Fifth Third Bancorp Purchases 13,054 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Fifth Third Bancorp boosted its stake in Martin Marietta Materials by 162.3% in the first quarter, buying 13,054 additional shares and bringing its total holding to 21,099 shares worth about $12.4 million.
• The stock has continued to attract institutional interest, with several other funds also increasing positions and 95.04% of shares owned by institutional investors overall.
• Martin Marietta Materials reported strong quarterly results, posting EPS of $1.93 versus estimates of $1.78 and revenue of $1.36 billion, while analysts currently rate the stock a Moderate Buy with an average target price of $682.41.

Fifth Third Bancorp increased its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 162.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,099 shares of the construction company's stock after buying an additional 13,054 shares during the period. Fifth Third Bancorp's holdings in Martin Marietta Materials were worth $12,421,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MLM. Integrated Wealth Concepts LLC lifted its stake in Martin Marietta Materials by 6.6% in the first quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock valued at $379,000 after acquiring an additional 49 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Martin Marietta Materials by 11.4% during the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock worth $673,000 after purchasing an additional 144 shares during the last quarter. Sivia Capital Partners LLC increased its stake in shares of Martin Marietta Materials by 11.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock worth $280,000 after purchasing an additional 51 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Martin Marietta Materials by 205.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock valued at $143,000 after purchasing an additional 175 shares during the period. Finally, Cresset Asset Management LLC raised its holdings in shares of Martin Marietta Materials by 22.6% in the 2nd quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock valued at $427,000 after purchasing an additional 143 shares during the period. 95.04% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on MLM. Oppenheimer initiated coverage on shares of Martin Marietta Materials in a research note on Thursday, May 28th. They issued a "market perform" rating for the company. Morgan Stanley lowered their price target on Martin Marietta Materials from $702.00 to $664.00 and set an "overweight" rating on the stock in a research report on Monday, April 6th. Berenberg Bank set a $556.00 price objective on Martin Marietta Materials and gave the company a "hold" rating in a research note on Tuesday, June 2nd. Zacks Research raised Martin Marietta Materials from a "strong sell" rating to a "hold" rating in a research report on Monday, April 13th. Finally, Royal Bank Of Canada reduced their target price on Martin Marietta Materials from $630.00 to $615.00 and set a "sector perform" rating for the company in a research note on Monday, May 4th. Eleven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, Martin Marietta Materials has a consensus rating of "Moderate Buy" and an average target price of $682.41.

Martin Marietta Materials Stock Performance

NYSE MLM opened at $574.13 on Wednesday. The stock has a market cap of $34.48 billion, a PE ratio of 13.68, a P/E/G ratio of 2.42 and a beta of 1.10. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 2.28. The firm has a 50-day moving average of $580.29 and a 200-day moving average of $614.25. Martin Marietta Materials, Inc. has a 52-week low of $525.38 and a 52-week high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, beating analysts' consensus estimates of $1.78 by $0.15. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. Martin Marietta Materials's quarterly revenue was up 17.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.90 EPS. On average, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 19.38 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, June 1st. Martin Marietta Materials's payout ratio is currently 7.91%.

About Martin Marietta Materials

Martin Marietta Materials, Inc NYSE: MLM is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.

Want to see what other hedge funds are holding MLM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Martin Marietta Materials, Inc. (NYSE:MLM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.