Sumitomo Mitsui Trust Group Inc. Sells 4,736 Shares of Martin Marietta Materials, Inc. $MLM

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 3.7% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 124,654 shares of the construction company’s stock after selling 4,736 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.21% of Martin Marietta Materials worth $59,810,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Activest Wealth Management grew its holdings in shares of Martin Marietta Materials by 1,633.3% during the third quarter. Activest Wealth Management now owns 52 shares of the construction company’s stock worth $25,000 after buying an additional 49 shares during the last quarter. CoreCap Advisors LLC raised its stake in Martin Marietta Materials by 370.0% during the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company’s stock valued at $27,000 after acquiring an additional 37 shares during the last quarter. Meeder Asset Management Inc. raised its stake in Martin Marietta Materials by 67.9% during the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock valued at $28,000 after acquiring an additional 19 shares during the last quarter. WestEnd Advisors LLC raised its stake in Martin Marietta Materials by 1,900.0% during the 3rd quarter. WestEnd Advisors LLC now owns 60 shares of the construction company’s stock valued at $29,000 after acquiring an additional 57 shares during the last quarter. Finally, GK Wealth Management LLC acquired a new stake in Martin Marietta Materials during the 3rd quarter worth approximately $32,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $544.16 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. The stock has a 50 day simple moving average of $502.86 and a 200-day simple moving average of $575.04. The company has a market cap of $32.69 billion, a price-to-earnings ratio of 13.37, a price-to-earnings-growth ratio of 2.86 and a beta of 1.02. Martin Marietta Materials, Inc. has a 12-month low of $464.92 and a 12-month high of $710.97.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued 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 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio is currently 8.26%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MLM. Wells Fargo & Company lowered their target price on Martin Marietta Materials from $585.00 to $579.00 and set an “overweight” rating on the stock in a research note on Monday, October 5th. Stifel Nicolaus cut their price target on Martin Marietta Materials from $634.00 to $629.00 and set a “buy” rating for the company in a research note on Wednesday, October 28th. Wall Street Zen downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 28th. Truist Financial lowered their price objective on shares of Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Finally, Weiss Ratings lowered shares of Martin Marietta Materials from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, September 3rd. Fifteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus target price of $642.05.

Martin Marietta Materials Profile

Martin Marietta Materials, Inc is a supplier of construction materials serving the infrastructure, commercial, residential and industrial markets. The company’s primary business is aggregates, including crushed stone, sand and gravel used in roads, bridges, buildings and other construction projects.

Martin Marietta also produces cement, ready-mixed concrete and asphalt products, and provides paving and related construction services in selected markets. Through its Magnesia Specialties business, the company manufactures magnesium-based and dolomitic lime products used in industrial, environmental and agricultural applications.

Headquartered in Raleigh, North Carolina, Martin Marietta Materials became an independent publicly traded company in 1993 following a spin-off from Martin Marietta Corporation.