BlackRock Inc. Buys Shares of 4,692,446 Martin Marietta Materials, Inc. $MLM

Key Points

• BlackRock acquired 4.69 million shares of Martin Marietta Materials valued at approximately $2.71 billion, giving it a 7.81% stake. Institutional investors collectively own 95.04% of MLM.
• Martin Marietta reported quarterly revenue of $1.95 billion, up 21% year over year, and earnings per share of $5.00, exceeding analyst expectations of $4.76.
• The company raised its quarterly dividend to $0.84 per share, while analysts maintain a “Moderate Buy” consensus with an average price target of $668.53.

BlackRock Inc. purchased a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,692,446 shares of the construction company's stock, valued at approximately $2,706,134,000. BlackRock Inc. owned about 7.81% of Martin Marietta Materials at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Lido Advisors LLC lifted its stake in shares of Martin Marietta Materials by 0.8% during the fourth quarter. Lido Advisors LLC now owns 1,920 shares of the construction company's stock valued at $1,209,000 after buying an additional 15 shares during the period. Ashton Thomas Private Wealth LLC grew its stake in Martin Marietta Materials by 3.9% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 424 shares of the construction company's stock worth $264,000 after acquiring an additional 16 shares during the period. Harbour Investments Inc. raised its holdings in Martin Marietta Materials by 31.4% in the 4th quarter. Harbour Investments Inc. now owns 67 shares of the construction company's stock valued at $42,000 after acquiring an additional 16 shares during the last quarter. AMG National Trust Bank raised its holdings in Martin Marietta Materials by 3.6% in the 1st quarter. AMG National Trust Bank now owns 495 shares of the construction company's stock valued at $291,000 after acquiring an additional 17 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in shares of Martin Marietta Materials by 0.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,186 shares of the construction company's stock worth $1,361,000 after purchasing an additional 17 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Trading Up 2.5%

MLM stock opened at $535.67 on Thursday. The company has a market cap of $32.18 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 2.26 and a beta of 1.11. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. The business has a fifty day simple moving average of $571.26 and a 200-day simple moving average of $597.35. Martin Marietta Materials, Inc. has a 52 week low of $522.19 and a 52 week high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its earnings results 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 business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the company posted $5.43 EPS. The business's quarterly revenue was up 21.0% on a year-over-year basis. On average, equities research analysts expect that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be issued a $0.84 dividend. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.83. The ex-dividend date 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 dividend payout ratio (DPR) is 8.16%.

Wall Street Analyst Weigh In

MLM has been the topic of several analyst reports. Citigroup decreased their price objective on Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Raymond James Financial set a $660.00 target price on Martin Marietta Materials in a research note on Friday, July 31st. JPMorgan Chase & Co. reduced their target price on Martin Marietta Materials from $700.00 to $680.00 and set a "neutral" rating on the stock in a research report on Friday, July 31st. Berenberg Bank set a $556.00 price target on Martin Marietta Materials and gave the stock a "hold" rating in a research note on Tuesday, June 2nd. Finally, UBS Group lowered their price target on Martin Marietta Materials from $739.00 to $715.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Ten equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $668.53.

Martin Marietta Materials Company 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