Martin Marietta Materials, Inc. (NYSE:MLM) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 3,130,000 shares, an increase of 17.7% from the September 15th total of 2,660,000 shares. Based on an average daily volume of 617,500 shares, the short-interest ratio is presently 5.1 days. Currently, 5.1% of the shares of the company are sold short.
In other Martin Marietta Materials news, Director Sue W. Cole sold 750 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $209.18, for a total transaction of $156,885.00. Following the completion of the transaction, the director now directly owns 22,364 shares of the company’s stock, valued at $4,678,101.52. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sue W. Cole sold 468 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $207.03, for a total value of $96,890.04. Following the transaction, the director now directly owns 22,364 shares of the company’s stock, valued at $4,630,018.92. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rosenberg Matthew Hamilton purchased a new stake in Martin Marietta Materials during the second quarter valued at about $31,000. Shine Investment Advisory Services Inc. increased its holdings in shares of Martin Marietta Materials by 43.1% in the second quarter. Shine Investment Advisory Services Inc. now owns 156 shares of the construction company’s stock worth $32,000 after buying an additional 47 shares during the period. Kore Private Wealth LLC purchased a new position in shares of Martin Marietta Materials in the second quarter worth about $44,000. Marshall Wace North America L.P. purchased a new position in shares of Martin Marietta Materials in the first quarter worth about $62,000. Finally, CSat Investment Advisory L.P. increased its holdings in shares of Martin Marietta Materials by 35.1% in the second quarter. CSat Investment Advisory L.P. now owns 481 shares of the construction company’s stock worth $99,000 after buying an additional 125 shares during the period. Institutional investors and hedge funds own 95.32% of the company’s stock.
NYSE MLM opened at $256.23 on Thursday. The stock’s 50-day simple moving average is $234.25 and its two-hundred day simple moving average is $209.92. Martin Marietta Materials has a twelve month low of $135.08 and a twelve month high of $281.82. The company has a quick ratio of 1.47, a current ratio of 2.67 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $15.96 billion, a price-to-earnings ratio of 25.75, a PEG ratio of 5.22 and a beta of 0.80.
Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Tuesday, July 28th. The construction company reported $3.49 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.04 by $0.45. Martin Marietta Materials had a return on equity of 11.62% and a net margin of 13.12%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter last year, the business posted $3.01 earnings per share. The company’s revenue for the quarter was down .7% on a year-over-year basis. On average, equities analysts expect that Martin Marietta Materials will post 9.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a dividend of $0.57 per share. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Monday, August 31st. This represents a $2.28 dividend on an annualized basis and a yield of 0.89%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 23.41%.
A number of equities analysts have recently commented on the company. BofA Securities lowered Martin Marietta Materials from a “buy” rating to a “neutral” rating and raised their price target for the stock from $246.00 to $280.00 in a report on Tuesday, October 13th. Bank of America lowered Martin Marietta Materials from a “buy” rating to a “neutral” rating and raised their price target for the stock from $246.00 to $280.00 in a report on Tuesday, October 13th. Deutsche Bank Aktiengesellschaft raised Martin Marietta Materials from a “hold” rating to a “buy” rating and raised their price target for the stock from $230.00 to $311.00 in a report on Wednesday, October 7th. TheStreet raised Martin Marietta Materials from a “c+” rating to a “b-” rating in a report on Friday, September 4th. Finally, JPMorgan Chase & Co. lowered Martin Marietta Materials from an “overweight” rating to a “neutral” rating and set a $250.00 price target for the company. in a report on Thursday, August 6th. Nine analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $239.79.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy 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; Portland and specialty cement used in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.
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