16,054 Martin Marietta Materials, Inc. $MLM Shares Sold by Turtle Creek Wealth Advisors LLC

Key Points

• Turtle Creek Wealth Advisors cut its Martin Marietta Materials stake by 97.3%, selling 16,054 shares and retaining 443 shares valued at approximately $213,000.
• Institutional investors own 95.04% of MLM, with BlackRock, Bank of America, Bank of New York Mellon, Legal & General, and Deutsche Bank establishing sizable positions during the second quarter.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $642.65, despite recent target reductions; MLM shares recently traded near $499.97, while the company reported better-than-expected quarterly earnings and increased its quarterly dividend to $0.84.

Turtle Creek Wealth Advisors LLC lessened its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 97.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 443 shares of the construction company's stock after selling 16,054 shares during the quarter. Turtle Creek Wealth Advisors LLC's holdings in Martin Marietta Materials were worth $213,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Martin Marietta Materials in the second quarter valued at approximately $2,706,134,000. Bank of America Corp DE acquired a new stake in Martin Marietta Materials during the 2nd quarter worth approximately $1,411,047,000. Bank of New York Mellon Corp acquired a new stake in Martin Marietta Materials during the 2nd quarter worth approximately $199,321,000. Legal & General Group Plc acquired a new stake in Martin Marietta Materials during the 2nd quarter worth approximately $143,897,000. Finally, Deutsche Bank AG purchased a new position in Martin Marietta Materials in the 2nd quarter valued at approximately $130,292,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MLM shares. Citigroup dropped their price target on shares of Martin Marietta Materials from $690.00 to $610.00 and set a "buy" rating for the company in a research note on Friday, October 2nd. Stephens reduced their price objective on Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. UBS Group decreased their target price on Martin Marietta Materials from $715.00 to $662.00 and set a "buy" rating for the company in a report on Thursday, October 8th. Morgan Stanley decreased their target price on Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Finally, Wells Fargo & Company lowered their target price on Martin Marietta Materials from $585.00 to $579.00 and set an "overweight" rating for the company in a research note on Monday, October 5th. Thirteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Martin Marietta Materials presently has an average rating of "Moderate Buy" and a consensus price target of $642.65.

Martin Marietta Materials Stock Up 1.8%

Martin Marietta Materials stock traded up $8.74 during trading on Friday, reaching $499.97. The stock had a trading volume of 963,195 shares, compared to its average volume of 845,432. Martin Marietta Materials, Inc. has a 52-week low of $464.92 and a 52-week high of $710.97. The business has a 50 day moving average price of $507.17 and a 200 day moving average price of $557.18. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. The stock has a market cap of $30.03 billion, a PE ratio of 12.28, a P/E/G ratio of 2.28 and a beta of 1.08.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping the consensus estimate of $4.76 by $0.24. The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The firm's revenue was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.43 EPS. On average, analysts predict that Martin Marietta Materials, Inc. will post 18.17 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a $0.84 dividend. 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 of this dividend was Tuesday, September 1st. Martin Marietta Materials's dividend payout ratio is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.