Harvey Capital Management Inc. Raises Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Harvey Capital Management Inc. grew its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 10.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,308 shares of the construction company's stock after acquiring an additional 1,422 shares during the period. Martin Marietta Materials comprises 1.9% of Harvey Capital Management Inc.'s investment portfolio, making the stock its 16th biggest position. Harvey Capital Management Inc.'s holdings in Martin Marietta Materials were worth $7,319,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of MLM. GAMMA Investing LLC grew its position in shares of Martin Marietta Materials by 58,570.5% during the 1st quarter. GAMMA Investing LLC now owns 697,592 shares of the construction company's stock valued at $333,540,000 after acquiring an additional 696,403 shares during the period. Norges Bank bought a new position in Martin Marietta Materials in the 4th quarter worth approximately $306,863,000. Alkeon Capital Management LLC boosted its holdings in Martin Marietta Materials by 46.6% in the 4th quarter. Alkeon Capital Management LLC now owns 771,198 shares of the construction company's stock worth $398,324,000 after buying an additional 245,000 shares during the period. Principal Financial Group Inc. boosted its holdings in Martin Marietta Materials by 6.6% in the 1st quarter. Principal Financial Group Inc. now owns 1,940,423 shares of the construction company's stock worth $927,775,000 after buying an additional 120,679 shares during the period. Finally, Skye Global Management LP boosted its holdings in Martin Marietta Materials by 85.2% in the 4th quarter. Skye Global Management LP now owns 256,500 shares of the construction company's stock worth $132,482,000 after buying an additional 118,000 shares during the period. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Price Performance

NYSE:MLM traded down $3.01 during trading hours on Friday, hitting $561.37. The stock had a trading volume of 269,548 shares, compared to its average volume of 476,934. The company has a 50 day simple moving average of $551.11 and a two-hundred day simple moving average of $521.00. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.25 and a quick ratio of 0.99. The firm has a market capitalization of $33.84 billion, a price-to-earnings ratio of 32.34, a P/E/G ratio of 5.10 and a beta of 0.87. Martin Marietta Materials, Inc. has a one year low of $441.95 and a one year high of $633.23.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The construction company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.02. The firm had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.36 billion. Martin Marietta Materials had a net margin of 16.07% and a return on equity of 12.01%. The business's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the company posted $1.93 EPS. Research analysts forecast that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 0.56%. The ex-dividend date was Monday, June 2nd. Martin Marietta Materials's dividend payout ratio (DPR) is currently 18.20%.

Wall Street Analyst Weigh In

Several research analysts recently commented on MLM shares. Morgan Stanley raised their price objective on shares of Martin Marietta Materials from $561.00 to $576.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Royal Bank Of Canada started coverage on shares of Martin Marietta Materials in a report on Monday, June 16th. They issued a "sector perform" rating and a $515.00 price objective for the company. UBS Group raised shares of Martin Marietta Materials from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $548.00 to $634.00 in a report on Friday, May 16th. Seaport Res Ptn raised shares of Martin Marietta Materials to a "strong-buy" rating in a report on Friday, March 21st. Finally, Loop Capital cut their price objective on shares of Martin Marietta Materials from $645.00 to $615.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $603.86.

About Martin Marietta Materials

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.