Martin Marietta Materials, Inc. (NYSE:MLM) Shares Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 2.8% during the second quarter, HoldingsChannel reports. The firm owned 3,579 shares of the construction company’s stock after buying an additional 98 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Martin Marietta Materials were worth $1,939,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Martin Marietta Materials during the 4th quarter valued at $308,705,000. Price T Rowe Associates Inc. MD grew its stake in shares of Martin Marietta Materials by 114.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 980,699 shares of the construction company’s stock valued at $602,092,000 after acquiring an additional 523,038 shares in the last quarter. Balyasny Asset Management L.P. increased its position in shares of Martin Marietta Materials by 4,244.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 277,182 shares of the construction company’s stock worth $138,289,000 after acquiring an additional 270,802 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Martin Marietta Materials by 306.8% in the fourth quarter. Corient Private Wealth LLC now owns 161,690 shares of the construction company’s stock worth $80,668,000 after acquiring an additional 121,941 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Martin Marietta Materials by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,170,166 shares of the construction company’s stock valued at $3,577,268,000 after purchasing an additional 69,701 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

Shares of NYSE MLM opened at $519.78 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.86 and a debt-to-equity ratio of 0.45. The firm’s 50-day moving average price is $545.50 and its two-hundred day moving average price is $570.87. Martin Marietta Materials, Inc. has a 52-week low of $389.90 and a 52-week high of $626.67. The stock has a market capitalization of $31.77 billion, a P/E ratio of 15.40, a P/E/G ratio of 3.57 and a beta of 0.91.

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

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $0.79 per share. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.74. The ex-dividend date is Tuesday, September 3rd. This represents a $3.16 annualized dividend and a dividend yield of 0.61%. Martin Marietta Materials’s payout ratio is 8.77%.

Analyst Ratings Changes

Several equities research analysts have issued reports on MLM shares. Morgan Stanley lifted their price objective on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Stifel Nicolaus cut their price target on shares of Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating on the stock in a report on Wednesday, July 3rd. StockNews.com downgraded shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. Loop Capital dropped their target price on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Truist Financial reduced their price target on shares of 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. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus price target of $629.82.

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.