Martin Marietta Materials, Inc. (NYSE:MLM) Shares Purchased by Mark Asset Management LP

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Mark Asset Management LP lifted its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 9.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,104 shares of the construction company’s stock after purchasing an additional 3,417 shares during the period. Martin Marietta Materials comprises about 1.5% of Mark Asset Management LP’s portfolio, making the stock its 22nd biggest holding. Mark Asset Management LP owned about 0.06% of Martin Marietta Materials worth $7,871,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Kentucky Retirement Systems acquired a new position in shares of Martin Marietta Materials in the 2nd quarter valued at $716,000. Aristotle Capital Management LLC raised its position in Martin Marietta Materials by 8.5% during the first quarter. Aristotle Capital Management LLC now owns 2,940,114 shares of the construction company’s stock worth $556,358,000 after acquiring an additional 230,468 shares during the period. Engineers Gate Manager LP raised its position in Martin Marietta Materials by 178.5% during the first quarter. Engineers Gate Manager LP now owns 3,027 shares of the construction company’s stock worth $573,000 after acquiring an additional 1,940 shares during the period. Pinnacle Associates Ltd. raised its position in Martin Marietta Materials by 68.2% during the first quarter. Pinnacle Associates Ltd. now owns 2,491 shares of the construction company’s stock worth $471,000 after acquiring an additional 1,010 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Martin Marietta Materials by 5.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 4,249 shares of the construction company’s stock worth $804,000 after acquiring an additional 224 shares during the period. Hedge funds and other institutional investors own 95.32% of the company’s stock.

MLM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. cut shares of Martin Marietta Materials from an “overweight” rating to a “neutral” rating and set a $250.00 price objective for the company. in a research report on Thursday, August 6th. Loop Capital upped their price objective on shares of Martin Marietta Materials from $114.00 to $129.00 in a research report on Monday, June 22nd. Exane BNP Paribas raised shares of Martin Marietta Materials from an “underperform” rating to an “outperform” rating and set a $249.00 target price for the company in a report on Tuesday, June 16th. Atlantic Securities assumed coverage on shares of Martin Marietta Materials in a report on Friday, June 19th. They set an “overweight” rating and a $250.00 target price for the company. Finally, Zacks Investment Research raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating and set a $189.00 target price for the company in a report on Tuesday, May 26th. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $234.84.

In other news, Director Stephen P. Zelnak, Jr. sold 1,350 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $207.74, for a total transaction of $280,449.00. Following the sale, the director now owns 52,769 shares of the company’s stock, valued at $10,962,232.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.73% of the company’s stock.

MLM stock traded up $4.07 during mid-day trading on Friday, hitting $215.11. 981,233 shares of the company were exchanged, compared to its average volume of 485,016. The company has a quick ratio of 1.47, a current ratio of 2.67 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $13.39 billion, a P/E ratio of 21.62, a PEG ratio of 8.06 and a beta of 0.92. The business has a fifty day simple moving average of $215.79 and a 200-day simple moving average of $204.34. Martin Marietta Materials, Inc. has a 12-month low of $135.08 and a 12-month high of $281.82.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Tuesday, July 28th. The construction company reported $3.49 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.04 by $0.45. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.24 billion. Martin Marietta Materials had a net margin of 13.12% and a return on equity of 11.62%. Martin Marietta Materials’s revenue was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $3.01 earnings per share. Research analysts predict that Martin Marietta Materials, Inc. will post 9.44 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 1.06%. The ex-dividend date is Monday, August 31st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.55. Martin Marietta Materials’s dividend payout ratio (DPR) is 23.41%.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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.

Further Reading: Black Swan

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Institutional Ownership by Quarter for Martin Marietta Materials (NYSE:MLM)

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