65,200 Shares in Martin Marietta Materials, Inc. $MLM Acquired by Bornite Capital Management LP

Key Points

• Bornite Capital Management acquired 65,200 Martin Marietta Materials shares worth approximately $37.6 million, representing 0.11% of the company and 4.7% of Bornite’s portfolio. Institutional investors collectively own 95.04% of MLM.
• MLM shares opened at $504.85, down 2.7%, near the stock’s 52-week low of $502.56. Despite the decline, the company beat quarterly earnings and revenue estimates, reporting $5.00 in EPS and $1.95 billion in revenue, up 21% year over year.
• Martin Marietta raised its quarterly dividend to $0.84 per share, or $3.36 annually, yielding approximately 0.7%. Analysts maintain a consensus “Hold” rating with an average price target of $665.88.

Bornite Capital Management LP purchased a new stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 65,200 shares of the construction company's stock, valued at approximately $37,601,000. Martin Marietta Materials comprises approximately 4.7% of Bornite Capital Management LP's investment portfolio, making the stock its 13th largest holding. Bornite Capital Management LP owned 0.11% of Martin Marietta Materials as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MLM. BlackRock Inc. bought a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $2,706,134,000. Bank of America Corp DE bought a new position in Martin Marietta Materials in the 2nd quarter worth $1,411,047,000. Victory Capital Management Inc. raised its holdings in Martin Marietta Materials by 51.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after acquiring an additional 836,120 shares during the period. Norges Bank acquired a new position in Martin Marietta Materials during the 4th quarter worth $354,681,000. Finally, Bank of New York Mellon Corp acquired a new position in Martin Marietta Materials during the 2nd quarter worth $199,321,000. Institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Trading Down 2.7%

Shares of Martin Marietta Materials stock opened at $504.85 on Wednesday. Martin Marietta Materials, Inc. has a 52-week low of $502.56 and a 52-week high of $710.97. The firm has a market capitalization of $30.33 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The company's fifty day moving average price is $558.97 and its two-hundred day moving average price is $588.02.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping analysts' consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the firm earned $5.43 EPS. The firm's revenue for the quarter was up 21.0% compared to the same quarter last year. On average, analysts expect that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. This is a positive change 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 0.7%. The ex-dividend date is Tuesday, September 1st. Martin Marietta Materials's dividend payout ratio is 8.16%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. UBS Group decreased their price target on shares of Martin Marietta Materials from $739.00 to $715.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Wolfe Research set a $648.00 price objective on Martin Marietta Materials in a research report on Tuesday, August 4th. Citigroup decreased their target price on Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating for the company in a research note on Monday, August 3rd. Wall Street Zen lowered Martin Marietta Materials from a "hold" rating to a "sell" rating in a report on Tuesday, July 28th. Finally, Wells Fargo & Company lowered their target price on Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating on the stock in a report on Friday, July 31st. Ten analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Martin Marietta Materials has a consensus rating of "Hold" and a consensus price target of $665.88.

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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