Alkeon Capital Management LLC Sells 847 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Alkeon Capital Management LLC reduced its stake in Martin Marietta Materials by 0.1% during the 1st quarter, owning 770,351 shares worth approximately $368 million.
• Martin Marietta Materials announced a quarterly dividend increase to $0.83, representing a 0.5% yield, set to be paid on September 30.
• In its most recent earnings report, Martin Marietta missed analyst estimates with an EPS of $5.43, slightly below the consensus of $5.44.

Alkeon Capital Management LLC decreased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 0.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 770,351 shares of the construction company's stock after selling 847 shares during the quarter. Martin Marietta Materials makes up 0.8% of Alkeon Capital Management LLC's holdings, making the stock its 21st biggest position. Alkeon Capital Management LLC owned about 1.28% of Martin Marietta Materials worth $368,328,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Wayfinding Financial LLC acquired a new stake in Martin Marietta Materials during the 1st quarter valued at $29,000. Zions Bancorporation National Association UT acquired a new stake in Martin Marietta Materials during the 1st quarter valued at $30,000. Chilton Capital Management LLC acquired a new stake in Martin Marietta Materials during the 1st quarter valued at $30,000. IMA Advisory Services Inc. acquired a new stake in Martin Marietta Materials during the 1st quarter valued at $40,000. Finally, Valley National Advisers Inc. lifted its holdings in Martin Marietta Materials by 193.9% during the 1st quarter. Valley National Advisers Inc. now owns 97 shares of the construction company's stock valued at $45,000 after purchasing an additional 64 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

MLM has been the subject of several research reports. UBS Group raised Martin Marietta Materials from a "neutral" rating to a "buy" rating and raised their price target for the company from $548.00 to $634.00 in a report on Friday, May 16th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $525.00 price target (up previously from $515.00) on shares of Martin Marietta Materials in a report on Friday, August 8th. Wall Street Zen raised Martin Marietta Materials from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Stephens reissued an "overweight" rating and set a $700.00 target price on shares of Martin Marietta Materials in a report on Monday, August 4th. Finally, Stifel Nicolaus lifted their target price on Martin Marietta Materials from $609.00 to $637.00 and gave the stock a "buy" rating in a report on Tuesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $622.63.

Insider Buying and Selling

In related news, Director Laree E. Perez sold 1,038 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $613.32, for a total value of $636,626.16. Following the completion of the transaction, the director owned 15,417 shares of the company's stock, valued at $9,455,554.44. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.69% of the stock is currently owned by company insiders.

Martin Marietta Materials Price Performance

MLM stock traded up $8.28 during midday trading on Thursday, reaching $619.48. The company had a trading volume of 413,643 shares, compared to its average volume of 406,843. The company has a market capitalization of $37.36 billion, a price-to-earnings ratio of 34.36, a price-to-earnings-growth ratio of 5.54 and a beta of 0.94. The stock has a 50 day moving average price of $586.15 and a 200-day moving average price of $538.08. Martin Marietta Materials, Inc. has a 1-year low of $441.95 and a 1-year high of $633.23. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 1.21.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $5.43 EPS for the quarter, missing analysts' consensus estimates of $5.44 by ($0.01). The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.88 billion. Martin Marietta Materials had a net margin of 16.47% and a return on equity of 11.88%. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned $4.76 EPS. Martin Marietta Materials has set its FY 2025 guidance at EPS. Equities research analysts expect that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 0.5%. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.79. The ex-dividend date of this dividend is Tuesday, September 2nd. Martin Marietta Materials's payout ratio is presently 18.41%.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.