7,475 Shares of Martin Marietta Materials, Inc. $MLM Purchased by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA initiated a position in Martin Marietta Materials during the third quarter, purchasing 7,475 shares valued at approximately $3.6 million. Institutional investors and hedge funds collectively own 95.04% of the company.
• Martin Marietta reported quarterly revenue of $1.95 billion, up 21% year over year, and EPS of $5.00, exceeding analyst estimates of $4.76. The company also raised its quarterly dividend to $0.84 per share.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $642.65, despite several firms recently lowering their targets.

Banque Pictet & Cie SA bought a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 7,475 shares of the construction company's stock, valued at approximately $3,587,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in MLM. AMG National Trust Bank boosted its stake in shares of Martin Marietta Materials by 3.6% during the first quarter. AMG National Trust Bank now owns 495 shares of the construction company's stock valued at $291,000 after purchasing an additional 17 shares during the period. AlTi Global Inc. increased its stake in Martin Marietta Materials by 1.2% in the 1st quarter. AlTi Global Inc. now owns 1,496 shares of the construction company's stock worth $881,000 after buying an additional 18 shares during the period. Meeder Asset Management Inc. increased its stake in 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 buying an additional 19 shares during the period. Castle Wealth Management LLC increased its stake in Martin Marietta Materials by 2.2% in the 1st quarter. Castle Wealth Management LLC now owns 1,082 shares of the construction company's stock worth $637,000 after buying an additional 23 shares during the period. Finally, Fulton Bank N.A. lifted its holdings in Martin Marietta Materials by 5.1% during the 1st quarter. Fulton Bank N.A. now owns 492 shares of the construction company's stock valued at $290,000 after buying an additional 24 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $499.97 on Friday. The firm has a market cap of $30.03 billion, a price-to-earnings ratio of 12.28, a PEG ratio of 2.33 and a beta of 1.08. Martin Marietta Materials, Inc. has a 52-week low of $464.92 and a 52-week high of $710.97. 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 company's 50 day moving average is $507.17 and its 200 day moving average is $557.18.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%. The business had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter last year, the firm earned $5.43 EPS. The business's revenue for the quarter was up 21.0% on a year-over-year basis. On average, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 18.04 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were issued 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 0.7%. The ex-dividend date was Tuesday, September 1st. Martin Marietta Materials's dividend payout ratio is presently 8.26%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MLM shares. Truist Financial lowered their price objective on shares of Martin Marietta Materials from $730.00 to $625.00 and set a "buy" rating for the company in a research report on Monday, October 5th. Wolfe Research set a $648.00 price target on shares of Martin Marietta Materials in a research note on Tuesday, August 4th. Raymond James Financial lowered their price target on Martin Marietta Materials from $660.00 to $640.00 and set an "outperform" rating for the company in a report on Friday. Morgan Stanley dropped their price objective on Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Finally, Wall Street Zen downgraded Martin Marietta Materials from a "hold" rating to a "sell" rating in a report on Tuesday, July 28th. Thirteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Martin Marietta Materials has a consensus rating of "Moderate Buy" and an average target price of $642.65.

About Martin Marietta Materials

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.

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