Hsbc Holdings PLC Increases Stock Position in Martin Marietta Materials, Inc. $MLM

Key Points

• HSBC Holdings PLC increased its stake in Martin Marietta Materials by 6.4% in the first quarter, bringing its holdings to 111,620 shares worth about $65.7 million.
• Several other large institutional investors also added to or established positions, and hedge funds and institutions now own 95.04% of the company’s shares.
• Analysts remain broadly positive: the stock has a Moderate Buy consensus rating with a consensus price target of $681.53, while Martin Marietta recently beat quarterly EPS and revenue estimates and paid a quarterly dividend of $0.83 per share.

Hsbc Holdings PLC boosted its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 6.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 111,620 shares of the construction company's stock after purchasing an additional 6,686 shares during the period. Hsbc Holdings PLC owned approximately 0.19% of Martin Marietta Materials worth $65,677,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MLM. Victory Capital Management Inc. boosted its position in Martin Marietta Materials by 51.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock valued at $1,524,853,000 after buying an additional 836,120 shares during the last quarter. Norges Bank acquired a new position in shares of Martin Marietta Materials in the fourth quarter worth about $354,681,000. Bank of America Corp DE lifted its stake in shares of Martin Marietta Materials by 31.9% in the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock worth $1,284,938,000 after acquiring an additional 565,856 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Martin Marietta Materials by 241.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 303,031 shares of the construction company's stock valued at $188,686,000 after purchasing an additional 214,270 shares during the last quarter. Finally, Interval Partners LP purchased a new position in Martin Marietta Materials in the fourth quarter valued at about $128,996,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

MLM has been the topic of several analyst reports. Citigroup lifted their price objective on Martin Marietta Materials from $731.00 to $737.00 and gave the stock a "buy" rating in a report on Wednesday, July 8th. Weiss Ratings upgraded Martin Marietta Materials from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, June 25th. Wall Street Zen raised shares of Martin Marietta Materials from a "sell" rating to a "hold" rating in a research report on Monday. Morgan Stanley dropped their price target on shares of Martin Marietta Materials from $702.00 to $664.00 and set an "overweight" rating for the company in a research note on Monday, April 6th. Finally, Truist Financial upped their price target on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a report on Monday, May 4th. Eleven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $681.53.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $563.57 on Monday. The company has a quick ratio of 1.11, a current ratio of 2.28 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average of $578.36 and a two-hundred day moving average of $612.74. Martin Marietta Materials, Inc. has a 52 week low of $525.38 and a 52 week high of $710.97. The company has a market cap of $33.84 billion, a P/E ratio of 13.43, a PEG ratio of 2.39 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.78 by $0.15. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.The business's quarterly revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.90 EPS. As a group, analysts anticipate that Martin Marietta Materials, Inc. will post 19.43 EPS for the current year.

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were paid a dividend of $0.83 per share. 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 dividend payout ratio is presently 7.91%.

Martin Marietta Materials Company Profile

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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