Steginsky Capital LLC Sells 3,528 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Steginsky Capital reduced its Martin Marietta Materials stake by 2.5%, selling 3,528 shares and retaining 135,021 shares valued at approximately $64.8 million. The stock remains about 10.6% of the fund’s portfolio.
• MLM shares fell to $478.78, near their 52-week low of $470.19 and well below the $710.97 high. Analysts maintain a “Moderate Buy” consensus with an average price target of $654.88, despite several recent target-price cuts and one sell rating.
• Martin Marietta exceeded quarterly earnings and revenue expectations, reporting $5.00 in EPS and $1.95 billion in revenue, while revenue rose 21% year over year. The company also increased its quarterly dividend to $0.84 per share, or $3.36 annually.

Steginsky Capital LLC lowered its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 2.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 135,021 shares of the construction company's stock after selling 3,528 shares during the period. Martin Marietta Materials makes up approximately 10.6% of Steginsky Capital LLC's portfolio, making the stock its 5th biggest holding. Steginsky Capital LLC owned about 0.22% of Martin Marietta Materials worth $64,784,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in Martin Marietta Materials during the second quarter worth $2,706,134,000. Bank of America Corp DE bought a new stake in shares of Martin Marietta Materials in the 2nd quarter worth $1,411,047,000. Victory Capital Management Inc. raised its holdings 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 valued at $1,524,853,000 after purchasing an additional 836,120 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Martin Marietta Materials in the second quarter valued at about $199,321,000. Finally, Legal & General Group Plc bought a new position in shares of Martin Marietta Materials during the second quarter valued at about $143,897,000. Institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Stock Performance

Shares of MLM traded down $10.23 during trading hours on Wednesday, hitting $478.78. The company's stock had a trading volume of 249,505 shares, compared to its average volume of 591,229. The business has a 50 day simple moving average of $517.69 and a two-hundred day simple moving average of $562.33. Martin Marietta Materials, Inc. has a 52-week low of $470.19 and a 52-week high of $710.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The company has a market cap of $28.76 billion, a price-to-earnings ratio of 11.77, a PEG ratio of 2.31 and a beta of 1.08.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced 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. The company had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The firm's quarterly revenue was up 21.0% compared to the same quarter last year. During the same period in the previous year, the business earned $5.43 earnings per share. On average, equities analysts expect that Martin Marietta Materials, Inc. will post 17.77 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were paid a dividend of $0.84 per share. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend was Tuesday, September 1st. Martin Marietta Materials's dividend payout ratio is presently 8.26%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein downgraded shares of Martin Marietta Materials to an "underweight" rating in a research report on Wednesday, September 2nd. Truist Financial reduced their target price on Martin Marietta Materials from $730.00 to $625.00 and set a "buy" rating for the company in a report on Monday. Wall Street Zen downgraded Martin Marietta Materials from a "hold" rating to a "sell" rating in a research report on Tuesday, July 28th. Raymond James Financial set a $660.00 price target on Martin Marietta Materials in a report on Friday, July 31st. Finally, Citigroup cut their price objective on Martin Marietta Materials from $690.00 to $610.00 and set a "buy" rating on the stock in a research report on Friday, October 2nd. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Martin Marietta Materials currently has an average rating of "Moderate Buy" and an average target price of $654.88.

Martin Marietta Materials Profile

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company's principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.

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