Chase Investment Counsel Corp increased its position in Martin Marietta Materials Inc. (NYSE:MLM) by 5.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 26,780 shares of the company’s stock after buying an additional 1,377 shares during the period. Martin Marietta Materials makes up approximately 2.3% of Chase Investment Counsel Corp’s investment portfolio, making the stock its 15th largest position. Chase Investment Counsel Corp’s holdings in Martin Marietta Materials were worth $5,141,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its stake in Martin Marietta Materials by 39.1% in the first quarter. JPMorgan Chase & Co. now owns 4,409,463 shares of the company’s stock worth $703,352,000 after buying an additional 1,240,607 shares during the last quarter. Norges Bank acquired a new stake in Martin Marietta Materials during the fourth quarter worth about $72,427,000. TimesSquare Capital Management LLC raised its stake in Martin Marietta Materials by 243.0% in the first quarter. TimesSquare Capital Management LLC now owns 591,600 shares of the company’s stock worth $94,366,000 after buying an additional 419,100 shares during the last quarter. Capital Growth Management LP acquired a new stake in Martin Marietta Materials during the first quarter worth about $53,436,000. Finally, Bank of Montreal Can acquired a new stake in Martin Marietta Materials during the second quarter worth about $18,060,000. Institutional investors own 97.18% of the company’s stock.
Shares of Martin Marietta Materials Inc. (NYSE:MLM) traded up 0.18% on Tuesday, reaching $183.58. 656,853 shares of the company’s stock traded hands. The stock has a market capitalization of $11.65 billion, a price-to-earnings ratio of 32.71 and a beta of 1.37. The stock’s 50-day moving average price is $187.04 and its 200-day moving average price is $181.95. Martin Marietta Materials Inc. has a 52 week low of $108.31 and a 52 week high of $206.36.
Martin Marietta Materials (NYSE:MLM) last released its earnings results on Tuesday, August 2nd. The company reported $1.90 EPS for the quarter, missing analysts’ consensus estimates of $2.02 by $0.12. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The business earned $915.40 million during the quarter, compared to analyst estimates of $953.30 million. During the same period last year, the business posted $1.22 EPS. Martin Marietta Materials’s revenue was up 7.7% compared to the same quarter last year. Equities analysts predict that Martin Marietta Materials Inc. will post $7.23 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 0.92%. The ex-dividend date of this dividend is Tuesday, August 30th. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.40. Martin Marietta Materials’s payout ratio is 30.05%.
MLM has been the subject of a number of research reports. Zacks Investment Research raised shares of Martin Marietta Materials from a “hold” rating to a “strong-buy” rating and set a $227.00 target price for the company in a report on Monday, July 18th. Jefferies Group reaffirmed a “hold” rating on shares of Martin Marietta Materials in a report on Monday, August 1st. DA Davidson upped their target price 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. Bank of America Corp. reaffirmed a “buy” rating on shares of Martin Marietta Materials in a report on Friday, June 17th. Finally, Alembic Global Advisors initiated coverage on shares of Martin Marietta Materials in a report on Thursday, June 9th. They set an “overweight” rating and a $220.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $201.86.
In other news, EVP Roselyn R. Bar sold 5,830 shares of Martin Marietta Materials stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the completion of the transaction, the executive vice president now owns 42,588 shares of the company’s stock, valued at approximately $8,516,748.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David G. Maffucci sold 6,779 shares of Martin Marietta Materials stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $199.90, for a total value of $1,355,122.10. Following the transaction, the director now directly owns 20,326 shares of the company’s stock, valued at approximately $4,063,167.40. The disclosure for this sale can be found here. Insiders own 1.06% of the company’s stock.
Martin Marietta Materials Company Profile
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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