Montanova Capital LLC Acquires Shares of 26,000 Martin Marietta Materials, Inc. $MLM

Key Points

• Montanova Capital purchased 26,000 shares of Martin Marietta Materials in the second quarter, worth approximately $14.99 million. Institutional investors collectively own 95.04% of the company.
• Martin Marietta shares opened at $518.75, near their 52-week low of $517.65 and well below the 52-week high of $710.97. The stock’s market capitalization is approximately $31.16 billion.
• The company exceeded quarterly earnings and revenue expectations, reporting $5.00 in EPS and $1.95 billion in revenue, while revenue increased 21% year over year. Martin Marietta also raised its quarterly dividend to $0.84, and analysts maintain a “Moderate Buy” consensus with a $665.88 price target.

Montanova Capital LLC purchased a new stake 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 26,000 shares of the construction company's stock, valued at approximately $14,994,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Bank of Nova Scotia bought a new position in shares of Martin Marietta Materials during the second quarter valued at approximately $3,650,000. Northwestern Mutual Wealth Management Co. boosted its stake in Martin Marietta Materials by 14,332.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the construction company's stock worth $48,438,000 after purchasing an additional 77,253 shares in the last quarter. Victory Capital Management Inc. grew its position in Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock valued at $1,524,853,000 after purchasing an additional 836,120 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Martin Marietta Materials by 4.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 126,524 shares of the construction company's stock valued at $80,272,000 after purchasing an additional 5,227 shares during the last quarter. Finally, Stephens Inc. AR increased its position in shares of Martin Marietta Materials by 11.2% during the fourth quarter. Stephens Inc. AR now owns 51,326 shares of the construction company's stock valued at $31,958,000 after acquiring an additional 5,150 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Trading Down 2.3%

Shares of NYSE MLM opened at $518.75 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. The business's 50 day moving average price is $560.97 and its 200-day moving average price is $589.12. Martin Marietta Materials, Inc. has a fifty-two week low of $517.65 and a fifty-two week high of $710.97. The company has a market cap of $31.16 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 2.29 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (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 analysts' expectations 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 revenue was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.43 EPS. On average, sell-side analysts expect that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on MLM shares. Truist Financial upped their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a research note on Monday, May 4th. Berenberg Bank set a $556.00 price target on shares of Martin Marietta Materials and gave the company a "hold" rating in a research report on Tuesday, June 2nd. Wolfe Research set a $648.00 target price on Martin Marietta Materials in a research report on Tuesday, August 4th. UBS Group cut their price target on Martin Marietta Materials from $739.00 to $715.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Finally, Raymond James Financial set a $660.00 target price on shares of Martin Marietta Materials in a research note on Friday, July 31st. Ten analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat.com, Martin Marietta Materials has a consensus rating of "Moderate Buy" and a consensus price target of $665.88.

About Martin Marietta Materials

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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