Nordea Investment Management AB Sells 1,382 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Nordea Investment Management AB reduced its stake in Martin Marietta Materials by 9.8% during Q2, selling 1,382 shares and leaving the fund with 12,726 shares valued at approximately $6.99 million.
• Multiple research analysts have increased their price targets for Martin Marietta Materials, with Barclays raising it from $600 to $675 and DA Davidson from $625 to $700, reflecting positive market sentiment.
• The company declared a quarterly dividend of $0.83 per share, up from the previous $0.79, indicating a positive change in its dividend policy.

Nordea Investment Management AB cut its stake in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 9.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,726 shares of the construction company's stock after selling 1,382 shares during the period. Nordea Investment Management AB's holdings in Martin Marietta Materials were worth $6,988,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MLM. GAMMA Investing LLC grew its holdings in shares of Martin Marietta Materials by 22.7% in the first quarter. GAMMA Investing LLC now owns 1,459 shares of the construction company's stock worth $698,000 after purchasing an additional 270 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Martin Marietta Materials by 41.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 5,159 shares of the construction company's stock worth $2,467,000 after purchasing an additional 1,505 shares during the last quarter. Exchange Traded Concepts LLC grew its holdings in shares of Martin Marietta Materials by 23.0% in the first quarter. Exchange Traded Concepts LLC now owns 454 shares of the construction company's stock worth $217,000 after purchasing an additional 85 shares during the last quarter. Intact Investment Management Inc. grew its holdings in shares of Martin Marietta Materials by 33.3% in the first quarter. Intact Investment Management Inc. now owns 1,600 shares of the construction company's stock worth $765,000 after purchasing an additional 400 shares during the last quarter. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new position in shares of Martin Marietta Materials in the first quarter worth about $853,000. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays upped their price target on shares of Martin Marietta Materials from $600.00 to $675.00 and gave the stock an "overweight" rating in a report on Monday. Royal Bank Of Canada reiterated a "sector perform" rating and set a $525.00 target price (up from $515.00) on shares of Martin Marietta Materials in a report on Friday, August 8th. Raymond James Financial increased their target price on shares of Martin Marietta Materials from $600.00 to $645.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. DA Davidson increased their target price on shares of Martin Marietta Materials from $625.00 to $700.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Finally, Stephens reiterated an "overweight" rating and set a $700.00 target price on shares of Martin Marietta Materials in a report on Monday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $626.38.

Martin Marietta Materials Stock Performance

MLM stock opened at $627.19 on Tuesday. The firm has a market cap of $37.83 billion, a price-to-earnings ratio of 34.79, a PEG ratio of 5.67 and a beta of 1.01. The firm has a 50-day simple moving average of $619.68 and a two-hundred day simple moving average of $570.36. Martin Marietta Materials, Inc. has a one year low of $441.95 and a one year high of $665.18. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.21 and a current ratio of 2.35.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The construction company reported $5.43 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 net margin of 16.47% and a return on equity of 11.88%. The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $4.76 earnings per share. Martin Marietta Materials has set its FY 2025 guidance at EPS. On average, equities analysts forecast that Martin Marietta Materials, Inc. will post 19.53 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.79. This represents a $3.32 annualized dividend and a dividend yield of 0.5%. Martin Marietta Materials's payout ratio is currently 18.41%.

Insider Activity at Martin Marietta Materials

In other Martin Marietta Materials news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $613.32, for a total transaction of $636,626.16. Following the completion of the sale, the director directly owned 15,417 shares of the company's stock, valued at approximately $9,455,554.44. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.68% of the company's stock.

Martin Marietta Materials Company Profile

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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