PNC Financial Services Group Inc. Sells 2,022 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• PNC Financial Services trimmed its stake in Martin Marietta Materials by 5.2% in the first quarter, selling 2,022 shares and leaving it with 36,938 shares valued at about $21.7 million.
• Other institutional investors remain heavily involved in MLM, with 95.04% of the stock owned by institutions; several large funds, including Victory Capital and Bank of America, also increased their positions recently.
• Martin Marietta reported strong quarterly results, beating EPS and revenue estimates, and analysts remain broadly positive with an average Moderate Buy rating and a consensus price target of $681.53.

PNC Financial Services Group Inc. decreased its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 5.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,938 shares of the construction company's stock after selling 2,022 shares during the period. PNC Financial Services Group Inc. owned 0.06% of Martin Marietta Materials worth $21,745,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MLM. Victory Capital Management Inc. increased its stake in shares of Martin Marietta Materials by 51.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after purchasing an additional 836,120 shares during the period. Norges Bank bought a new stake in Martin Marietta Materials during the 4th quarter valued at approximately $354,681,000. Bank of America Corp DE boosted its stake in Martin Marietta Materials by 31.9% during the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock valued at $1,284,938,000 after purchasing an additional 565,856 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Martin Marietta Materials by 241.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 303,031 shares of the construction company's stock valued at $188,686,000 after buying an additional 214,270 shares during the last quarter. Finally, Interval Partners LP acquired a new stake in Martin Marietta Materials in the 4th quarter valued at approximately $128,996,000. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MLM shares. Oppenheimer initiated coverage on shares of Martin Marietta Materials in a research report on Thursday, May 28th. They set a "market perform" rating on the stock. UBS Group set a $739.00 price target on shares of Martin Marietta Materials in a research report on Sunday, May 10th. Raymond James Financial dropped their price objective on shares of Martin Marietta Materials from $690.00 to $675.00 and set an "outperform" rating on the stock in a report on Wednesday, July 15th. Weiss Ratings raised Martin Marietta Materials from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, June 25th. Finally, Truist Financial boosted their price objective on Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Eleven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $681.53.

Martin Marietta Materials Price Performance

NYSE:MLM opened at $560.71 on Friday. The firm has a market cap of $33.67 billion, a PE ratio of 13.36, a price-to-earnings-growth ratio of 2.32 and a beta of 1.10. The company's 50-day moving average price is $575.98 and its two-hundred day moving average price is $610.19. The company has a quick ratio of 1.11, a current ratio of 2.28 and a debt-to-equity ratio of 0.47. Martin Marietta Materials, Inc. has a 12 month low of $525.38 and a 12 month high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.78 by $0.15. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.Martin Marietta Materials's revenue was up 17.2% compared to the same quarter last year. During the same period in the previous year, the business earned $1.90 EPS. On average, equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.43 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials's dividend payout ratio is currently 7.91%.

Martin Marietta Materials 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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