Martin Marietta Materials, Inc. $MLM Shares Sold by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital cut its Martin Marietta Materials stake by 33.7% in the first quarter, selling 46,515 shares and retaining 91,519 shares valued at approximately $53.9 million. Institutional investors collectively own 95.04% of the company.
• Analyst sentiment remains favorable, with an overall “Moderate Buy” rating and an average price target of $681.53, despite some firms lowering targets. Ratings include 11 Buys and nine Holds.
• Martin Marietta reported quarterly EPS of $1.93, exceeding estimates of $1.78, while revenue rose 17.2% year over year to $1.36 billion. The company also pays a quarterly dividend of $0.83 per share, representing a 0.6% yield.

Arrowstreet Capital Limited Partnership reduced its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 33.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 91,519 shares of the construction company's stock after selling 46,515 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.15% of Martin Marietta Materials worth $53,875,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after purchasing an additional 836,120 shares during the period. Bank of America Corp DE lifted its holdings in shares of Martin Marietta Materials by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock valued at $1,284,938,000 after buying an additional 565,856 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Martin Marietta Materials by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company's stock valued at $963,406,000 after buying an additional 10,743 shares during the period. Morgan Stanley boosted its stake in shares of Martin Marietta Materials by 5.3% in the fourth quarter. Morgan Stanley now owns 1,367,016 shares of the construction company's stock valued at $851,188,000 after buying an additional 68,382 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Martin Marietta Materials by 9.3% in the fourth quarter. Invesco Ltd. now owns 769,904 shares of the construction company's stock valued at $479,389,000 after buying an additional 65,623 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Raymond James Financial cut their price objective on Martin Marietta Materials from $690.00 to $675.00 and set an "outperform" rating for the company in a research report on Wednesday, July 15th. Wall Street Zen cut shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research note on Tuesday. Barclays cut their price target on shares of Martin Marietta Materials from $675.00 to $640.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the company a "hold" rating in a research note on Tuesday, June 2nd. Finally, Truist Financial raised their price objective 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. Eleven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $681.53.

Martin Marietta Materials Stock Up 2.4%

Shares of NYSE MLM opened at $573.11 on Tuesday. The firm's 50-day moving average is $576.33 and its two-hundred day moving average is $609.45. The company has a market capitalization of $34.42 billion, a PE ratio of 13.66, a price-to-earnings-growth ratio of 2.37 and a beta of 1.10. Martin Marietta Materials, Inc. has a 12-month low of $525.38 and a 12-month high of $710.97. 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 (NYSE:MLM - Get Free Report) last issued its quarterly earnings data 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. 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 during the quarter, compared to analysts' expectations of $1.31 billion. During the same period last year, the company posted $1.90 EPS. The company's revenue was up 17.2% on a year-over-year basis. Equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.43 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were issued 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 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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