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

Allspring Global Investments Holdings LLC cut its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 3.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,481 shares of the construction company’s stock after selling 118 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Martin Marietta Materials were worth $2,137,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Global Assets Advisory LLC purchased a new stake in shares of Martin Marietta Materials during the first quarter worth $22,265,000. Cambridge Investment Research Advisors Inc. grew its stake in shares of Martin Marietta Materials by 25.3% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 8,562 shares of the construction company’s stock valued at $4,272,000 after buying an additional 1,728 shares in the last quarter. Brevan Howard Capital Management LP raised its position in Martin Marietta Materials by 49.7% during the fourth quarter. Brevan Howard Capital Management LP now owns 5,672 shares of the construction company’s stock valued at $2,830,000 after acquiring an additional 1,882 shares in the last quarter. Simplicity Solutions LLC lifted its stake in Martin Marietta Materials by 166.1% in the fourth quarter. Simplicity Solutions LLC now owns 2,725 shares of the construction company’s stock valued at $1,360,000 after acquiring an additional 1,701 shares during the last quarter. Finally, Vanguard Group Inc. grew its position 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 worth $3,577,268,000 after acquiring an additional 69,701 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Price Performance

NYSE MLM traded down $3.58 on Tuesday, reaching $528.47. The company’s stock had a trading volume of 50,011 shares, compared to its average volume of 419,494. Martin Marietta Materials, Inc. has a 52 week low of $389.90 and a 52 week high of $626.67. The company has a current ratio of 3.16, a quick ratio of 2.41 and a debt-to-equity ratio of 0.44. The firm has a market cap of $32.57 billion, a PE ratio of 15.70, a price-to-earnings-growth ratio of 2.40 and a beta of 0.91. The business has a 50-day moving average price of $573.14 and a 200 day moving average price of $557.48.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Tuesday, April 30th. The construction company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.05. The company had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.31 billion. Martin Marietta Materials had a return on equity of 14.74% and a net margin of 31.35%. The company’s revenue was down 7.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.16 EPS. Sell-side analysts expect that Martin Marietta Materials, Inc. will post 23.1 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were issued a dividend of $0.74 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.56%. Martin Marietta Materials’s payout ratio is presently 8.77%.

Analysts Set New Price Targets

Several research firms recently issued reports on MLM. The Goldman Sachs Group lifted their price objective on shares of Martin Marietta Materials from $642.00 to $737.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. Stifel Nicolaus boosted their target price on Martin Marietta Materials from $621.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, April 15th. StockNews.com downgraded Martin Marietta Materials from a “buy” rating to a “hold” rating in a report on Thursday, May 9th. Wolfe Research cut shares of Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 8th. Finally, Truist Financial upped their price target on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $610.27.

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.