Martin Marietta Materials, Inc. (NYSE:MLM) Raises Dividend to $0.84 Per Share

Key Points

• Martin Marietta Materials raised its quarterly dividend 1.2% to $0.84 per share, payable September 30 to shareholders of record September 1. The annualized dividend yield is approximately 0.6%, marking the company’s ninth consecutive year of dividend increases.
• The dividend appears well covered, with a payout ratio of 15.3%; analysts expect next year’s earnings of $21.66 per share versus an annual dividend of $3.32.
• In its latest quarter, the company reported $5.00 in EPS and $1.95 billion in revenue, exceeding analyst estimates, while revenue increased 21% year over year. Institutional investors own approximately 95.04% of the company’s stock.

Martin Marietta Materials, Inc. (NYSE:MLM - Get Free Report) declared a quarterly dividend on Thursday, August 13th. Stockholders of record on Tuesday, September 1st will be paid a dividend of 0.84 per share by the construction company on Wednesday, September 30th. This represents a c) annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Tuesday, September 1st. This is a 1.2% increase from Martin Marietta Materials's previous quarterly dividend of $0.83.

Martin Marietta Materials has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 9 consecutive years. Martin Marietta Materials has a payout ratio of 15.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Martin Marietta Materials to earn $21.66 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 15.3%.

Martin Marietta Materials Trading Up 0.4%

NYSE:MLM opened at $545.83 on Friday. The company's 50 day moving average price is $573.43 and its 200-day moving average price is $600.54. Martin Marietta Materials has a 52 week low of $523.48 and a 52 week high of $710.97. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. The stock has a market cap of $32.79 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 2.33 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts' consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the business earned $5.43 EPS. The firm's revenue for the quarter was up 21.0% on a year-over-year basis. On average, equities research analysts forecast that Martin Marietta Materials will post 19.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Martin Marietta Materials during the second quarter valued at approximately $2,706,134,000. Victory Capital Management Inc. increased its stake in shares of Martin Marietta Materials by 51.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after purchasing an additional 836,120 shares in the last quarter. Norges Bank bought a new position in Martin Marietta Materials in the 4th quarter worth $354,681,000. Bank of America Corp DE lifted its position in Martin Marietta Materials by 31.9% during the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock valued at $1,284,938,000 after purchasing an additional 565,856 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Martin Marietta Materials during the second quarter valued at about $199,321,000. Hedge funds and other institutional investors own 95.04% of the company's stock.

About Martin Marietta Materials

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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