Confluence Investment Management LLC Has $30.11 Million Stake in Martin Marietta Materials, Inc. $MLM

Key Points

• Confluence Investment Management reduced its Martin Marietta Materials stake by 8.2% in the second quarter, leaving it with 52,207 shares worth approximately $30.11 million. Institutional investors collectively own 95.04% of the company.
• Martin Marietta exceeded quarterly expectations, reporting $5.00 earnings per share versus the $4.76 consensus and $1.95 billion in revenue, up 21% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $669.71, while several firms recently lowered their targets. The company also pays a quarterly dividend of $0.83 per share, yielding about 0.6%.

Confluence Investment Management LLC reduced its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 8.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,207 shares of the construction company's stock after selling 4,648 shares during the quarter. Confluence Investment Management LLC owned about 0.09% of Martin Marietta Materials worth $30,108,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after buying an additional 836,120 shares in the last quarter. Norges Bank bought a new stake in shares of Martin Marietta Materials during the fourth quarter worth $354,681,000. Bank of America Corp DE raised its position in shares of Martin Marietta Materials by 31.9% during the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock worth $1,284,938,000 after acquiring an additional 565,856 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Martin Marietta Materials by 241.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 303,031 shares of the construction company's stock valued at $188,686,000 after acquiring an additional 214,270 shares during the period. Finally, Interval Partners LP acquired a new position in shares of Martin Marietta Materials during the fourth quarter valued at $128,996,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $542.86 on Tuesday. 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 stock has a market cap of $32.60 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 2.22 and a beta of 1.11. The stock has a 50-day moving average of $577.84 and a 200-day moving average of $605.96. Martin Marietta Materials, Inc. has a one year low of $523.48 and a one year high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released 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. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. Martin Marietta Materials's quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter last year, the firm earned $5.43 EPS. As a group, sell-side analysts expect that Martin Marietta Materials, Inc. will post 19.52 earnings per share for the current year.

Martin Marietta Materials Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Martin Marietta Materials's dividend payout ratio (DPR) is currently 8.16%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Martin Marietta Materials from $700.00 to $680.00 and set a "neutral" rating for the company in a research report on Friday. Wells Fargo & Company cut their target price on shares of Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating on the stock in a research report on Friday. Royal Bank Of Canada reduced their target price on shares of Martin Marietta Materials from $615.00 to $610.00 and set a "sector perform" rating on the stock in a research note on Monday. Oppenheimer initiated coverage on shares of Martin Marietta Materials in a research report on Thursday, May 28th. They set a "market perform" rating for the company. Finally, Stephens lowered their price target on shares of Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating for the company in a research report on Friday. Eleven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $669.71.

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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