Fisher Funds Management LTD Sells 26,307 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Fisher Funds Management cut its stake in Martin Marietta Materials by 45.4% in the first quarter, selling 26,307 shares and leaving it with 31,643 shares valued at about $18.6 million.
• The stock has mixed analyst sentiment, with a consensus rating of Moderate Buy and an average price target of $681.94, though recent calls ranged from $556 to $739 and one firm downgraded it to sell.
• Martin Marietta recently beat quarterly expectations, reporting $1.93 EPS on $1.36 billion in revenue, and it also announced a quarterly dividend of $0.83 per share payable June 30.

Fisher Funds Management LTD lessened its stake in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 45.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 31,643 shares of the construction company's stock after selling 26,307 shares during the period. Fisher Funds Management LTD owned about 0.05% of Martin Marietta Materials worth $18,628,000 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. Integrated Wealth Concepts LLC grew its holdings in shares of Martin Marietta Materials by 6.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock worth $379,000 after purchasing an additional 49 shares in the last quarter. Empowered Funds LLC increased its position in shares of Martin Marietta Materials by 11.4% during the first quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock valued at $673,000 after purchasing an additional 144 shares during the period. Sivia Capital Partners LLC raised its stake in shares of Martin Marietta Materials by 11.1% in the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock valued at $280,000 after purchasing an additional 51 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Martin Marietta Materials by 205.9% in the second 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 in the last quarter. Finally, Cresset Asset Management LLC lifted its position in Martin Marietta Materials by 22.6% in the second quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock worth $427,000 after purchasing an additional 143 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MLM has been the topic of a number of recent research reports. Raymond James Financial set a $690.00 price target on shares of Martin Marietta Materials in a research note on Monday, April 27th. UBS Group set a $739.00 price objective on shares of Martin Marietta Materials in a research note on Sunday, May 10th. Zacks Research raised shares of Martin Marietta Materials from a "strong sell" rating to a "hold" rating in a report on Monday, April 13th. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the stock a "hold" rating in a report on Tuesday, June 2nd. Finally, Wall Street Zen lowered shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research report on Saturday, June 6th. Ten analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $681.94.

Martin Marietta Materials Stock Up 0.0%

Shares of MLM opened at $609.20 on Monday. The company has a market capitalization of $36.58 billion, a P/E ratio of 14.52, a PEG ratio of 2.58 and a beta of 1.10. Martin Marietta Materials, Inc. has a one year low of $525.38 and a one year high of $710.97. The business's 50 day simple moving average is $589.25 and its 200-day simple moving average is $618.25. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.78 by $0.15. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.The business's revenue was up 17.2% on a year-over-year basis. During the same period last year, the firm posted $1.90 EPS. As a group, sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.41 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 0.5%. The ex-dividend date is Monday, June 1st. Martin Marietta Materials's dividend payout ratio (DPR) is presently 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.

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