Assenagon Asset Management S.A. Has $13.58 Million Position in Martin Marietta Materials, Inc. $MLM

Key Points

• Assenagon Asset Management S.A. significantly increased its holdings in Martin Marietta Materials by 910% during the 2nd quarter, now owning shares valued at $13.58 million.
• Major investment firms are showing interest, with 95.04% of the stock owned by institutional investors and hedge funds, indicating strong market confidence.
• Martin Marietta recently increased its quarterly dividend to $0.83, reflecting a positive change from the previous dividend of $0.79 and a commitment to returning value to shareholders.

Assenagon Asset Management S.A. raised its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 910.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,736 shares of the construction company's stock after buying an additional 22,287 shares during the period. Assenagon Asset Management S.A.'s holdings in Martin Marietta Materials were worth $13,579,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MLM shares. Wall Street Zen raised shares of Martin Marietta Materials from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Bank of America lifted their price objective on shares of Martin Marietta Materials from $577.00 to $643.00 and gave the company a "neutral" rating in a research report on Tuesday, August 5th. Stephens reissued an "overweight" rating and issued a $700.00 price objective on shares of Martin Marietta Materials in a research report on Monday, August 4th. Morgan Stanley lifted their price objective on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Finally, DA Davidson lifted their price objective on shares of Martin Marietta Materials from $625.00 to $700.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $622.63.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $620.41 on Tuesday. The firm has a 50 day moving average of $600.47 and a 200-day moving average of $549.70. The stock has a market capitalization of $37.42 billion, a PE ratio of 34.41, a PEG ratio of 5.61 and a beta of 0.94. The company has a current ratio of 2.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.56. 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 Thursday, August 7th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.44 by ($0.01). The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.88 billion. Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%.Martin Marietta Materials's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.76 earnings per share. Martin Marietta Materials has set its FY 2025 guidance at EPS. On average, equities research analysts predict that Martin Marietta Materials, Inc. will post 19.53 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently disclosed 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 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.79. Martin Marietta Materials's payout ratio is currently 18.41%.

Insider Buying and Selling

In related news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were 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. This represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is currently owned by insiders.

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.

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