Harfst & Associates Inc. Acquires Shares of 2,046 Martin Marietta Materials, Inc. (NYSE:MLM)

Key Points

• Harfst & Associates Inc. has acquired a new stake in Martin Marietta Materials, Inc., purchasing 2,046 shares valued at approximately $978,000 in the first quarter.
• In its latest earnings report, Martin Marietta missed the expected EPS of $5.44, reporting $5.43 instead, alongside a revenue of $1.81 billion, which was also below forecasts.
• Analysts have expressed optimism for Martin Marietta, with several raising their target prices, predicting a potential average target of $622.63 for the stock.

Harfst & Associates Inc. purchased a new position in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,046 shares of the construction company's stock, valued at approximately $978,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wayfinding Financial LLC purchased a new position in shares of Martin Marietta Materials in the first quarter worth $29,000. Chilton Capital Management LLC purchased a new position in shares of Martin Marietta Materials during the first quarter worth $30,000. Zions Bancorporation National Association UT purchased a new position in shares of Martin Marietta Materials during the first quarter worth $30,000. IMA Advisory Services Inc. purchased a new position in shares of Martin Marietta Materials during the first quarter worth $40,000. Finally, Valley National Advisers Inc. raised its holdings in shares of Martin Marietta Materials by 193.9% during the first quarter. Valley National Advisers Inc. now owns 97 shares of the construction company's stock worth $45,000 after purchasing an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Royal Bank Of Canada reissued a "sector perform" rating and set a $525.00 target price (up previously from $515.00) on shares of Martin Marietta Materials in a report on Friday, August 8th. DA Davidson raised their target price on shares of Martin Marietta Materials from $625.00 to $700.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Morgan Stanley raised their target price on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Raymond James Financial raised their target price on shares of Martin Marietta Materials from $600.00 to $645.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Stifel Nicolaus raised their price target on shares of Martin Marietta Materials from $609.00 to $637.00 and gave the company a "buy" rating in a research report on Tuesday. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Martin Marietta Materials has a consensus rating of "Moderate Buy" and an average target price of $622.63.

Martin Marietta Materials Price Performance

Shares of MLM traded down $2.82 during mid-day trading on Friday, hitting $609.68. 302,898 shares of the company were exchanged, compared to its average volume of 430,962. Martin Marietta Materials, Inc. has a 1-year low of $441.95 and a 1-year high of $633.23. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.21 and a current ratio of 2.35. The company has a 50 day moving average of $567.83 and a 200-day moving average of $530.74. The stock has a market cap of $36.77 billion, a price-to-earnings ratio of 33.81, a price-to-earnings-growth ratio of 5.56 and a beta of 0.89.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released 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 return on equity of 11.88% and a net margin of 16.47%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the company earned $4.76 EPS. The firm's revenue for the quarter was up 2.7% on a year-over-year basis. Analysts expect that Martin Marietta Materials, Inc. will post 19.53 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently declared 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 is a boost from Martin Marietta Materials's previous quarterly dividend of $0.79. The ex-dividend date is Tuesday, September 2nd. This represents a $3.32 annualized dividend and a dividend yield of 0.5%. Martin Marietta Materials's payout ratio is currently 17.53%.

Insider Buying and Selling at Martin Marietta Materials

In other Martin Marietta Materials news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $613.32, for a total value of $636,626.16. Following the completion of the sale, the director owned 15,417 shares in the company, valued at approximately $9,455,554.44. This represents a 6.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.69% of the stock is currently owned by company insiders.

Martin Marietta Materials 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.