Assenagon Asset Management S.A. Has $16.63 Million Stake in Martin Marietta Materials, Inc. $MLM

Key Points

• Assenagon Asset Management increased its Martin Marietta Materials stake by 22.7% in the second quarter, bringing its holdings to 28,829 shares valued at $16.63 million. Institutional investors and hedge funds collectively own 95.04% of MLM.
• Martin Marietta reported quarterly earnings of $5.00 per share, exceeding estimates of $4.76, while revenue rose 21% year over year to $1.95 billion. Analysts expect full-year earnings of approximately $19.25 per share.
• MLM shares opened at $549.15, well below their 52-week high of $710.97. Despite mixed analyst actions, the stock carries a “Moderate Buy” consensus rating with an average price target of $670.

Assenagon Asset Management S.A. boosted its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 22.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,829 shares of the construction company's stock after purchasing an additional 5,328 shares during the period. Assenagon Asset Management S.A.'s holdings in Martin Marietta Materials were worth $16,626,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. Red Spruce Capital LLC boosted its position in Martin Marietta Materials by 0.8% during the 2nd quarter. Red Spruce Capital LLC now owns 6,846 shares of the construction company's stock worth $3,948,000 after acquiring an additional 55 shares during the period. GAMMA Investing LLC grew its stake in Martin Marietta Materials by 14.8% during the 2nd quarter. GAMMA Investing LLC now owns 2,916 shares of the construction company's stock valued at $1,682,000 after acquiring an additional 376 shares in the last quarter. Mader & Shannon Wealth Management Inc. increased its holdings in shares of Martin Marietta Materials by 2.0% in the 2nd quarter. Mader & Shannon Wealth Management Inc. now owns 13,665 shares of the construction company's stock valued at $7,881,000 after purchasing an additional 263 shares during the period. CoreCap Advisors LLC increased its holdings in shares of Martin Marietta Materials by 370.0% in the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock valued at $27,000 after purchasing an additional 37 shares during the period. Finally, Versant Capital Management Inc lifted its position in shares of Martin Marietta Materials by 40.1% in the second quarter. Versant Capital Management Inc now owns 206 shares of the construction company's stock worth $119,000 after purchasing an additional 59 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Trading Up 0.1%

Shares of NYSE:MLM opened at $549.15 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $32.99 billion, a PE ratio of 13.49, a P/E/G ratio of 2.35 and a beta of 1.11. Martin Marietta Materials, Inc. has a 1 year low of $523.48 and a 1 year high of $710.97. The firm has a fifty day moving average price of $575.47 and a 200 day moving average price of $602.66.

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 for the quarter, beating the consensus estimate of $4.76 by $0.24. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The business's revenue was up 21.0% compared to the same quarter last year. During the same period last year, the company earned $5.43 earnings per share. Analysts expect that Martin Marietta Materials, Inc. will post 19.25 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were issued a $0.83 dividend. 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 8.16%.

Analyst Ratings Changes

Several analysts recently commented on MLM shares. Zacks Research upgraded shares of Martin Marietta Materials from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. Oppenheimer initiated coverage on shares of Martin Marietta Materials in a research note on Thursday, May 28th. They issued a "market perform" rating on the stock. JPMorgan Chase & Co. cut their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set a "neutral" rating for the company in a research report on Friday, July 31st. Wall Street Zen lowered shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research note on Tuesday, July 28th. Finally, Truist Financial boosted their price target on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a report on Monday, May 4th. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $670.00.

About Martin Marietta Materials

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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