Martin Marietta Materials, Inc. (NYSE:MLM) Shares Sold by Bornite Capital Management LP

Key Points

• Bornite Capital Management LP drastically reduced its stake in Martin Marietta Materials by 96.7%, selling 58,000 shares and now owning only 2,000 shares valued at approximately $956,000.
• Multiple analysts have raised their price targets for Martin Marietta Materials, with Raymond James increasing its target from $600.00 to $645.00 and UBS upgrading its rating from "neutral" to "buy" with a new target of $634.00.
• Martin Marietta Materials reported $5.43 earnings per share for the last quarter, slightly missing the consensus estimate, while its revenue of $1.81 billion also fell short of expectations.

Bornite Capital Management LP lowered its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 96.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,000 shares of the construction company's stock after selling 58,000 shares during the period. Martin Marietta Materials accounts for approximately 0.2% of Bornite Capital Management LP's portfolio, making the stock its 24th largest position. Bornite Capital Management LP's holdings in Martin Marietta Materials were worth $956,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Martin Marietta Materials by 2.3% during the first quarter. Vanguard Group Inc. now owns 7,342,358 shares of the construction company's stock worth $3,510,602,000 after purchasing an additional 168,175 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Martin Marietta Materials by 10.1% during the first quarter. JPMorgan Chase & Co. now owns 2,944,694 shares of the construction company's stock worth $1,407,947,000 after purchasing an additional 268,928 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Martin Marietta Materials by 6.6% during the first quarter. Principal Financial Group Inc. now owns 1,940,423 shares of the construction company's stock worth $927,775,000 after purchasing an additional 120,679 shares in the last quarter. Alkeon Capital Management LLC grew its stake in shares of Martin Marietta Materials by 46.6% during the fourth quarter. Alkeon Capital Management LLC now owns 771,198 shares of the construction company's stock worth $398,324,000 after purchasing an additional 245,000 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in Martin Marietta Materials by 58,570.5% in the first quarter. GAMMA Investing LLC now owns 697,592 shares of the construction company's stock valued at $333,540,000 after acquiring an additional 696,403 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on MLM. Raymond James Financial upped their price objective on shares of Martin Marietta Materials from $600.00 to $645.00 and gave the company an "outperform" rating in a research note on Friday. Stifel Nicolaus upped their price objective on shares of Martin Marietta Materials from $559.00 to $609.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Royal Bank Of Canada restated a "sector perform" rating and issued a $525.00 price objective (up previously from $515.00) on shares of Martin Marietta Materials in a research note on Friday. UBS Group upgraded shares of Martin Marietta Materials from a "neutral" rating to a "buy" rating and upped their price objective for the company from $548.00 to $634.00 in a research note on Friday, May 16th. Finally, Morgan Stanley upped their price objective on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $615.60.

Martin Marietta Materials Price Performance

Shares of MLM opened at $612.09 on Friday. Martin Marietta Materials, Inc. has a fifty-two week low of $441.95 and a fifty-two week high of $633.23. The company has a market capitalization of $36.90 billion, a price-to-earnings ratio of 33.95, a price-to-earnings-growth ratio of 5.59 and a beta of 0.89. The firm has a 50-day simple moving average of $561.39 and a 200-day simple moving average of $528.42. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.99 and a current ratio of 2.35.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.44 by ($0.01). The firm had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.88 billion. Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%. The company's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the company earned $4.76 earnings per share. On average, equities research analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, June 2nd. Martin Marietta Materials's dividend payout ratio is currently 18.20%.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.

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