Spire Wealth Management Trims Stock Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Spire Wealth Management reduced its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 5.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 769 shares of the construction company’s stock after selling 41 shares during the period. Spire Wealth Management’s holdings in Martin Marietta Materials were worth $417,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the stock. Gilbert & Cook Inc. grew its position in Martin Marietta Materials by 3.1% in the 4th quarter. Gilbert & Cook Inc. now owns 1,436 shares of the construction company’s stock valued at $716,000 after buying an additional 43 shares during the last quarter. Kestra Private Wealth Services LLC increased its stake in shares of Martin Marietta Materials by 6.8% during the fourth quarter. Kestra Private Wealth Services LLC now owns 923 shares of the construction company’s stock worth $460,000 after acquiring an additional 59 shares during the period. First Trust Direct Indexing L.P. increased its stake in shares of Martin Marietta Materials by 21.6% during the fourth quarter. First Trust Direct Indexing L.P. now owns 1,093 shares of the construction company’s stock worth $545,000 after acquiring an additional 194 shares during the period. First Horizon Advisors Inc. raised its holdings in Martin Marietta Materials by 27.2% during the fourth quarter. First Horizon Advisors Inc. now owns 383 shares of the construction company’s stock worth $191,000 after purchasing an additional 82 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Martin Marietta Materials in the fourth quarter valued at about $239,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on MLM. Truist Financial dropped their target price on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Stifel Nicolaus dropped their price objective on Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. Citigroup cut their price objective on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Loop Capital decreased their target price on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Finally, Stephens cut their price target on shares of Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Martin Marietta Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $629.82.

Martin Marietta Materials Stock Up 1.9 %

Shares of NYSE MLM opened at $534.16 on Tuesday. The firm’s 50-day moving average is $545.80 and its two-hundred day moving average is $571.01. The company has a market capitalization of $32.65 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 3.57 and a beta of 0.91. Martin Marietta Materials, Inc. has a 12-month low of $389.90 and a 12-month high of $626.67. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.86 and a quick ratio of 0.94.

Martin Marietta Materials (NYSE:MLM) last posted its earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. Martin Marietta Materials’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $5.60 EPS. Equities analysts anticipate that Martin Marietta Materials, Inc. will post 20.01 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a dividend of $0.79 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.59%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 8.77%.

Martin Marietta Materials Profile

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.