Franklin Street Advisors Inc. NC Decreases Stake in Martin Marietta Materials, Inc. $MLM

Key Points

• Franklin Street Advisors cut its Martin Marietta Materials stake by 26.6% in the second quarter, selling 10,902 shares and retaining 30,038 shares valued at approximately $17.3 million. Institutional investors collectively own 95.04% of MLM.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $670, despite several firms lowering targets; ratings include 11 Buys and 8 Holds.
• Martin Marietta exceeded quarterly expectations, reporting $5.00 EPS and $1.95 billion in revenue, with revenue up 21% year over year. The company also pays a quarterly dividend of $0.83, yielding approximately 0.6%.

Franklin Street Advisors Inc. NC lowered its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 26.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,038 shares of the construction company's stock after selling 10,902 shares during the quarter. Franklin Street Advisors Inc. NC owned 0.05% of Martin Marietta Materials worth $17,323,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of the business. Integrated Wealth Concepts LLC boosted its holdings in shares of Martin Marietta Materials by 6.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock worth $379,000 after buying an additional 49 shares during the last quarter. Empowered Funds LLC increased its holdings in Martin Marietta Materials by 11.4% during the first quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock worth $673,000 after buying an additional 144 shares during the last quarter. Sivia Capital Partners LLC increased its holdings in Martin Marietta Materials by 11.1% during the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock worth $280,000 after buying an additional 51 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in Martin Marietta Materials by 205.9% in the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock worth $143,000 after acquiring an additional 175 shares during the period. Finally, Cresset Asset Management LLC raised 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 acquiring an additional 143 shares during the period. 95.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MLM shares. Royal Bank Of Canada reduced their target price on shares of Martin Marietta Materials from $615.00 to $610.00 and set a "sector perform" rating for the company in a research report on Monday, August 3rd. Berenberg Bank set a $556.00 price target on shares of Martin Marietta Materials and gave the stock a "hold" rating in a report on Tuesday, June 2nd. Wells Fargo & Company dropped their price objective on Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating on the stock in a research note on Friday, July 31st. Truist Financial increased their price objective on Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Oppenheimer started coverage on Martin Marietta Materials in a report on Thursday, May 28th. They set a "market perform" rating for the company. Eleven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $670.00.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $548.50 on Monday. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $32.95 billion, a PE ratio of 13.48, a P/E/G ratio of 2.35 and a beta of 1.11. Martin Marietta Materials, Inc. has a twelve month low of $523.48 and a twelve month high of $710.97. The company has a 50-day moving average price of $575.90 and a two-hundred day moving average price of $603.24.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter last year, the company earned $5.43 earnings per share. The company's revenue was up 21.0% on a year-over-year basis. Equities analysts forecast that Martin Marietta Materials, Inc. will post 19.25 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date was Monday, June 1st. Martin Marietta Materials's payout ratio is currently 8.16%.

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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