Mitsubishi UFJ Asset Management Co. Ltd. Invests $85 Million in Martin Marietta Materials, Inc. $MLM

Key Points

• Mitsubishi UFJ Asset Management acquired 147,387 Martin Marietta Materials shares worth approximately $85 million, giving it a 0.25% stake. Institutional investors collectively own 95.04% of the company.
• Martin Marietta exceeded quarterly earnings and revenue expectations, reporting $5.00 in EPS and $1.95 billion in revenue, with revenue up 21% year over year.
• The company raised its quarterly dividend to $0.84 per share, while analysts maintain a “Moderate Buy” consensus and an average price target of $668.53.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 147,387 shares of the construction company's stock, valued at approximately $84,998,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.25% of Martin Marietta Materials at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. OneDigital Investment Advisors LLC bought a new position in Martin Marietta Materials in the second quarter valued at approximately $414,000. AMG National Trust Bank acquired a new stake in shares of Martin Marietta Materials in the 2nd quarter valued at $300,000. N.E.W. Advisory Services LLC bought a new position in shares of Martin Marietta Materials in the 2nd quarter valued at $298,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Martin Marietta Materials during the 2nd quarter worth $123,359,000. Finally, Flputnam Investment Management Co. bought a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $239,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Martin Marietta Materials Price Performance

Shares of MLM opened at $524.52 on Wednesday. Martin Marietta Materials, Inc. has a 12-month low of $522.19 and a 12-month high of $710.97. The business has a 50-day simple moving average of $571.62 and a two-hundred day simple moving average of $598.17. 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 stock has a market cap of $31.51 billion, a PE ratio of 12.89, a PEG ratio of 2.37 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $5.00 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 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%.The business's quarterly revenue was up 21.0% on a year-over-year basis. During the same period last year, the company earned $5.43 earnings per share. Analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Oppenheimer initiated coverage on Martin Marietta Materials in a research report on Thursday, May 28th. They issued a "market perform" rating on the stock. Truist Financial increased their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Royal Bank Of Canada reduced their price target on shares of Martin Marietta Materials from $615.00 to $610.00 and set a "sector perform" rating on the stock in a research note on Monday, August 3rd. Weiss Ratings lowered shares of Martin Marietta Materials from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday. Finally, Wells Fargo & Company lowered their price objective on shares of Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating for the company in a research report on Friday, July 31st. Ten analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $668.53.

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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