6,329 Shares in Martin Marietta Materials, Inc. $MLM Bought by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 6,329 shares of Martin Marietta Materials worth approximately $3.65 million, while institutional investors and hedge funds collectively own 95.04% of the company.
• Martin Marietta reported quarterly revenue of $1.95 billion and earnings per share of $5.00, beating analyst estimates; revenue increased 21% year over year.
• The company raised its quarterly dividend to $0.84 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $665.29 versus the stock’s recent price of $532.58.

Bank of Nova Scotia acquired a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 6,329 shares of the construction company's stock, valued at approximately $3,650,000.

Other large investors also recently made changes to their positions in the company. CoreCap Advisors LLC grew its holdings in shares of Martin Marietta Materials by 370.0% during the second quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock valued at $27,000 after buying an additional 37 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in shares of Martin Marietta Materials by 67.9% in the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company's stock worth $28,000 after acquiring an additional 19 shares during the last quarter. Garton & Associates Financial Advisors LLC acquired a new stake in shares of Martin Marietta Materials in the 4th quarter worth about $31,000. Reflection Asset Management bought a new position in Martin Marietta Materials in the 4th quarter valued at about $35,000. Finally, Osterweis Capital Management Inc. bought a new position in Martin Marietta Materials in the 2nd quarter valued at about $37,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Down 0.1%

Martin Marietta Materials stock opened at $532.58 on Wednesday. The firm has a 50 day simple moving average of $567.14 and a 200 day simple moving average of $593.72. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a 1-year low of $522.19 and a 1-year high of $710.97. The firm has a market capitalization of $31.99 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 2.30 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, beating analysts' consensus estimates of $4.76 by $0.24. The business 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 company's quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.43 EPS. On average, analysts predict that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be paid a $0.84 dividend. 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 is Tuesday, September 1st. Martin Marietta Materials's payout ratio is currently 8.16%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MLM. Wall Street Zen cut Martin Marietta Materials from a "hold" rating to a "sell" rating in a research report on Tuesday, July 28th. DA Davidson assumed coverage on Martin Marietta Materials in a research report on Monday. They issued a "neutral" rating and a $625.00 price target for the company. UBS Group dropped their price objective on Martin Marietta Materials from $739.00 to $715.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Citigroup cut their price objective on shares of Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Finally, Stephens reduced their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating for the company in a research note on Friday, July 31st. Ten investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Martin Marietta Materials has an average rating of "Moderate Buy" and an average target price of $665.29.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc NYSE: MLM is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.

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