Victory Capital Management Inc. Increases Holdings in Martin Marietta Materials, Inc. $MLM

Key Points

• Victory Capital Management boosted its stake in Martin Marietta Materials by 51.8% in the fourth quarter, buying 836,120 additional shares and bringing its total holding to 2.45 million shares worth about $1.52 billion.
• Martin Marietta Materials reported better-than-expected quarterly results, posting EPS of $1.93 versus estimates of $1.78 and revenue of $1.36 billion versus $1.31 billion expected. Revenue rose 17.2% year over year.
• The company declared a quarterly dividend of $0.83 per share, payable June 30, and analysts currently have a Moderate Buy consensus rating with an average price target of $681.94.

Victory Capital Management Inc. lifted its position in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 51.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,448,928 shares of the construction company's stock after purchasing an additional 836,120 shares during the period. Martin Marietta Materials accounts for about 0.9% of Victory Capital Management Inc.'s investment portfolio, making the stock its 13th biggest position. Victory Capital Management Inc. owned approximately 4.06% of Martin Marietta Materials worth $1,524,853,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in Martin Marietta Materials by 6.6% during the first quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock worth $379,000 after buying an additional 49 shares during the period. Empowered Funds LLC lifted its holdings in Martin Marietta Materials by 11.4% during the first quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock worth $673,000 after buying an additional 144 shares during the period. Sivia Capital Partners LLC lifted its holdings in Martin Marietta Materials by 11.1% during the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock worth $280,000 after buying an additional 51 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in Martin Marietta Materials by 205.9% during the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock worth $143,000 after buying an additional 175 shares during the period. Finally, Cresset Asset Management LLC lifted its holdings in Martin Marietta Materials by 22.6% during the second quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock worth $427,000 after buying an additional 143 shares during the period. Hedge funds and other institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $575.51 on Friday. The business's fifty day simple moving average is $589.47 and its 200-day simple moving average is $618.88. The company has a market cap of $34.56 billion, a PE ratio of 13.72, a PEG ratio of 2.40 and a beta of 1.10. The company has a current ratio of 2.28, a quick ratio of 1.11 and a debt-to-equity ratio of 0.47. Martin Marietta Materials, Inc. has a 12-month low of $525.38 and a 12-month high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.78 by $0.15. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.The business's quarterly revenue was up 17.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.90 earnings per share. Analysts expect that Martin Marietta Materials, Inc. will post 19.41 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is 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%.

Analyst Upgrades and Downgrades

MLM has been the subject of a number of analyst reports. Berenberg Bank set a $556.00 target price on Martin Marietta Materials and gave the stock a "hold" rating in a report on Tuesday, June 2nd. Wall Street Zen lowered Martin Marietta Materials from a "hold" rating to a "sell" rating in a report on Saturday, June 6th. Weiss Ratings lowered Martin Marietta Materials from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday. Raymond James Financial set a $690.00 target price on Martin Marietta Materials in a report on Monday, April 27th. Finally, Truist Financial upped their target price on Martin Marietta Materials from $710.00 to $730.00 and gave the stock a "buy" rating in a report on Monday, May 4th. Ten research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $681.94.

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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