Martin Marietta Materials, Inc. $MLM Shares Purchased by Hsbc Holdings PLC

Key Points

• HSBC increased its Martin Marietta Materials stake by 6.6% in the second quarter, bringing its holdings to 118,981 shares worth approximately $68.5 million. Institutional investors and hedge funds collectively own 95.04% of MLM.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $665.88, although several firms recently reduced their targets and Bernstein downgraded the stock to “underweight.”
• Martin Marietta exceeded quarterly earnings and revenue expectations, reporting $5.00 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, equal to a 0.7% yield.

Hsbc Holdings PLC raised its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 6.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,981 shares of the construction company's stock after acquiring an additional 7,361 shares during the quarter. Hsbc Holdings PLC owned 0.20% of Martin Marietta Materials worth $68,541,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Integrated Wealth Concepts LLC lifted its holdings in shares of Martin Marietta Materials by 6.6% during the first quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock valued at $379,000 after purchasing an additional 49 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Martin Marietta Materials by 11.4% in the first quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock worth $673,000 after buying an additional 144 shares during the period. Sivia Capital Partners LLC boosted its holdings in shares of Martin Marietta Materials by 11.1% in the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock worth $280,000 after buying an additional 51 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Martin Marietta Materials by 205.9% in the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock worth $143,000 after acquiring an additional 175 shares in the last quarter. Finally, Cresset Asset Management LLC increased its position in shares of Martin Marietta Materials by 22.6% in the second quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock worth $427,000 after acquiring an additional 143 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MLM has been the subject of several research analyst reports. Sanford C. Bernstein downgraded shares of Martin Marietta Materials to an "underweight" rating in a research report on Wednesday, September 2nd. Stephens lowered their price objective on shares of Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Morgan Stanley lowered their price objective on shares of Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Wells Fargo & Company cut their target price on shares of Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating on the stock in a research note on Friday, July 31st. Finally, Royal Bank Of Canada increased their target price on Martin Marietta Materials from $610.00 to $620.00 and gave the company a "sector perform" rating in a report on Friday, August 28th. Eleven research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $665.88.

Martin Marietta Materials Trading Up 0.3%

NYSE MLM opened at $516.12 on Tuesday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a 1-year low of $502.56 and a 1-year high of $710.97. The firm's fifty day simple moving average is $551.37 and its 200-day simple moving average is $583.61. The company has a market capitalization of $31.00 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 2.22 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The firm had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter last year, the firm earned $5.43 earnings per share. The business's revenue for the quarter was up 21.0% on a year-over-year basis. As a group, sell-side analysts anticipate 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 represents a $3.36 annualized dividend and a dividend yield of 0.7%. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.83. Martin Marietta Materials's dividend payout ratio is presently 8.26%.

Martin Marietta Materials 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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