SummitTX Capital L.P. Sells 19,148 Shares of Martin Marietta Materials, Inc. $MLM

SummitTX Capital L.P. lowered its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 76.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,800 shares of the construction company's stock after selling 19,148 shares during the period. SummitTX Capital L.P.'s holdings in Martin Marietta Materials were worth $3,414,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. lifted its stake in 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 worth $1,524,853,000 after acquiring an additional 836,120 shares during the period. Bank of America Corp DE grew its holdings in Martin Marietta Materials by 31.9% during the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock worth $1,284,938,000 after acquiring an additional 565,856 shares in the last quarter. Geode Capital Management LLC increased its position in Martin Marietta Materials by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company's stock valued at $963,406,000 after purchasing an additional 10,743 shares during the period. Morgan Stanley increased its position in Martin Marietta Materials by 5.3% during the 4th quarter. Morgan Stanley now owns 1,367,016 shares of the construction company's stock valued at $851,188,000 after purchasing an additional 68,382 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Martin Marietta Materials by 9.3% in the 4th quarter. Invesco Ltd. now owns 769,904 shares of the construction company's stock valued at $479,389,000 after purchasing an additional 65,623 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

Martin Marietta Materials Stock Up 2.4%

Shares of Martin Marietta Materials stock opened at $573.11 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 2.28 and a debt-to-equity ratio of 0.47. The company has a market cap of $34.41 billion, a P/E ratio of 13.66, a PEG ratio of 2.37 and a beta of 1.10. The firm's 50 day moving average price is $576.33 and its 200-day moving average price is $609.45. Martin Marietta Materials, Inc. has a 52-week low of $525.38 and a 52-week high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, beating analysts' consensus estimates of $1.78 by $0.15. The company had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. Martin Marietta Materials's revenue for the quarter was up 17.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.90 earnings per share. On average, sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.43 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.6%. Martin Marietta Materials's dividend payout ratio is presently 7.91%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MLM shares. Wall Street Zen cut shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research report on Tuesday. UBS Group set a $739.00 price objective on shares of Martin Marietta Materials in a report on Sunday, May 10th. B. Riley Financial raised shares of Martin Marietta Materials from a "neutral" rating to a "buy" rating and set a $700.00 price objective for the company in a research note on Thursday, April 2nd. Barclays lowered their target price on Martin Marietta Materials from $675.00 to $640.00 and set an "overweight" rating for the company in a report on Tuesday, March 31st. Finally, Weiss Ratings raised Martin Marietta Materials from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, June 25th. Eleven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, Martin Marietta Materials currently has a consensus rating of "Moderate Buy" and an average target price of $681.53.

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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