Covea Finance Has $12.56 Million Stock Position in Martin Marietta Materials, Inc. $MLM

Key Points

• Covea Finance increased its stake in Martin Marietta Materials by 13.9%, now holding shares worth $12.56 million.
• Martin Marietta recently reported a missed earnings target of $5.43 EPS for the quarter, slightly below estimates of $5.44, despite a revenue growth of 2.7% year-over-year.
• The company announced a quarterly dividend increase to $0.83 per share, a rise from the previous $0.79, reflecting a commitment to returning value to shareholders.

Covea Finance grew its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 13.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 22,874 shares of the construction company's stock after purchasing an additional 2,784 shares during the period. Covea Finance's holdings in Martin Marietta Materials were worth $12,557,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Wayfinding Financial LLC bought a new position in shares of Martin Marietta Materials during the first quarter valued at $29,000. Zions Bancorporation National Association UT acquired a new position in shares of Martin Marietta Materials during the first quarter valued at about $30,000. Chilton Capital Management LLC bought a new position in shares of Martin Marietta Materials during the first quarter valued at about $30,000. IMA Advisory Services Inc. bought a new stake in Martin Marietta Materials in the first quarter worth about $40,000. Finally, Valley National Advisers Inc. raised its position in Martin Marietta Materials by 193.9% in the first quarter. Valley National Advisers Inc. now owns 97 shares of the construction company's stock worth $45,000 after acquiring an additional 64 shares during the period. Institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $620.41 on Tuesday. The company has a 50 day moving average price of $600.47 and a 200-day moving average price of $549.70. Martin Marietta Materials, Inc. has a 52 week low of $441.95 and a 52 week high of $633.23. The firm has a market capitalization of $37.42 billion, a PE ratio of 34.41, a P/E/G ratio of 5.61 and a beta of 0.94. The company has a quick ratio of 1.21, a current ratio of 2.35 and a debt-to-equity ratio of 0.56.

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

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be issued a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.79. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. Martin Marietta Materials's payout ratio is 18.41%.

Analyst Ratings Changes

Several analysts have recently issued reports on MLM shares. DA Davidson boosted their price target on shares of Martin Marietta Materials from $625.00 to $700.00 and gave the company a "buy" rating in a research report on Monday, August 11th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $525.00 price target (up previously from $515.00) on shares of Martin Marietta Materials in a research report on Friday, August 8th. Morgan Stanley boosted their price target on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Stifel Nicolaus boosted their price objective on shares of 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, Raymond James Financial boosted their price objective on shares of Martin Marietta Materials from $600.00 to $645.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $622.63.

Insider Activity

In related news, Director Laree E. Perez sold 1,038 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $613.32, for a total value of $636,626.16. Following the transaction, the director owned 15,417 shares of the company's stock, valued at approximately $9,455,554.44. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.68% of the company's stock.

Martin Marietta Materials Company 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.

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