California Public Employees Retirement System Raises Holdings in Martin Marietta Materials, Inc. $MLM

Key Points

• California Public Employees Retirement System increased its stake in Martin Marietta Materials by 2.6% in the first quarter, bringing its holdings to 111,756 shares valued at about $65.8 million.
• Martin Marietta reported strong first-quarter results, with EPS of $1.93 beating estimates and revenue of $1.36 billion topping expectations; revenue also rose 17.2% year over year.
• The company paid a quarterly dividend of $0.83 per share, while Wall Street currently has a Moderate Buy consensus on the stock with an average price target of $681.53.

California Public Employees Retirement System boosted its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 2.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,756 shares of the construction company's stock after acquiring an additional 2,817 shares during the quarter. California Public Employees Retirement System owned about 0.19% of Martin Marietta Materials worth $65,789,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MLM. Northwestern Mutual Wealth Management Co. boosted its stake in Martin Marietta Materials by 14,332.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the construction company's stock worth $48,438,000 after buying an additional 77,253 shares during the period. Gradient Investments LLC raised its stake in shares of Martin Marietta Materials by 9.7% in the 4th quarter. Gradient Investments LLC now owns 44,209 shares of the construction company's stock valued at $27,527,000 after acquiring an additional 3,903 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Martin Marietta Materials by 66.7% in the 4th quarter. SG Americas Securities LLC now owns 9,316 shares of the construction company's stock worth $5,801,000 after acquiring an additional 3,728 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Martin Marietta Materials by 17.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,753 shares of the construction company's stock worth $7,318,000 after acquiring an additional 1,778 shares during the last quarter. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Martin Marietta Materials during the 3rd quarter worth approximately $3,646,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Price Performance

Shares of MLM opened at $563.57 on Monday. The company has a market cap of $33.84 billion, a P/E ratio of 13.43, a PEG ratio of 2.39 and a beta of 1.10. Martin Marietta Materials, Inc. has a fifty-two week low of $525.38 and a fifty-two week high of $710.97. The company has a quick ratio of 1.11, a current ratio of 2.28 and a debt-to-equity ratio of 0.47. The firm's 50 day moving average price is $578.36 and its 200 day moving average price is $612.74.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.78 by $0.15. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The firm's revenue was up 17.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.90 EPS. On average, research analysts forecast that Martin Marietta Materials, Inc. will post 19.43 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

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. The ex-dividend date was Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials's dividend payout ratio (DPR) is 7.91%.

Wall Street Analyst Weigh In

MLM has been the topic of a number of research analyst reports. Barclays cut their target price on Martin Marietta Materials from $675.00 to $640.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 31st. Citigroup raised their price target on Martin Marietta Materials from $731.00 to $737.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Wells Fargo & Company lifted their price objective on Martin Marietta Materials from $614.00 to $616.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Wall Street Zen upgraded Martin Marietta Materials from a "sell" rating to a "hold" rating in a report on Monday. Finally, Morgan Stanley decreased their target price on Martin Marietta Materials from $702.00 to $664.00 and set an "overweight" rating on the stock in a research note on Monday, April 6th. Eleven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, Martin Marietta Materials has an average rating of "Moderate Buy" and an average price target of $681.53.

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.

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