ABC Arbitrage SA Invests $1.73 Million in Martin Marietta Materials, Inc. $MLM

Key Points

• ABC Arbitrage SA bought a new stake in Martin Marietta Materials during the first quarter, purchasing 2,935 shares valued at about $1.73 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors holding 95.04% of the company’s shares.
• Martin Marietta reported better-than-expected quarterly results, posting $1.93 EPS on $1.36 billion in revenue, while analysts currently rate the stock a Moderate Buy with an average price target of $682.41.

ABC Arbitrage SA purchased a new stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,935 shares of the construction company's stock, valued at approximately $1,728,000.

A number of other hedge funds have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. boosted its position in shares of Martin Marietta Materials by 14,332.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the construction company's stock worth $48,438,000 after purchasing an additional 77,253 shares during the period. Gradient Investments LLC raised its position in Martin Marietta Materials by 9.7% in the fourth quarter. Gradient Investments LLC now owns 44,209 shares of the construction company's stock valued at $27,527,000 after purchasing an additional 3,903 shares during the period. SG Americas Securities LLC raised its position in Martin Marietta Materials by 66.7% in the fourth quarter. SG Americas Securities LLC now owns 9,316 shares of the construction company's stock valued at $5,801,000 after purchasing an additional 3,728 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Martin Marietta Materials by 1.2% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 411,482 shares of the construction company's stock worth $259,344,000 after purchasing an additional 5,038 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Martin Marietta Materials by 17.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,753 shares of the construction company's stock worth $7,318,000 after purchasing an additional 1,778 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on MLM. Truist Financial lifted their price objective on Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Oppenheimer started coverage on Martin Marietta Materials in a report on Thursday, May 28th. They issued a "market perform" rating on the stock. Berenberg Bank set a $556.00 target price on Martin Marietta Materials and gave the stock a "hold" rating in a research note on Tuesday, June 2nd. Royal Bank Of Canada lowered their target price on Martin Marietta Materials from $630.00 to $615.00 and set a "sector perform" rating for the company in a report on Monday, May 4th. Finally, Wells Fargo & Company lifted their target price on Martin Marietta Materials from $614.00 to $616.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 8th. Eleven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $682.41.

Martin Marietta Materials Stock Down 1.4%

Shares of NYSE MLM opened at $569.59 on Tuesday. The stock has a market cap of $34.20 billion, a P/E ratio of 13.57, a PEG ratio of 2.46 and a beta of 1.10. The business's fifty day simple moving average is $580.92 and its 200-day simple moving average is $614.74. Martin Marietta Materials, Inc. has a 12-month low of $525.38 and a 12-month high of $710.97. The company has a current ratio of 2.28, a quick ratio of 1.11 and a debt-to-equity ratio of 0.47.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.78 by $0.15. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.Martin Marietta Materials's revenue for the quarter was up 17.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.90 EPS. As a group, equities analysts predict that Martin Marietta Materials, Inc. will post 19.38 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 0.6%. The ex-dividend date was Monday, June 1st. Martin Marietta Materials's payout ratio is 7.91%.

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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