Citigroup Inc. Reduces Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Citigroup Inc. trimmed its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 15.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 89,015 shares of the construction company’s stock after selling 15,722 shares during the quarter. Citigroup Inc.’s holdings in Martin Marietta Materials were worth $47,912,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in MLM. CreativeOne Wealth LLC acquired a new stake in Martin Marietta Materials during the 1st quarter worth approximately $204,000. Interval Partners LP lifted its position in Martin Marietta Materials by 117.4% during the 1st quarter. Interval Partners LP now owns 95,810 shares of the construction company’s stock worth $58,822,000 after acquiring an additional 51,749 shares during the period. Ancora Advisors LLC lifted its position in Martin Marietta Materials by 25.1% during the 1st quarter. Ancora Advisors LLC now owns 8,603 shares of the construction company’s stock worth $5,282,000 after acquiring an additional 1,726 shares during the period. B. Riley Wealth Advisors Inc. lifted its position in Martin Marietta Materials by 17.8% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 6,297 shares of the construction company’s stock worth $3,866,000 after acquiring an additional 952 shares during the period. Finally, Tidal Investments LLC lifted its position in Martin Marietta Materials by 14.0% during the 1st quarter. Tidal Investments LLC now owns 3,632 shares of the construction company’s stock worth $2,230,000 after acquiring an additional 445 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $597.81 on Monday. The stock has a fifty day moving average price of $565.21 and a 200 day moving average price of $556.45. The stock has a market cap of $36.54 billion, a PE ratio of 18.63, a P/E/G ratio of 3.95 and a beta of 0.90. Martin Marietta Materials, Inc. has a 1 year low of $456.83 and a 1 year high of $633.23. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share for the quarter, missing the consensus estimate of $6.41 by ($0.50). The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The business’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the business posted $6.94 EPS. Sell-side analysts forecast that Martin Marietta Materials, Inc. will post 17.84 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 0.53%. The ex-dividend date of this dividend is Monday, December 2nd. Martin Marietta Materials’s payout ratio is 9.85%.

Wall Street Analyst Weigh In

Several research firms have recently commented on MLM. Morgan Stanley raised their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the company an “overweight” rating in a report on Monday, August 26th. Loop Capital raised their price target on Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Citigroup reduced their price target on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a report on Monday, August 12th. Jefferies Financial Group reduced their price target on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Finally, StockNews.com raised Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Thursday. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and a consensus target price of $634.85.

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.