Callan Family Office LLC Acquires New Position in Martin Marietta Materials, Inc. $MLM

Key Points

• Callan Family Office acquired 2,981 shares of Martin Marietta Materials worth approximately $1.72 million during the second quarter. Institutional investors and hedge funds now own 95.04% of the company.
• Martin Marietta beat quarterly expectations, reporting $5.00 in EPS and $1.95 billion in revenue, up 21% year over year. Shares opened at $535.28, near the company’s one-year low.
• The company raised its quarterly dividend to $0.84 per share, or $3.36 annualized. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $668.53.

Callan Family Office LLC bought 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 SEC. The institutional investor bought 2,981 shares of the construction company's stock, valued at approximately $1,719,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Keating Financial Advisory Services Inc. acquired a new position in shares of Martin Marietta Materials in the second quarter worth $135,000. OneAscent Investment Solutions LLC acquired a new stake in shares of Martin Marietta Materials in the second quarter valued at $204,000. Patron Partners LLC purchased a new position in Martin Marietta Materials in the second quarter valued at $664,000. Allworth Financial LP purchased a new position in Martin Marietta Materials in the second quarter valued at $825,000. Finally, B. Metzler seel. Sohn & Co. AG purchased a new position in Martin Marietta Materials in the second quarter valued at $1,262,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Up 0.1%

Shares of NYSE MLM opened at $535.28 on Monday. The business has a 50-day moving average of $569.66 and a two-hundred day moving average of $595.62. The company has a market capitalization of $32.15 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 2.31 and a beta of 1.11. Martin Marietta Materials, Inc. has a 1 year low of $522.19 and a 1 year high of $710.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $1.87 billion. During the same quarter in the prior year, the business posted $5.43 EPS. The business's revenue for the quarter was up 21.0% on a year-over-year basis. On average, analysts forecast that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a $0.84 dividend. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Martin Marietta Materials's payout ratio is currently 8.16%.

Analyst Ratings Changes

Several equities research analysts have weighed in on MLM shares. Morgan Stanley cut their price target on Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. Stephens lowered their price objective on Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. Raymond James Financial set a $660.00 target price on shares of Martin Marietta Materials in a research note on Friday, July 31st. JPMorgan Chase & Co. reduced their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set a "neutral" rating on the stock in a report on Friday, July 31st. Finally, Wolfe Research set a $648.00 price target on shares of Martin Marietta Materials in a research note on Tuesday, August 4th. Ten analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $668.53.

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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