M&T Bank Corp Raises Position in Martin Marietta Materials, Inc. $MLM

Key Points

• M&T Bank Corp boosted its stake in Martin Marietta by 403.9% in Q4, acquiring an additional 57,721 shares to hold 72,011 shares worth about $44.84 million (roughly 0.12% of the company).
• Analyst sentiment is mixed but leans positive with a consensus rating of "Moderate Buy" and an average target price of $692.06, while individual targets range from about $640 to $804.
• Martin Marietta recently missed quarterly estimates (EPS $4.62 vs. $4.81 and revenue $1.53B vs. $1.66B) despite 9.3% YoY revenue growth, and it pays a quarterly dividend of $0.83 ($3.32 annual, ~0.5% yield).

M&T Bank Corp increased its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 403.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 72,011 shares of the construction company's stock after purchasing an additional 57,721 shares during the quarter. M&T Bank Corp owned 0.12% of Martin Marietta Materials worth $44,838,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in MLM. Integrated Wealth Concepts LLC raised its position in Martin Marietta Materials by 6.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock worth $379,000 after purchasing an additional 49 shares during the period. Empowered Funds LLC raised its position in Martin Marietta Materials by 11.4% in the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock worth $673,000 after purchasing an additional 144 shares during the period. Sivia Capital Partners LLC raised its position in Martin Marietta Materials by 11.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock worth $280,000 after purchasing an additional 51 shares during the period. EverSource Wealth Advisors LLC raised its position in Martin Marietta Materials by 205.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock worth $143,000 after purchasing an additional 175 shares during the period. Finally, Cresset Asset Management LLC raised its position in Martin Marietta Materials by 22.6% in the 2nd quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock worth $427,000 after purchasing an additional 143 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Citigroup lifted their target price on shares of Martin Marietta Materials from $780.00 to $804.00 and gave the stock a "buy" rating in a research report on Monday, March 2nd. Jefferies Financial Group reissued a "buy" rating and issued a $785.00 price target on shares of Martin Marietta Materials in a report on Thursday, February 26th. Loop Capital lowered shares of Martin Marietta Materials from a "buy" rating to a "hold" rating and set a $690.00 price target on the stock. in a report on Wednesday, January 28th. Truist Financial set a $710.00 price target on shares of Martin Marietta Materials in a report on Thursday, February 12th. Finally, Barclays cut their price target on shares of Martin Marietta Materials from $675.00 to $640.00 and set an "overweight" rating on the stock in a report on Tuesday, March 31st. Nine investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $692.06.

Martin Marietta Materials Price Performance

Shares of Martin Marietta Materials stock opened at $611.26 on Thursday. The firm has a market cap of $36.83 billion, a PE ratio of 32.51, a price-to-earnings-growth ratio of 2.22 and a beta of 1.19. Martin Marietta Materials, Inc. has a 12-month low of $490.31 and a 12-month high of $710.97. The company has a quick ratio of 2.36, a current ratio of 3.57 and a debt-to-equity ratio of 0.53. The company's fifty day simple moving average is $621.96 and its two-hundred day simple moving average is $628.83.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The construction company reported $4.62 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.81 by ($0.19). The firm had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. Martin Marietta Materials had a return on equity of 10.86% and a net margin of 17.38%.Martin Marietta Materials's revenue was up 9.3% on a year-over-year basis. During the same period last year, the business earned $4.79 EPS. As a group, equities analysts expect that Martin Marietta Materials, Inc. will post 19.85 EPS for the current year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 2nd were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. Martin Marietta Materials's payout ratio is presently 17.66%.

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.

Want to see what other hedge funds are holding MLM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Martin Marietta Materials, Inc. (NYSE:MLM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.