HighTower Advisors LLC Cuts Stake in Martin Marietta Materials, Inc. $MLM

Key Points

• HighTower Advisors cut its Martin Marietta Materials stake by 9.9% in the second quarter, selling 5,330 shares and retaining 48,577 shares valued at approximately $28 million. Institutional investors collectively own 95.04% of MLM.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $665.88, although ratings include 11 Buys, eight Holds and one Sell. MLM recently traded at $513.84, near its one-year low of $502.56.
• Martin Marietta exceeded quarterly earnings and revenue expectations, reporting $5.00 in EPS and $1.95 billion in revenue, while revenue rose 21% year over year. The company also raised its quarterly dividend to $0.84 per share, equivalent to a 0.7% annual yield.

HighTower Advisors LLC reduced its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 9.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 48,577 shares of the construction company's stock after selling 5,330 shares during the period. HighTower Advisors LLC owned about 0.08% of Martin Marietta Materials worth $28,015,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Lido Advisors LLC boosted its stake in shares of Martin Marietta Materials by 0.8% during the 4th quarter. Lido Advisors LLC now owns 1,920 shares of the construction company's stock valued at $1,209,000 after purchasing an additional 15 shares in the last quarter. Harbour Investments Inc. lifted its holdings in Martin Marietta Materials by 31.4% in the fourth quarter. Harbour Investments Inc. now owns 67 shares of the construction company's stock worth $42,000 after buying an additional 16 shares during the period. AMG National Trust Bank boosted its position in Martin Marietta Materials by 3.6% during the 1st quarter. AMG National Trust Bank now owns 495 shares of the construction company's stock valued at $291,000 after acquiring an additional 17 shares in the last quarter. Quadrant Capital Group LLC boosted its position in Martin Marietta Materials by 0.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,186 shares of the construction company's stock valued at $1,361,000 after acquiring an additional 17 shares in the last quarter. Finally, AlTi Global Inc. grew its holdings in shares of Martin Marietta Materials by 1.2% during the 1st quarter. AlTi Global Inc. now owns 1,496 shares of the construction company's stock worth $881,000 after acquiring an additional 18 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MLM has been the subject of a number of research analyst reports. Raymond James Financial set a $660.00 target price on Martin Marietta Materials in a research note on Friday, July 31st. Oppenheimer started coverage on Martin Marietta Materials in a report on Thursday, May 28th. They issued a "market perform" rating for the company. Sanford C. Bernstein lowered Martin Marietta Materials to an "underweight" rating in a research report on Wednesday, September 2nd. Berenberg Bank set a $556.00 target price on shares of Martin Marietta Materials and gave the company a "hold" rating in a report on Tuesday, June 2nd. Finally, Royal Bank Of Canada increased their price target on shares of Martin Marietta Materials from $610.00 to $620.00 and gave the stock a "sector perform" rating in a research note on Friday, August 28th. Eleven analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $665.88.

Martin Marietta Materials Price Performance

MLM opened at $513.84 on Wednesday. The stock has a 50-day moving average price of $550.13 and a 200-day moving average price of $582.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The firm has a market cap of $30.86 billion, a PE ratio of 12.63, a P/E/G ratio of 2.22 and a beta of 1.10. Martin Marietta Materials, Inc. has a 1 year low of $502.56 and a 1 year high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, beating the consensus estimate of $4.76 by $0.24. The company had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. Martin Marietta Materials's revenue for the quarter was up 21.0% on a year-over-year basis. During the same period in the prior year, the firm posted $5.43 EPS. Sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.84 per share. The ex-dividend date is Tuesday, September 1st. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.7%. Martin Marietta Materials's dividend payout ratio is currently 8.26%.

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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