Martin Marietta Materials, Inc. $MLM Stock: Oppenheimer & Co. Inc. Increases Stake

Key Points

• Oppenheimer increased its Martin Marietta Materials stake by 17.8% in the third quarter, bringing its holdings to 32,908 shares worth approximately $15.79 million. Institutional investors collectively own 95.04% of the company.
• Analyst sentiment remains positive but cautious: MLM has a “Moderate Buy” consensus rating and an average price target of $642.65, although several firms recently lowered their targets.
• Martin Marietta reported quarterly EPS of $5.00, beating estimates of $4.76, while revenue rose 21% year over year to $1.95 billion. The company also raised its quarterly dividend to $0.84 per share, implying a 0.7% annualized yield.

Oppenheimer & Co. Inc. boosted its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 17.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,908 shares of the construction company's stock after buying an additional 4,975 shares during the quarter. Oppenheimer & Co. Inc. owned approximately 0.05% of Martin Marietta Materials worth $15,790,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Martin Marietta Materials in the second quarter worth about $2,706,134,000. Bank of America Corp DE bought a new position in Martin Marietta Materials in the 2nd quarter valued at approximately $1,411,047,000. Bank of New York Mellon Corp bought a new position in Martin Marietta Materials in the 2nd quarter valued at approximately $199,321,000. Legal & General Group Plc bought a new position in Martin Marietta Materials in the 2nd quarter valued at approximately $143,897,000. Finally, Deutsche Bank AG acquired a new stake in Martin Marietta Materials in the second quarter valued at approximately $130,292,000. Institutional investors own 95.04% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Truist Financial decreased their target price on shares of Martin Marietta Materials from $730.00 to $625.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Royal Bank Of Canada lowered their price target on shares of Martin Marietta Materials from $620.00 to $530.00 and set a "sector perform" rating for the company in a report on Friday, October 9th. UBS Group dropped their price target on Martin Marietta Materials from $715.00 to $662.00 and set a "buy" rating for the company in a research note on Thursday, October 8th. Sanford C. Bernstein downgraded Martin Marietta Materials to an "underweight" rating in a report on Wednesday, September 2nd. Finally, Morgan Stanley reduced their price objective on 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. Thirteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Martin Marietta Materials presently has an average rating of "Moderate Buy" and an average target price of $642.65.

Martin Marietta Materials Stock Down 0.5%

NYSE:MLM opened at $504.52 on Tuesday. The firm's 50 day simple moving average is $503.01 and its 200 day simple moving average is $578.59. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. Martin Marietta Materials, Inc. has a one year low of $464.92 and a one year high of $710.97. The company has a market cap of $30.31 billion, a PE ratio of 30.28, a P/E/G ratio of 2.63 and a beta of 1.08.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.76 by $0.24. The firm had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company's revenue was up 21.0% on a year-over-year basis. During the same period in the prior year, the company posted $5.43 EPS. On average, research analysts anticipate that Martin Marietta Materials, Inc. will post 16.29 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a $0.84 dividend. The ex-dividend date was Tuesday, September 1st. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 0.7%. Martin Marietta Materials's dividend payout ratio (DPR) is currently 8.26%.

About Martin Marietta Materials

Martin Marietta Materials, Inc is a supplier of construction materials serving the infrastructure, commercial, residential and industrial markets. The company's primary business is aggregates, including crushed stone, sand and gravel used in roads, bridges, buildings and other construction projects.

Martin Marietta also produces cement, ready-mixed concrete and asphalt products, and provides paving and related construction services in selected markets. Through its Magnesia Specialties business, the company manufactures magnesium-based and dolomitic lime products used in industrial, environmental and agricultural applications.

Headquartered in Raleigh, North Carolina, Martin Marietta Materials became an independent publicly traded company in 1993 following a spin-off from Martin Marietta Corporation.

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