Fred Alger Management LLC Boosts Holdings in Martin Marietta Materials, Inc. $MLM

Key Points

• Fred Alger Management LLC increased its stake in Martin Marietta Materials, Inc. by 23.8%, owning 110,522 shares worth approximately $52.8 million as of the latest SEC filing.
• The company reported earnings of $5.43 per share in its last quarterly report, slightly missing the consensus estimate, with revenues totaling $1.81 billion.
• Martin Marietta Materials announced an increase in its quarterly dividend to $0.83 per share, representing an annualized yield of 0.5%.

Fred Alger Management LLC raised its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 23.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 110,522 shares of the construction company's stock after purchasing an additional 21,241 shares during the quarter. Fred Alger Management LLC owned 0.18% of Martin Marietta Materials worth $52,844,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MLM. Sunbeam Capital Management LLC acquired a new position in shares of Martin Marietta Materials in the fourth quarter worth about $235,000. Waverly Advisors LLC raised its position in shares of Martin Marietta Materials by 78.9% in the fourth quarter. Waverly Advisors LLC now owns 1,041 shares of the construction company's stock worth $538,000 after acquiring an additional 459 shares during the period. Mather Group LLC. raised its position in shares of Martin Marietta Materials by 65.5% in the first quarter. Mather Group LLC. now owns 278 shares of the construction company's stock worth $133,000 after acquiring an additional 110 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Martin Marietta Materials by 1.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,007 shares of the construction company's stock worth $1,457,000 after acquiring an additional 40 shares during the period. Finally, Vontobel Holding Ltd. raised its position in shares of Martin Marietta Materials by 30.5% in the first quarter. Vontobel Holding Ltd. now owns 933 shares of the construction company's stock worth $446,000 after acquiring an additional 218 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Up 0.6%

Shares of NYSE MLM opened at $622.76 on Monday. Martin Marietta Materials, Inc. has a 12-month low of $441.95 and a 12-month high of $633.23. The stock has a market cap of $37.56 billion, a PE ratio of 34.54, a P/E/G ratio of 5.64 and a beta of 0.94. The company has a current ratio of 2.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average of $587.60 and a 200 day moving average of $539.05.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $5.43 earnings per share for the quarter, missing the consensus estimate of $5.44 by ($0.01). Martin Marietta Materials had a net margin of 16.47% and a return on equity of 11.88%. The firm had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period last year, the company earned $4.76 EPS. The business's quarterly revenue was up 2.7% on a year-over-year basis. Martin Marietta Materials has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.53 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.79. Martin Marietta Materials's dividend payout ratio is 18.41%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Martin Marietta Materials from $609.00 to $637.00 and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Raymond James Financial upped their price target on shares of Martin Marietta Materials from $600.00 to $645.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Morgan Stanley upped their price target on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. UBS Group upgraded shares of Martin Marietta Materials from a "neutral" rating to a "buy" rating and upped their price target for the stock from $548.00 to $634.00 in a research report on Friday, May 16th. Finally, DA Davidson upped their price target on shares of Martin Marietta Materials from $625.00 to $700.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $622.63.

Insider Buying and Selling at Martin Marietta Materials

In related news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $613.32, for a total transaction of $636,626.16. Following the completion of the transaction, the director owned 15,417 shares of the company's stock, valued at approximately $9,455,554.44. This trade represents a 6.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.68% of the company's stock.

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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