Martin Marietta Materials, Inc. $MLM Shares Sold by Pelham Capital Ltd.

Key Points

• Pelham Capital cut its Martin Marietta Materials stake by 46.7% in the second quarter, selling 8,623 shares and retaining 9,857 shares valued at approximately $5.7 million. Institutional investors collectively own 95.04% of MLM.
• Martin Marietta reported quarterly earnings of $5.00 per share and revenue of $1.95 billion, exceeding analyst estimates; revenue increased 21% year over year.
• The company raised its quarterly dividend to $0.84 per share, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $665.88.

Pelham Capital Ltd. lowered its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 46.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,857 shares of the construction company's stock after selling 8,623 shares during the period. Martin Marietta Materials comprises 3.2% of Pelham Capital Ltd.'s portfolio, making the stock its 12th largest position. Pelham Capital Ltd.'s holdings in Martin Marietta Materials were worth $5,685,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of MLM. BlackRock Inc. bought a new position in Martin Marietta Materials during the 2nd quarter valued at $2,706,134,000. Bank of America Corp DE acquired a new position in Martin Marietta Materials during the 2nd quarter worth $1,411,047,000. Victory Capital Management Inc. increased its position in shares of 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 worth $1,524,853,000 after purchasing an additional 836,120 shares during the last quarter. Norges Bank bought a new stake in shares of Martin Marietta Materials in the 4th quarter worth about $354,681,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Martin Marietta Materials in the 2nd quarter valued at about $199,321,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $518.75 on Tuesday. The company has a market cap of $31.16 billion, a PE ratio of 12.75, a P/E/G ratio of 2.29 and a beta of 1.11. Martin Marietta Materials, Inc. has a fifty-two week low of $517.65 and a fifty-two week high of $710.97. The firm has a 50-day simple moving average of $560.97 and a 200 day simple moving average of $589.12. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44.

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

Martin Marietta Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be given a dividend of $0.84 per share. The ex-dividend date is Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a yield of 0.6%. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.83. Martin Marietta Materials's payout ratio is presently 8.16%.

Analyst Ratings Changes

MLM has been the topic of several research analyst reports. Wall Street Zen cut shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research report on Tuesday, July 28th. DA Davidson initiated coverage on Martin Marietta Materials in a research note on Monday, August 24th. They set a "neutral" rating and a $625.00 price objective on the stock. Morgan Stanley reduced their target price on Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. Oppenheimer began coverage on Martin Marietta Materials in a research report on Thursday, May 28th. They issued a "market perform" rating for the company. Finally, Truist Financial lifted their target price on Martin Marietta Materials from $710.00 to $730.00 and gave the stock a "buy" rating in a research report on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, Martin Marietta Materials presently has a consensus rating of "Moderate Buy" and a consensus target price of $665.88.

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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