Martin Marietta Materials, Inc. $MLM Stock Sold by Gradient Investments LLC

Key Points

• Gradient Investments reduced its Martin Marietta Materials stake by 11.4% in the third quarter, selling 5,653 shares and retaining 43,906 shares worth about $21.1 million. Institutional investors collectively own 95.04% of the company.
• MLM shares fell 0.2% to $478.26, near the lower end of their 12-month range of $470.19 to $710.97. The stock’s 50-day and 200-day moving averages were $515.87 and $561.70, respectively.
• The company exceeded quarterly earnings and revenue expectations, reporting $5.00 in EPS on $1.95 billion in revenue, while raising its quarterly dividend to $0.84 per share. Analysts maintain a “Moderate Buy” consensus with an average price target of $651.76.

Gradient Investments LLC decreased its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 11.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,906 shares of the construction company's stock after selling 5,653 shares during the quarter. Gradient Investments LLC owned 0.07% of Martin Marietta Materials worth $21,067,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Meeder Asset Management Inc. raised its position in Martin Marietta Materials by 67.9% during the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company's stock worth $28,000 after acquiring an additional 19 shares during the period. CoreCap Advisors LLC increased its stake in shares of Martin Marietta Materials by 370.0% during the second quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock worth $27,000 after purchasing an additional 37 shares in the last quarter. Reflection Asset Management acquired a new stake in Martin Marietta Materials in the 4th quarter worth about $35,000. EFG International AG acquired a new position in shares of Martin Marietta Materials during the second quarter valued at approximately $39,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Martin Marietta Materials in the second quarter worth approximately $39,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Trading Down 0.2%

NYSE:MLM traded down $0.75 on Thursday, reaching $478.26. The company's stock had a trading volume of 361,471 shares, compared to its average volume of 591,708. Martin Marietta Materials, Inc. has a 12-month low of $470.19 and a 12-month high of $710.97. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. The firm has a market cap of $28.73 billion, a price-to-earnings ratio of 11.76, a price-to-earnings-growth ratio of 2.33 and a beta of 1.08. The stock has a 50 day moving average price of $515.87 and a 200 day moving average price of $561.70.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts' consensus estimates of $4.76 by $0.24. The business had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company's revenue was up 21.0% compared to the same quarter last year. During the same period in the prior year, the business posted $5.43 EPS. On average, equities analysts anticipate that Martin Marietta Materials, Inc. will post 17.77 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

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

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Weiss Ratings cut shares of Martin Marietta Materials from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 3rd. UBS Group set a $662.00 price objective on shares of Martin Marietta Materials in a report on Thursday. Wolfe Research set a $648.00 target price on Martin Marietta Materials in a report on Tuesday, August 4th. DA Davidson started coverage on Martin Marietta Materials in a report on Monday, August 24th. They issued a "neutral" rating and a $625.00 price target for the company. Finally, JPMorgan Chase & Co. upgraded Martin Marietta Materials from a "neutral" rating to an "overweight" rating and set a $680.00 price objective on the stock in a research report on Wednesday, September 2nd. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Martin Marietta Materials currently has an average rating of "Moderate Buy" and a consensus target price of $651.76.

Martin Marietta Materials Profile

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company's principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.

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