Brown Advisory Inc. boosted its position in shares of Martin Marietta Materials Inc. (NYSE:MLM) by 89.7% during the second quarter, Holdings Channel reports. The institutional investor owned 6,289 shares of the company’s stock after buying an additional 2,973 shares during the period. Brown Advisory Inc.’s holdings in Martin Marietta Materials were worth $1,208,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC raised its stake in Martin Marietta Materials by 5.9% in the second quarter. Checchi Capital Advisers LLC now owns 686 shares of the company’s stock worth $132,000 after buying an additional 38 shares in the last quarter. Global X Management Co. LLC raised its stake in Martin Marietta Materials by 89.6% in the second quarter. Global X Management Co. LLC now owns 817 shares of the company’s stock worth $157,000 after buying an additional 386 shares in the last quarter. Financial Counselors Inc. purchased a new stake in Martin Marietta Materials during the second quarter worth $211,000. Atria Investments LLC purchased a new stake in Martin Marietta Materials during the second quarter worth $225,000. Finally, TRUE Private Wealth Advisors purchased a new stake in Martin Marietta Materials during the second quarter worth $229,000. 97.18% of the stock is currently owned by institutional investors and hedge funds.
Shares of Martin Marietta Materials Inc. (NYSE:MLM) traded down 1.132% during trading on Tuesday, hitting $181.175. 129,004 shares of the company’s stock were exchanged. Martin Marietta Materials Inc. has a one year low of $108.31 and a one year high of $206.36. The firm has a 50-day moving average price of $187.04 and a 200-day moving average price of $181.95. The stock has a market cap of $11.49 billion, a P/E ratio of 32.278 and a beta of 1.37.
Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Tuesday, August 2nd. The company reported $1.90 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.02 by $0.12. The firm had revenue of $915.40 million for the quarter, compared to analyst estimates of $953.30 million. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.22 EPS. Equities research analysts expect that Martin Marietta Materials Inc. will post $7.23 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 0.92%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 30th. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 30.05%.
A number of research firms have recently weighed in on MLM. Goldman Sachs Group Inc. reiterated a “buy” rating and set a $209.00 target price (up from $191.00) on shares of Martin Marietta Materials in a report on Wednesday, June 8th. Zacks Investment Research lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Alembic Global Advisors assumed coverage on shares of Martin Marietta Materials in a report on Thursday, June 9th. They issued an “overweight” rating and a $220.00 price objective for the company. Bank of America Corp. restated a “buy” rating on shares of Martin Marietta Materials in a report on Friday, June 17th. Finally, DA Davidson raised their price objective on shares of Martin Marietta Materials from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $201.86.
In other Martin Marietta Materials news, EVP Roselyn R. Bar sold 5,830 shares of the stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the transaction, the executive vice president now directly owns 42,588 shares of the company’s stock, valued at $8,516,748.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David G. Maffucci sold 6,779 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $199.90, for a total transaction of $1,355,122.10. Following the transaction, the director now directly owns 20,326 shares in the company, valued at $4,063,167.40. The disclosure for this sale can be found here. Company insiders own 1.06% of the company’s stock.
About Martin Marietta Materials
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand and gravel) for the construction industry, used for the construction of infrastructure, non-residential, and residential projects. The Company operates through three businesses: Aggregates Business, Cement Business and Magnesia Specialties Business.
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