Corient Private Wealth LP Has $63.72 Million Stake in Martin Marietta Materials, Inc. $MLM

Key Points

• Corient Private Wealth increased its Martin Marietta Materials stake by 5.7% in the second quarter, bringing its holdings to 110,486 shares valued at approximately $63.72 million. Institutional investors and hedge funds collectively own 95.04% of the company.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $667.53. JPMorgan upgraded the stock to “overweight” with a $680 target, while other targets ranged from $625 to $660.
• Martin Marietta reported quarterly EPS of $5.00, exceeding estimates of $4.76, while revenue rose 21% year over year to $1.95 billion. The company also raised its quarterly dividend to $0.84 per share, equivalent to a 0.7% annualized yield.

Corient Private Wealth LP lifted its stake in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 5.7% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 110,486 shares of the construction company's stock after acquiring an additional 5,947 shares during the period. Corient Private Wealth LP owned 0.18% of Martin Marietta Materials worth $63,718,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in shares of Martin Marietta Materials by 72,704.3% in the second quarter. California State Teachers Retirement System now owns 51,073,705 shares of the construction company's stock valued at $29,454,206,000 after purchasing an additional 51,003,553 shares during the period. BlackRock Inc. bought a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $2,706,134,000. Victory Capital Management Inc. boosted its holdings in shares of 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 during the period. Bank of America Corp DE acquired a new position in Martin Marietta Materials in the 2nd quarter valued at $1,411,047,000. Finally, Geode Capital Management LLC grew its stake in Martin Marietta Materials by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company's stock valued at $963,406,000 after buying an additional 10,743 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on MLM. JPMorgan Chase & Co. upgraded shares of Martin Marietta Materials from a "neutral" rating to an "overweight" rating and set a $680.00 target price on the stock in a report on Wednesday, September 2nd. Morgan Stanley decreased their price target on shares of Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Oppenheimer initiated coverage on Martin Marietta Materials in a research report on Thursday, May 28th. They issued a "market perform" rating on the stock. Raymond James Financial set a $660.00 price objective on Martin Marietta Materials in a research note on Friday, July 31st. Finally, DA Davidson initiated coverage on Martin Marietta Materials in a research report on Monday, August 24th. They set a "neutral" rating and a $625.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $667.53.

Martin Marietta Materials Stock Performance

NYSE MLM opened at $510.46 on Friday. The company's fifty day moving average is $544.86 and its two-hundred day moving average is $579.58. Martin Marietta Materials, Inc. has a 52-week low of $491.61 and a 52-week 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. The firm has a market capitalization of $30.66 billion, a price-to-earnings ratio of 12.54, a P/E/G ratio of 2.20 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced 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 net margin of 36.73% and a return on equity of 9.49%. The business had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the business earned $5.43 earnings per share. The firm's revenue for the quarter was up 21.0% on a year-over-year basis. Equities research analysts forecast that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 of this dividend is Tuesday, September 1st. This represents a $3.36 annualized dividend and a yield of 0.7%. Martin Marietta Materials's payout ratio is currently 8.26%.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a U.S.-based supplier of construction aggregates and other building materials. The company produces crushed stone, sand and gravel used in infrastructure, commercial, residential and industrial construction projects.

Its products and services also include cement, ready-mixed concrete, asphalt and paving materials. Martin Marietta serves customers involved in roads, bridges, airports, buildings and other essential infrastructure, with operations concentrated across several regions of the United States.

The company was established in 1993 as an independent, publicly traded materials business formed from the construction materials operations of Martin Marietta Corporation.

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