Martin Marietta Materials, Inc. $MLM Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. decreased its stake in Martin Marietta Materials by 3.8%, now holding 16,360 shares valued at approximately $7.82 million.
• Several hedge funds significantly increased their positions in Martin Marietta, with GAMMA Investing LLC boosting its stake by 58,570.5% in the first quarter.
• Martin Marietta reported a quarterly earnings miss, with EPS of $5.43, below the consensus estimate, and announced an increased quarterly dividend of $0.83 per share.

Corebridge Financial Inc. trimmed its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 3.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,360 shares of the construction company's stock after selling 650 shares during the quarter. Corebridge Financial Inc.'s holdings in Martin Marietta Materials were worth $7,822,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Net Worth Advisory Group boosted its position in shares of Martin Marietta Materials by 2.2% during the 1st quarter. Net Worth Advisory Group now owns 993 shares of the construction company's stock worth $475,000 after purchasing an additional 21 shares in the last quarter. PDS Planning Inc boosted its position in shares of Martin Marietta Materials by 4.9% in the 1st quarter. PDS Planning Inc now owns 452 shares of the construction company's stock worth $216,000 after buying an additional 21 shares in the last quarter. Financial Management Professionals Inc. boosted its position in shares of Martin Marietta Materials by 3.5% in the 1st quarter. Financial Management Professionals Inc. now owns 652 shares of the construction company's stock worth $312,000 after buying an additional 22 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Martin Marietta Materials by 5.4% during the 4th quarter. Wellington Management Group LLP now owns 448 shares of the construction company's stock worth $231,000 after purchasing an additional 23 shares during the last quarter. Finally, First American Bank boosted its stake in shares of Martin Marietta Materials by 1.3% during the 1st quarter. First American Bank now owns 1,966 shares of the construction company's stock worth $940,000 after purchasing an additional 25 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Martin Marietta Materials news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $613.32, for a total value of $636,626.16. Following the sale, the director directly owned 15,417 shares of the company's stock, valued at $9,455,554.44. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is owned by corporate insiders.

Martin Marietta Materials Stock Performance

MLM traded down $9.07 during trading hours on Wednesday, hitting $607.32. 90,903 shares of the stock were exchanged, compared to its average volume of 475,139. The stock has a 50-day simple moving average of $583.10 and a 200-day simple moving average of $536.95. Martin Marietta Materials, Inc. has a 12 month low of $441.95 and a 12 month high of $633.23. The stock has a market cap of $36.63 billion, a price-to-earnings ratio of 33.68, a price-to-earnings-growth ratio of 5.58 and a beta of 0.94. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.35 and a quick ratio of 1.21.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.44 by ($0.01). Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%.The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the business earned $4.76 earnings per share. The business's revenue for the quarter was up 2.7% compared to the same quarter last year. Martin Marietta Materials has set its FY 2025 guidance at EPS. Analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be given a $0.83 dividend. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.79. This represents a $3.32 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Martin Marietta Materials's dividend payout ratio is 17.53%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Stephens restated an "overweight" rating and issued a $700.00 price target on shares of Martin Marietta Materials in a report on Monday, August 4th. Raymond James Financial upped their price target on Martin Marietta Materials from $600.00 to $645.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Stifel Nicolaus increased their target price on Martin Marietta Materials from $609.00 to $637.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Finally, DA Davidson increased their target price on Martin Marietta Materials from $625.00 to $700.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $622.63.

Martin Marietta Materials Profile

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.