Marietta Materials worth $42,881,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Martin Marietta Materials during the 2nd quarter valued at $2,706,134,000. Bank of America Corp DE bought a new position in shares of Martin Marietta Materials in the second quarter worth $1,411,047,000. Victory Capital Management Inc. boosted 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 period. Bank of New York Mellon Corp purchased a new position in shares of Martin Marietta Materials in the second quarter valued at $199,321,000. Finally, Legal & General Group Plc purchased a new position in shares of Martin Marietta Materials in the second quarter valued at $143,897,000. 95.04% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on MLM shares. Royal Bank Of Canada boosted their price objective on Martin Marietta Materials from $610.00 to $620.00 and gave the company a “sector perform” rating in a research note on Friday, August 28th. Truist Financial cut their target price on Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating for the company in a research note on Monday. Stephens reduced their target price on Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Wells Fargo & Company decreased their price target on Martin Marietta Materials from $585.00 to $579.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Wall Street Zen downgraded shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 28th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus price target of $651.76.

Martin Marietta Materials Price Performance

Shares of MLM stock traded up $2.87 on Thursday, reaching $481.88. The company’s stock had a trading volume of 703,776 shares, compared to its average volume of 593,610. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a 12-month low of $470.19 and a 12-month high of $710.97. The company has a market capitalization of $28.95 billion, a P/E ratio of 11.84, a PEG ratio of 2.33 and a beta of 1.08. The stock’s 50 day simple moving average is $515.87 and its 200-day simple moving average is $561.70.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.76 by $0.24. The company had revenue of $1.95 billion during 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 firm’s quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter last year, the company earned $5.43 earnings per share. As a group, equities analysts predict that Martin Marietta Materials, Inc. will post 17.77 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were issued a dividend of $0.84 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a dividend yield of 0.7%. Martin Marietta Materials’s payout ratio is presently 8.26%.

Martin Marietta Materials Profile

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company’s principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.