Ancora Advisors LLC Takes Position in Martin Marietta Materials, Inc. $MLM

Ancora Advisors LLC acquired a new stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 10,423 shares of the construction company's stock, valued at approximately $6,011,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Martin Marietta Materials during the second quarter worth $2,706,134,000. Victory Capital Management Inc. lifted 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 purchasing an additional 836,120 shares during the last quarter. Norges Bank acquired a new stake in shares of Martin Marietta Materials in the fourth quarter worth $354,681,000. Bank of America Corp DE boosted its holdings in Martin Marietta Materials by 31.9% during the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock valued at $1,284,938,000 after acquiring an additional 565,856 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Martin Marietta Materials during the 2nd quarter valued at approximately $199,321,000. Institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MLM shares. Royal Bank Of Canada decreased their target price on Martin Marietta Materials from $615.00 to $610.00 and set a "sector perform" rating on the stock in a research report on Monday, August 3rd. Truist Financial increased their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Citigroup dropped their price target on Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Morgan Stanley dropped their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Finally, JPMorgan Chase & Co. cut their price target on Martin Marietta Materials from $700.00 to $680.00 and set a "neutral" rating on the stock in a research note on Friday, July 31st. Ten equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $665.29.

Martin Marietta Materials Stock Down 0.1%

Martin Marietta Materials stock opened at $532.58 on Wednesday. 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 50-day moving average is $567.14 and its 200-day moving average is $593.72. The firm has a market capitalization of $31.99 billion, a PE ratio of 13.09, a P/E/G ratio of 2.30 and a beta of 1.11. Martin Marietta Materials, Inc. has a fifty-two week low of $522.19 and a fifty-two week high of $710.97.

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

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.84 per share. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. Martin Marietta Materials's payout ratio is currently 8.16%.

Martin Marietta Materials 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.

Want to see what other hedge funds are holding MLM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Martin Marietta Materials, Inc. (NYSE:MLM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source