Martin Marietta Materials, Inc. (NYSE:MLM) Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH cut its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 92.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,856 shares of the construction company's stock after selling 56,137 shares during the quarter. Allianz Asset Management GmbH's holdings in Martin Marietta Materials were worth $2,322,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Wayfinding Financial LLC acquired a new position in Martin Marietta Materials during the 1st quarter worth about $29,000. Chilton Capital Management LLC acquired a new position in shares of Martin Marietta Materials in the first quarter worth $30,000. Valley National Advisers Inc. grew its stake in shares of Martin Marietta Materials by 193.9% in the first quarter. Valley National Advisers Inc. now owns 97 shares of the construction company's stock worth $45,000 after acquiring an additional 64 shares in the last quarter. Bellwether Advisors LLC acquired a new position in shares of Martin Marietta Materials in the fourth quarter worth $46,000. Finally, Kapitalo Investimentos Ltda acquired a new position in shares of Martin Marietta Materials in the fourth quarter worth $47,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Morgan Stanley boosted their price target on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Wall Street Zen downgraded shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. Raymond James Financial decreased their price objective on shares of Martin Marietta Materials from $600.00 to $597.00 and set an "outperform" rating for the company in a research report on Tuesday, April 29th. Stifel Nicolaus lifted their price objective on shares of Martin Marietta Materials from $559.00 to $609.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Finally, Royal Bank Of Canada initiated coverage on shares of Martin Marietta Materials in a research report on Monday, June 16th. They set a "sector perform" rating and a $515.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $605.93.

Martin Marietta Materials Stock Performance

NYSE:MLM traded up $2.27 during midday trading on Friday, reaching $577.15. The stock had a trading volume of 393,100 shares, compared to its average volume of 327,666. The company has a quick ratio of 0.99, a current ratio of 2.25 and a debt-to-equity ratio of 0.58. The stock has a market cap of $34.79 billion, a P/E ratio of 33.25, a P/E/G ratio of 5.29 and a beta of 0.89. The firm has a fifty day simple moving average of $556.45 and a two-hundred day simple moving average of $526.32. Martin Marietta Materials, Inc. has a 12-month low of $441.95 and a 12-month high of $633.23.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The construction company reported $1.90 EPS for the quarter, topping analysts' consensus estimates of $1.88 by $0.02. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.36 billion. Martin Marietta Materials had a net margin of 16.07% and a return on equity of 12.01%. The firm's revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.93 earnings per share. On average, equities analysts expect that Martin Marietta Materials, Inc. will post 19.53 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, June 2nd. Martin Marietta Materials's payout ratio is presently 18.20%.

Martin Marietta Materials 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.