Public Employees Retirement System of Ohio Takes $9.82 Million Position in Martin Marietta Materials, Inc. $MLM

Key Points

• Public Employees Retirement System of Ohio acquired 17,027 shares of Martin Marietta Materials worth approximately $9.82 million in the second quarter. Institutional investors collectively own 95.04% of the company.
• Martin Marietta exceeded quarterly expectations, reporting $5.00 in earnings per share and $1.95 billion in revenue, with revenue up 21% year over year.
• The company raised its quarterly dividend to $0.84 per share, or $3.36 annually, while analysts maintain a “Moderate Buy” consensus and an average price target of $665.88.

Public Employees Retirement System of Ohio bought a new position in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 17,027 shares of the construction company's stock, valued at approximately $9,819,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Integrated Wealth Concepts LLC grew its holdings in Martin Marietta Materials by 6.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock valued at $379,000 after buying an additional 49 shares in the last quarter. Empowered Funds LLC raised its holdings in shares of Martin Marietta Materials by 11.4% during the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock worth $673,000 after acquiring an additional 144 shares in the last quarter. Sivia Capital Partners LLC boosted its position in shares of Martin Marietta Materials by 11.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock valued at $280,000 after acquiring an additional 51 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Martin Marietta Materials by 205.9% in the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock valued at $143,000 after purchasing an additional 175 shares in the last quarter. Finally, Cresset Asset Management LLC grew its holdings in shares of Martin Marietta Materials by 22.6% in the second quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock valued at $427,000 after purchasing an additional 143 shares in the last quarter. Institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Price Performance

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

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts' consensus estimates of $4.76 by $0.24. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.43 earnings per share. Equities analysts predict that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wolfe Research set a $648.00 target price on shares of Martin Marietta Materials in a report on Tuesday, August 4th. Oppenheimer started coverage on Martin Marietta Materials in a research report on Thursday, May 28th. They set a "market perform" rating on the stock. Wall Street Zen lowered Martin Marietta Materials from a "hold" rating to a "sell" rating in a report on Tuesday, July 28th. Berenberg Bank set a $556.00 price target on shares of Martin Marietta Materials and gave the company a "hold" rating in a report on Tuesday, June 2nd. Finally, Weiss Ratings lowered shares of Martin Marietta Materials from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday, August 17th. Ten equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $665.88.

Martin Marietta Materials Company 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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