iA Global Asset Management Inc. Acquires Shares of 550 Martin Marietta Materials, Inc. (NYSE:MLM)

iA Global Asset Management Inc. acquired a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 550 shares of the construction company’s stock, valued at approximately $298,000.

Several other hedge funds also recently added to or reduced their stakes in MLM. International Assets Investment Management LLC grew its stake in shares of Martin Marietta Materials by 49,790.8% during the fourth quarter. International Assets Investment Management LLC now owns 59,869 shares of the construction company’s stock valued at $29,869,000 after acquiring an additional 59,749 shares in the last quarter. Gilbert & Cook Inc. grew its stake in shares of Martin Marietta Materials by 3.1% during the fourth quarter. Gilbert & Cook Inc. now owns 1,436 shares of the construction company’s stock valued at $716,000 after acquiring an additional 43 shares in the last quarter. Kestra Private Wealth Services LLC grew 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 valued at $460,000 after acquiring an additional 59 shares in the last quarter. Savant Capital LLC grew its stake in shares of Martin Marietta Materials by 23.7% during the fourth quarter. Savant Capital LLC now owns 1,169 shares of the construction company’s stock valued at $583,000 after acquiring an additional 224 shares in the last quarter. Finally, New York Life Investment Management LLC grew its stake in shares of Martin Marietta Materials by 0.5% during the fourth quarter. New York Life Investment Management LLC now owns 9,679 shares of the construction company’s stock valued at $4,829,000 after acquiring an additional 45 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MLM. Truist Financial lowered their target price on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Stifel Nicolaus lowered their target price on Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. StockNews.com downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Thursday. Citigroup decreased their price target on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Stephens decreased their price target on 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 given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $629.82.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $534.16 on Friday. The company has a quick ratio of 2.41, a current ratio of 3.16 and a debt-to-equity ratio of 0.44. The business has a 50 day moving average of $545.93 and a two-hundred day moving average of $570.80. Martin Marietta Materials, Inc. has a 52 week low of $389.90 and a 52 week high of $626.67. The company has a market cap of $32.93 billion, a P/E ratio of 15.83, a PEG ratio of 3.12 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 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). Martin Marietta Materials had a net margin of 31.35% and a return on equity of 14.74%. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the previous year, the firm earned $5.60 earnings per share. The business’s revenue was down 3.1% on a year-over-year basis. As a group, analysts anticipate that Martin Marietta Materials, Inc. will post 22.86 EPS for the current year.

Martin Marietta Materials Increases Dividend

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

About Martin Marietta Materials

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.