Mark Asset Management LP Sells 40,519 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Mark Asset Management LP cut its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 74.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,991 shares of the construction company’s stock after selling 40,519 shares during the quarter. Martin Marietta Materials comprises about 0.8% of Mark Asset Management LP’s holdings, making the stock its 28th largest position. Mark Asset Management LP’s holdings in Martin Marietta Materials were worth $7,580,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Riverview Trust Co bought a new stake in Martin Marietta Materials in the 1st quarter valued at about $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Martin Marietta Materials in the fourth quarter worth about $25,000. Redmont Wealth Advisors LLC bought a new stake in shares of Martin Marietta Materials in the first quarter valued at approximately $31,000. Fortitude Family Office LLC lifted its stake in shares of Martin Marietta Materials by 186.4% during the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock valued at $34,000 after buying an additional 41 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Martin Marietta Materials in the 1st quarter worth approximately $41,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

MLM has been the topic of a number of analyst reports. Stifel Nicolaus lowered their target price 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. Jefferies Financial Group increased their price objective on Martin Marietta Materials from $660.00 to $665.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Loop Capital reduced their target price on Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. BNP Paribas raised shares of Martin Marietta Materials to a “strong-buy” rating in a report on Thursday, September 19th. Finally, Stephens reduced their price objective on shares of Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $629.82.

Martin Marietta Materials Stock Up 0.7 %

Shares of NYSE:MLM opened at $539.63 on Friday. The firm has a market capitalization of $32.98 billion, a PE ratio of 15.99, a price-to-earnings-growth ratio of 3.78 and a beta of 0.91. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.94 and a current ratio of 1.86. Martin Marietta Materials, Inc. has a 52-week low of $389.90 and a 52-week high of $626.67. The firm has a fifty day moving average of $538.74 and a 200 day moving average of $565.39.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Thursday, August 8th. The construction company reported $4.76 EPS for the quarter, missing the consensus estimate of $5.36 by ($0.60). The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company posted $5.60 earnings per share. As a group, research analysts anticipate that Martin Marietta Materials, Inc. will post 19.33 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 0.59%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. The ex-dividend date is Tuesday, September 3rd. Martin Marietta Materials’s dividend payout ratio is presently 9.36%.

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.