Teacher Retirement System of Texas Grows Stock Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

Teacher Retirement System of Texas increased its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 1,462.1% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 8,935 shares of the construction company's stock after purchasing an additional 8,363 shares during the period. Teacher Retirement System of Texas' holdings in Martin Marietta Materials were worth $4,272,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Sunbeam Capital Management LLC purchased a new position in shares of Martin Marietta Materials during the 4th quarter worth approximately $235,000. Waverly Advisors LLC boosted its position in shares of Martin Marietta Materials by 78.9% during the 4th quarter. Waverly Advisors LLC now owns 1,041 shares of the construction company's stock worth $538,000 after purchasing an additional 459 shares during the period. Mather Group LLC. boosted its position in shares of Martin Marietta Materials by 65.5% during the 1st quarter. Mather Group LLC. now owns 278 shares of the construction company's stock worth $133,000 after purchasing an additional 110 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Martin Marietta Materials by 1.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,007 shares of the construction company's stock worth $1,457,000 after purchasing an additional 40 shares during the period. Finally, Vontobel Holding Ltd. boosted its position in shares of Martin Marietta Materials by 30.5% during the 1st quarter. Vontobel Holding Ltd. now owns 933 shares of the construction company's stock worth $446,000 after purchasing an additional 218 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on MLM shares. Wall Street Zen cut Martin Marietta Materials from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. JPMorgan Chase & Co. cut Martin Marietta Materials from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $640.00 to $560.00 in a research note on Wednesday, March 19th. Raymond James Financial lowered their target price on Martin Marietta Materials from $600.00 to $597.00 and set an "outperform" rating for the company in a research note on Tuesday, April 29th. Seaport Res Ptn raised Martin Marietta Materials to a "strong-buy" rating in a research note on Friday, March 21st. Finally, Loop Capital reduced their price objective on shares of Martin Marietta Materials from $645.00 to $615.00 and set a "buy" rating on the stock in a report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Martin Marietta Materials has an average rating of "Moderate Buy" and a consensus price target of $603.86.

Martin Marietta Materials Stock Performance

Shares of NYSE:MLM traded down $3.01 during midday trading on Friday, hitting $561.37. The stock had a trading volume of 269,548 shares, compared to its average volume of 477,904. The company has a market capitalization of $33.84 billion, a PE ratio of 32.34, a P/E/G ratio of 5.15 and a beta of 0.87. The stock has a 50 day moving average price of $551.11 and a two-hundred day moving average price of $521.08. The company has a current ratio of 2.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58. Martin Marietta Materials, Inc. has a 1 year low of $441.95 and a 1 year high of $633.23.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The construction company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.02. The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.36 billion. Martin Marietta Materials had a net margin of 16.07% and a return on equity of 12.01%. The business's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.93 earnings per share. As a group, equities analysts predict that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date of this dividend was Monday, June 2nd. Martin Marietta Materials's dividend payout ratio is currently 18.20%.

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.