Douglas Lane & Associates LLC Grows Holdings in Martin Marietta Materials, Inc. $MLM

Key Points

• Douglas Lane & Associates increased its Martin Marietta Materials stake by 27.7% in the third quarter, bringing its holdings to 55,793 shares valued at approximately $26.8 million. Institutional investors and hedge funds collectively own 95.04% of the stock.
• Martin Marietta reported quarterly revenue of $1.95 billion, up 21% year over year, and adjusted earnings of $5.00 per share, exceeding analyst expectations of $4.76. The stock recently traded at $478.31, near its 12-month low of $470.19.
• The company raised its quarterly dividend to $0.84 per share, representing a 0.7% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $646.47.

Douglas Lane & Associates LLC increased its position in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 27.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,793 shares of the construction company's stock after buying an additional 12,089 shares during the quarter. Douglas Lane & Associates LLC owned 0.09% of Martin Marietta Materials worth $26,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Martin Marietta Materials in the 2nd quarter valued at approximately $2,706,134,000. Victory Capital Management Inc. increased its stake in shares of Martin Marietta Materials by 51.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock valued at $1,524,853,000 after buying an additional 836,120 shares during the period. Bank of America Corp DE bought a new stake in Martin Marietta Materials in the second quarter valued at approximately $1,411,047,000. Dimensional Fund Advisors LP boosted its stake in shares of Martin Marietta Materials by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 546,170 shares of the construction company's stock valued at $321,442,000 after purchasing an additional 5,764 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Martin Marietta Materials by 13.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 386,046 shares of the construction company's stock valued at $222,633,000 after acquiring an additional 46,228 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Performance

MLM traded down $3.26 during midday trading on Friday, reaching $478.31. The company had a trading volume of 167,184 shares, compared to its average volume of 591,231. Martin Marietta Materials, Inc. has a 12-month low of $470.19 and a 12-month high of $710.97. The business has a 50-day moving average price of $514.69 and a two-hundred day moving average price of $561.14. The stock has a market cap of $28.73 billion, a PE ratio of 11.75, a P/E/G ratio of 2.28 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping 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 company had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter in the previous year, the firm posted $5.43 EPS. Martin Marietta Materials's revenue was up 21.0% on a year-over-year basis. On average, sell-side analysts expect that Martin Marietta Materials, Inc. will post 17.77 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.7%. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.83. Martin Marietta Materials's payout ratio is currently 8.26%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MLM. Wall Street Zen cut Martin Marietta Materials from a "hold" rating to a "sell" rating in a report on Tuesday, July 28th. DA Davidson started coverage on shares of Martin Marietta Materials in a research note on Monday, August 24th. They issued a "neutral" rating and a $625.00 price target for the company. Wolfe Research set a $648.00 price objective on shares of Martin Marietta Materials in a research report on Tuesday, August 4th. Wells Fargo & Company cut their price target on Martin Marietta Materials from $585.00 to $579.00 and set an "overweight" rating on the stock in a report on Monday. Finally, Raymond James Financial set a $660.00 price objective on Martin Marietta Materials in a report on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Martin Marietta Materials presently has an average rating of "Moderate Buy" and an average target price of $646.47.

About Martin Marietta Materials

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company's principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.

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