Martin Marietta Materials, Inc. (NYSE:MLM) Shares Purchased by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its stake in Martin Marietta Materials by 21.4%, owning approximately 0.07% of the company valued at about $19,948,000 after acquiring additional shares.
• Martin Marietta Materials has a current market capitalization of $36.67 billion and recently declared a quarterly dividend of $0.79, representing an annualized dividend of $3.16 with a yield of 0.5%.
• Wall Street analysts have mixed ratings on Martin Marietta Materials, with a consensus rating of "Moderate Buy" and a target price around $608.40, reflecting various ratings from "sell" to "strong buy."

PNC Financial Services Group Inc. raised its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 21.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 41,720 shares of the construction company's stock after buying an additional 7,341 shares during the period. PNC Financial Services Group Inc. owned about 0.07% of Martin Marietta Materials worth $19,948,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. OneDigital Investment Advisors LLC boosted its holdings in shares of Martin Marietta Materials by 1.9% during the 4th quarter. OneDigital Investment Advisors LLC now owns 1,020 shares of the construction company's stock valued at $527,000 after purchasing an additional 19 shares during the last quarter. Net Worth Advisory Group lifted its stake in Martin Marietta Materials by 2.2% in the first quarter. Net Worth Advisory Group now owns 993 shares of the construction company's stock worth $475,000 after purchasing an additional 21 shares during the last quarter. PDS Planning Inc increased its position in shares of Martin Marietta Materials by 4.9% during the first quarter. PDS Planning Inc now owns 452 shares of the construction company's stock worth $216,000 after acquiring an additional 21 shares during the period. Financial Management Professionals Inc. increased its position in shares of Martin Marietta Materials by 3.5% during the first quarter. Financial Management Professionals Inc. now owns 652 shares of the construction company's stock worth $312,000 after acquiring an additional 22 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Martin Marietta Materials by 5.4% during the fourth quarter. Wellington Management Group LLP now owns 448 shares of the construction company's stock valued at $231,000 after buying an additional 23 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Price Performance

NYSE MLM traded down $8.05 during trading hours on Wednesday, hitting $599.45. 618,391 shares of the company's stock traded hands, compared to its average volume of 374,343. The firm's 50-day moving average is $558.08 and its 200-day moving average is $527.27. Martin Marietta Materials, Inc. has a 52-week low of $441.95 and a 52-week high of $633.23. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.25 and a quick ratio of 0.99. The company has a market capitalization of $36.13 billion, a PE ratio of 34.53, a PEG ratio of 5.55 and a beta of 0.89.

Martin Marietta Materials Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have issued reports on MLM. Stephens reaffirmed an "overweight" rating and issued a $700.00 price target on shares of Martin Marietta Materials in a report on Monday. Stifel Nicolaus boosted their target price on shares of Martin Marietta Materials from $559.00 to $609.00 and gave the company a "buy" rating in a research report on Thursday, May 1st. UBS Group upgraded shares of Martin Marietta Materials from a "neutral" rating to a "buy" rating and boosted their target price for the company from $548.00 to $634.00 in a research report on Friday, May 16th. Wall Street Zen cut shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a report on Saturday, May 31st. Finally, Morgan Stanley lifted their price objective on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $611.73.

Martin Marietta Materials 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.