RDST Capital LLC Acquires Shares of 163,550 Martin Marietta Materials, Inc. $MLM

Key Points

• RDST Capital initiated a position in Martin Marietta Materials by purchasing 163,550 shares valued at approximately $94.3 million, representing 7.8% of its portfolio and 0.27% of MLM’s outstanding shares.
• Analysts maintain a broadly positive view, with a consensus “Moderate Buy” rating and an average price target of $665.29, despite some recent downgrades and reduced targets.
• Martin Marietta beat quarterly earnings and revenue expectations, while revenue rose 21% year over year. The company also raised its quarterly dividend to $0.84 per share, equivalent to a 0.6% annualized yield.

RDST Capital LLC bought a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 163,550 shares of the construction company's stock, valued at approximately $94,319,000. Martin Marietta Materials accounts for 7.8% of RDST Capital LLC's portfolio, making the stock its 3rd largest holding. RDST Capital LLC owned 0.27% of Martin Marietta Materials as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MLM. CoreCap Advisors LLC boosted its position in shares of Martin Marietta Materials by 370.0% in the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock worth $27,000 after purchasing an additional 37 shares during the last quarter. Meeder Asset Management Inc. increased its holdings in Martin Marietta Materials by 67.9% in the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company's stock valued at $28,000 after purchasing an additional 19 shares during the last quarter. Garton & Associates Financial Advisors LLC acquired a new position in Martin Marietta Materials in the fourth quarter valued at about $31,000. Reflection Asset Management acquired a new position in Martin Marietta Materials in the fourth quarter valued at about $35,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Martin Marietta Materials during the 2nd quarter worth about $37,000. Institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

MLM has been the topic of a number of recent analyst reports. DA Davidson set a $625.00 price target on shares of Martin Marietta Materials in a research report on Monday. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the company a "hold" rating in a research report on Tuesday, June 2nd. Weiss Ratings downgraded Martin Marietta Materials from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Monday, August 17th. Wolfe Research set a $648.00 target price on Martin Marietta Materials in a report on Tuesday, August 4th. Finally, Royal Bank Of Canada decreased their target price on Martin Marietta Materials from $615.00 to $610.00 and set a "sector perform" rating for the company in a research note on Monday, August 3rd. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Martin Marietta Materials has a consensus rating of "Moderate Buy" and an average price target of $665.29.

Martin Marietta Materials Stock Performance

Shares of MLM opened at $532.96 on Tuesday. 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 twelve month low of $522.19 and a twelve month high of $710.97. The firm's 50 day moving average price is $568.55 and its two-hundred day moving average price is $594.70. The firm has a market cap of $32.01 billion, a P/E ratio of 13.09, a PEG ratio of 2.31 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, beating the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter in the prior year, the company earned $5.43 earnings per share. The business's quarterly revenue was up 21.0% compared to the same quarter last year. On average, analysts forecast that Martin Marietta Materials, Inc. will post 19.07 EPS 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. Investors of record on Tuesday, September 1st will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.83. Martin Marietta Materials's dividend payout ratio (DPR) is currently 8.16%.

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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