Martin Marietta Materials, Inc. $MLM Stake Trimmed by Renaissance Investment Group LLC

Key Points

• Renaissance Investment Group LLC reduced its holdings in Martin Marietta Materials, Inc. by 3.9%, selling 619 shares, and now owns 15,227 shares valued at approximately $8.36 million, making it the company's 27th largest holding.
• Martin Marietta recently reported Q2 earnings of $5.43 per share, slightly missing analysts' expectations, with revenue at $1.81 billion compared to the predicted $1.88 billion.
• The company declared a quarterly dividend increase, raising the payout from $0.79 to $0.83, representing an annualized dividend yield of 0.5% and a payout ratio of 18.41%.

Renaissance Investment Group LLC lowered its position in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 3.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 15,227 shares of the construction company's stock after selling 619 shares during the period. Martin Marietta Materials accounts for approximately 1.8% of Renaissance Investment Group LLC's portfolio, making the stock its 27th biggest holding. Renaissance Investment Group LLC's holdings in Martin Marietta Materials were worth $8,359,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Czech National Bank raised its position in shares of Martin Marietta Materials by 5.0% during the 2nd quarter. Czech National Bank now owns 14,735 shares of the construction company's stock worth $8,089,000 after acquiring an additional 698 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in Martin Marietta Materials by 1.8% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,205 shares of the construction company's stock valued at $661,000 after purchasing an additional 21 shares during the last quarter. Little House Capital LLC increased its stake in Martin Marietta Materials by 24.9% during the second quarter. Little House Capital LLC now owns 2,358 shares of the construction company's stock worth $1,294,000 after acquiring an additional 470 shares during the last quarter. Everpar Advisors LLC grew its stake in shares of Martin Marietta Materials by 4.2% in the second quarter. Everpar Advisors LLC now owns 821 shares of the construction company's stock valued at $451,000 after buying an additional 33 shares in the last quarter. Finally, RMR Wealth Builders boosted its holdings in Martin Marietta Materials by 8.8% in the second quarter. RMR Wealth Builders now owns 3,654 shares of the construction company's stock valued at $2,006,000 after purchasing an additional 296 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MLM shares. DA Davidson lifted their target price on Martin Marietta Materials from $625.00 to $700.00 and gave the company a "buy" rating in a research note on Monday, August 11th. Stephens reaffirmed an "overweight" rating and issued a $700.00 price target on shares of Martin Marietta Materials in a report on Monday, August 4th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $525.00 price objective (up from $515.00) on shares of Martin Marietta Materials in a research report on Friday, August 8th. Raymond James Financial lifted their target price on Martin Marietta Materials from $600.00 to $645.00 and gave the stock an "outperform" rating in a report on Friday, August 8th. Finally, Bank of America increased their price target on Martin Marietta Materials from $577.00 to $643.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $622.63.

Insiders Place Their Bets

In other Martin Marietta Materials news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $613.32, for a total value of $636,626.16. Following the transaction, the director directly owned 15,417 shares in the company, valued at approximately $9,455,554.44. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.69% of the stock is currently owned by company insiders.

Martin Marietta Materials Stock Performance

Martin Marietta Materials stock traded down $1.99 during mid-day trading on Friday, reaching $618.41. The company's stock had a trading volume of 630,860 shares, compared to its average volume of 361,955. The firm's fifty day moving average price is $599.34 and its two-hundred day moving average price is $547.60. The company has a market capitalization of $37.30 billion, a P/E ratio of 34.30, a PEG ratio of 5.62 and a beta of 0.94. 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, Inc. has a 12-month low of $441.95 and a 12-month high of $633.23.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its earnings results on Thursday, August 7th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.44 by ($0.01). The company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.88 billion. Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%.The firm's revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the firm posted $4.76 earnings per share. Martin Marietta Materials has set its FY 2025 guidance at EPS. Sell-side analysts predict 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 will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.83 per share. The ex-dividend date is Tuesday, September 2nd. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.79. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. Martin Marietta Materials's dividend payout ratio is currently 18.41%.

About Martin Marietta Materials

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.