Select Equity Group L.P. Sells 217,343 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Select Equity Group L.P. reduced its holdings in Martin Marietta Materials by 15.4%, now owning approximately 1.19 million shares worth about $569.64 million.
• Several analysts have raised their price targets for Martin Marietta Materials, with a consensus average target of $622.63 and a rating of "Moderate Buy."
• Martin Marietta recently announced an increase in its quarterly dividend to $0.83, signaling positive growth and a more favorable payout ratio of 18.41%.

Select Equity Group L.P. lessened its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 15.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,191,400 shares of the construction company's stock after selling 217,343 shares during the period. Martin Marietta Materials makes up about 2.4% of Select Equity Group L.P.'s investment portfolio, making the stock its 12th largest holding. Select Equity Group L.P. owned 1.98% of Martin Marietta Materials worth $569,644,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Net Worth Advisory Group increased its position in Martin Marietta Materials by 2.2% during the 1st quarter. Net Worth Advisory Group now owns 993 shares of the construction company's stock valued at $475,000 after buying an additional 21 shares in the last quarter. PDS Planning Inc increased its position in Martin Marietta Materials by 4.9% during the 1st quarter. PDS Planning Inc now owns 452 shares of the construction company's stock valued at $216,000 after buying an additional 21 shares in the last quarter. Financial Management Professionals Inc. increased its position in Martin Marietta Materials by 3.5% during the 1st quarter. Financial Management Professionals Inc. now owns 652 shares of the construction company's stock valued at $312,000 after buying an additional 22 shares in the last quarter. Wellington Management Group LLP boosted its stake in Martin Marietta Materials by 5.4% during the 4th quarter. Wellington Management Group LLP now owns 448 shares of the construction company's stock valued at $231,000 after purchasing an additional 23 shares during the last quarter. Finally, First American Bank boosted its stake in Martin Marietta Materials by 1.3% during the 1st quarter. First American Bank now owns 1,966 shares of the construction company's stock valued at $940,000 after purchasing an additional 25 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

Insider Buying and Selling

In related news, Director Laree E. Perez sold 1,038 shares of the firm's stock in a transaction on Friday, August 8th. The stock was 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 of the company's stock, valued at approximately $9,455,554.44. This trade represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.68% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Bank of America increased their target price on Martin Marietta Materials from $577.00 to $643.00 and gave the company a "neutral" rating in a research note on Tuesday, August 5th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $525.00 target price (up from $515.00) on shares of Martin Marietta Materials in a research note on Friday, August 8th. Stephens reiterated an "overweight" rating and set a $700.00 target price on shares of Martin Marietta Materials in a research note on Monday, August 4th. Stifel Nicolaus increased their target price on Martin Marietta Materials from $609.00 to $637.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen upgraded Martin Marietta Materials from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Two equities 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 company's stock. According to data from MarketBeat.com, Martin Marietta Materials presently has a consensus rating of "Moderate Buy" and a consensus price target of $622.63.

Martin Marietta Materials Stock Performance

Shares of MLM stock traded up $3.09 on Wednesday, reaching $617.31. The stock had a trading volume of 283,139 shares, compared to its average volume of 473,479. The stock has a market cap of $37.23 billion, a P/E ratio of 34.24, a price-to-earnings-growth ratio of 5.68 and a beta of 0.94. Martin Marietta Materials, Inc. has a 1 year low of $441.95 and a 1 year high of $633.23. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.21 and a current ratio of 2.35. The company has a 50 day simple moving average of $590.28 and a 200 day simple moving average of $540.52.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its earnings results on Thursday, August 7th. The construction company reported $5.43 EPS for the quarter, missing analysts' consensus estimates of $5.44 by ($0.01). Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%.The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the prior year, the business posted $4.76 earnings per share. Martin Marietta Materials's revenue for the quarter was up 2.7% compared to the same quarter last year. Martin Marietta Materials has set its FY 2025 guidance at EPS. Equities research analysts expect that Martin Marietta Materials, Inc. will post 19.53 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be issued a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.32 dividend on an annualized basis and a yield of 0.5%. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.79. Martin Marietta Materials's payout ratio is 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.