Summit Financial LLC Has $371,000 Stake in Martin Marietta Materials, Inc. (NYSE:MLM)

Summit Financial LLC grew its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 89.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 685 shares of the construction company’s stock after buying an additional 324 shares during the period. Summit Financial LLC’s holdings in Martin Marietta Materials were worth $371,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Ameritas Advisory Services LLC lifted its holdings in Martin Marietta Materials by 2.8% during the 2nd quarter. Ameritas Advisory Services LLC now owns 664 shares of the construction company’s stock worth $360,000 after purchasing an additional 18 shares during the last quarter. Mather Group LLC. lifted its holdings in Martin Marietta Materials by 13.6% during the 2nd quarter. Mather Group LLC. now owns 167 shares of the construction company’s stock worth $90,000 after purchasing an additional 20 shares during the last quarter. TFG Advisers LLC raised its holdings in Martin Marietta Materials by 3.7% in the 2nd quarter. TFG Advisers LLC now owns 555 shares of the construction company’s stock valued at $300,000 after acquiring an additional 20 shares in the last quarter. Parallel Advisors LLC raised its holdings in Martin Marietta Materials by 1.8% in the 4th quarter. Parallel Advisors LLC now owns 1,170 shares of the construction company’s stock valued at $584,000 after acquiring an additional 21 shares in the last quarter. Finally, Pitcairn Co. raised its holdings in Martin Marietta Materials by 5.0% in the 1st quarter. Pitcairn Co. now owns 442 shares of the construction company’s stock valued at $271,000 after acquiring an additional 21 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MLM shares. Stephens dropped their price objective on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a report on Friday, August 9th. Truist Financial dropped their price objective on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a report on Friday, August 9th. Jefferies Financial Group lifted their price objective on Martin Marietta Materials from $660.00 to $665.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Loop Capital decreased their price target on Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, StockNews.com lowered Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Thursday, August 29th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $629.82.

Martin Marietta Materials Price Performance

Shares of MLM opened at $519.78 on Wednesday. Martin Marietta Materials, Inc. has a 12-month low of $389.90 and a 12-month high of $626.67. The business has a 50-day simple moving average of $545.50 and a two-hundred day simple moving average of $570.87. 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 stock has a market cap of $31.77 billion, a PE ratio of 15.40, a PEG ratio of 3.57 and a beta of 0.91.

Martin Marietta Materials (NYSE:MLM) last issued 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). Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The firm had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the company earned $5.60 EPS. Martin Marietta Materials’s revenue for the quarter was down 3.1% on a year-over-year basis. Analysts anticipate that Martin Marietta Materials, Inc. will post 20.01 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

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

Martin Marietta Materials Company 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.