Fenimore Asset Management Inc Acquires 5,010 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Fenimore Asset Management Inc increased its stake in Martin Marietta Materials by 6.0%, acquiring an additional 5,010 shares, bringing its total holdings to 88,850 shares valued at approximately $48.78 million.
• Analysts have recently raised their price targets for Martin Marietta Materials, with DA Davidson increasing theirs from $625.00 to $700.00 and multiple firms giving the stock a "buy" or "overweight" rating.
• Martin Marietta Materials reported earnings per share of $5.43 for the last quarter, slightly missing analysts' estimates, while also announcing an increase in its quarterly dividend to $0.83 per share.

Fenimore Asset Management Inc lifted its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 6.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,850 shares of the construction company's stock after acquiring an additional 5,010 shares during the quarter. Fenimore Asset Management Inc owned 0.15% of Martin Marietta Materials worth $48,775,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Wellington Management Group LLP raised 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 period. NBC Securities Inc. bought a new stake in Martin Marietta Materials in the first quarter worth about $67,000. Merit Financial Group LLC boosted its stake in Martin Marietta Materials by 36.1% in the first quarter. Merit Financial Group LLC now owns 1,100 shares of the construction company's stock valued at $526,000 after acquiring an additional 292 shares during the last quarter. Independence Bank of Kentucky grew its position in shares of Martin Marietta Materials by 37.5% during the 1st quarter. Independence Bank of Kentucky now owns 792 shares of the construction company's stock valued at $379,000 after acquiring an additional 216 shares during the period. Finally, Sivia Capital Partners LLC purchased a new stake in shares of Martin Marietta Materials during the 1st quarter worth approximately $219,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on MLM. DA Davidson upped their price objective 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. Morgan Stanley upped their price target on Martin Marietta Materials from $576.00 to $605.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Stephens reissued an "overweight" rating and issued a $700.00 price objective on shares of Martin Marietta Materials in a report on Monday, August 4th. Wall Street Zen raised shares of Martin Marietta Materials from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Stifel Nicolaus lifted their target price on shares of Martin Marietta Materials from $609.00 to $637.00 and gave the stock a "buy" rating in a research note on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $622.63.

Martin Marietta Materials Stock Up 1.2%

Shares of NYSE MLM opened at $635.61 on Monday. The company has a quick ratio of 1.21, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. The company has a market cap of $38.33 billion, a P/E ratio of 35.25, a P/E/G ratio of 5.75 and a beta of 1.01. Martin Marietta Materials, Inc. has a 52 week low of $441.95 and a 52 week high of $637.36. The business has a 50-day simple moving average of $610.18 and a two-hundred day simple moving average of $558.68.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the company posted $4.76 earnings per share. The company's quarterly revenue was up 2.7% compared to the same quarter last year. Martin Marietta Materials has set its FY 2025 guidance at EPS. Research analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 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 Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.79. Martin Marietta Materials's payout ratio is 18.41%.

Insider Activity at Martin Marietta Materials

In other news, Director Laree E. Perez sold 1,038 shares of the company's stock in a transaction 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 represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.68% of the stock is owned by company insiders.

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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