Bislett Management LLC Acquires Shares of 5,000 Martin Marietta Materials, Inc. $MLM

Key Points

• Bislett Management initiated a 5,000-share position in Martin Marietta Materials worth approximately $2.88 million, making MLM about 2% of its portfolio. Institutional investors collectively own 95.04% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $668.53, despite several recent target reductions. MLM shares opened at $526.06, near their one-year low.
• Martin Marietta exceeded quarterly expectations, reporting $5.00 in adjusted earnings per share and $1.95 billion in revenue, while revenue increased 21% year over year. The company also raised its quarterly dividend to $0.84 per share.

Bislett Management LLC bought a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,000 shares of the construction company's stock, valued at approximately $2,884,000. Martin Marietta Materials accounts for approximately 2.0% of Bislett Management LLC's holdings, making the stock its 13th biggest position.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Integrated Wealth Concepts LLC increased its stake in Martin Marietta Materials by 6.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock worth $379,000 after buying an additional 49 shares in the last quarter. Empowered Funds LLC boosted its stake in Martin Marietta Materials by 11.4% during the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock worth $673,000 after purchasing an additional 144 shares during the last quarter. Sivia Capital Partners LLC boosted its stake in Martin Marietta Materials by 11.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock worth $280,000 after purchasing an additional 51 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Martin Marietta Materials by 205.9% during the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock worth $143,000 after buying an additional 175 shares in the last quarter. Finally, Cresset Asset Management LLC grew its holdings in shares of Martin Marietta Materials by 22.6% during the second quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock worth $427,000 after buying an additional 143 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

MLM has been the topic of several research reports. Wall Street Zen downgraded shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research note on Tuesday, July 28th. UBS Group cut their price objective on shares of Martin Marietta Materials from $739.00 to $715.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Citigroup decreased their target price on shares of Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Royal Bank Of Canada lowered their target price on Martin Marietta Materials from $615.00 to $610.00 and set a "sector perform" rating on the stock in a report on Monday, August 3rd. Finally, Raymond James Financial set a $660.00 price target on Martin Marietta Materials in a report on Friday, July 31st. Ten equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $668.53.

Martin Marietta Materials Stock Down 1.8%

Shares of NYSE MLM opened at $526.06 on Friday. The company has a market capitalization of $31.60 billion, a P/E ratio of 12.93, a P/E/G ratio of 2.31 and a beta of 1.11. 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 has a 50 day simple moving average of $570.47 and a 200-day simple moving average of $596.46. Martin Marietta Materials, Inc. has a 1 year low of $522.19 and a 1 year high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business posted $5.43 earnings per share. The firm's revenue for the quarter was up 21.0% compared to the same quarter last year. On average, equities research analysts predict that Martin Marietta Materials, Inc. will post 19.07 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 Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a $0.84 dividend. This is a positive change 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 presently 8.16%.

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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