Martin Marietta Materials, Inc. $MLM Shares Purchased by Swiss National Bank

Key Points

• Swiss National Bank increased its stake in Martin Marietta Materials by 7.1% in the first quarter, buying 11,800 more shares and bringing its total holding to 177,030 shares worth about $104.2 million.
• Wall Street remains constructive overall on MLM, with 11 analysts rating it a Buy and the consensus at Moderate Buy; the average price target is $681.53 even after some recent target cuts.
• The company reported solid quarterly results, beating earnings and revenue expectations with $1.93 EPS and $1.36 billion in revenue, while also paying a quarterly dividend of $0.83 per share.

Swiss National Bank grew its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 7.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 177,030 shares of the construction company's stock after purchasing an additional 11,800 shares during the period. Swiss National Bank owned approximately 0.29% of Martin Marietta Materials worth $104,214,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MLM. Optima Capital LLC purchased a new stake in Martin Marietta Materials during the fourth quarter worth approximately $25,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Martin Marietta Materials in the fourth quarter valued at approximately $31,000. Union Bancaire Privee UBP SA acquired a new position in Martin Marietta Materials in the 4th quarter valued at $36,000. Reflection Asset Management acquired a new stake in Martin Marietta Materials in the 4th quarter worth about $35,000. Finally, Quarry LP acquired a new position in shares of Martin Marietta Materials in the 3rd quarter valued at $38,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MLM. Morgan Stanley cut their target price on shares of Martin Marietta Materials from $702.00 to $664.00 and set an "overweight" rating on the stock in a research note on Monday, April 6th. Royal Bank Of Canada dropped their price objective on shares of Martin Marietta Materials from $630.00 to $615.00 and set a "sector perform" rating on the stock in a research note on Monday, May 4th. Weiss Ratings raised shares of Martin Marietta Materials from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, June 25th. Truist Financial upped their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Finally, Citigroup lifted their price target on shares of Martin Marietta Materials from $731.00 to $737.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. Eleven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, Martin Marietta Materials presently has a consensus rating of "Moderate Buy" and an average target price of $681.53.

Martin Marietta Materials Trading Down 1.6%

MLM stock opened at $553.50 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. Martin Marietta Materials, Inc. has a 1-year low of $525.38 and a 1-year high of $710.97. The business has a 50 day simple moving average of $577.70 and a two-hundred day simple moving average of $612.19. The company has a market capitalization of $33.24 billion, a price-to-earnings ratio of 13.19, 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 EPS for the quarter, topping the consensus estimate of $1.78 by $0.15. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The business had revenue of $1.36 billion for the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter in the previous year, the company earned $1.90 EPS. The business's quarterly revenue was up 17.2% compared to the same quarter last year. Research analysts anticipate that Martin Marietta Materials, Inc. will post 19.43 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend 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%.

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.

Want to see what other hedge funds are holding MLM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Martin Marietta Materials, Inc. (NYSE:MLM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.