DoubleLine ETF Adviser LP Makes New $3.52 Million Investment in Martin Marietta Materials, Inc. (NYSE:MLM)

DoubleLine ETF Adviser LP bought a new position in Martin Marietta Materials, Inc. (NYSE:MLM) during the fourth quarter, HoldingsChannel.com reports. The fund bought 6,816 shares of the construction company’s stock, valued at approximately $3,520,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Martin Marietta Materials by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 7,174,183 shares of the construction company’s stock worth $3,705,466,000 after buying an additional 36,531 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Martin Marietta Materials by 23.3% during the third quarter. JPMorgan Chase & Co. now owns 2,678,425 shares of the construction company’s stock valued at $1,441,663,000 after acquiring an additional 506,705 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Martin Marietta Materials by 11.7% in the 4th quarter. Principal Financial Group Inc. now owns 1,819,744 shares of the construction company’s stock worth $939,898,000 after acquiring an additional 191,043 shares during the last quarter. Amundi lifted its position in Martin Marietta Materials by 10.5% in the 4th quarter. Amundi now owns 1,562,146 shares of the construction company’s stock valued at $808,005,000 after acquiring an additional 148,065 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Martin Marietta Materials by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 1,472,411 shares of the construction company’s stock valued at $758,499,000 after purchasing an additional 32,082 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MLM. Wolfe Research upgraded Martin Marietta Materials from a “peer perform” rating to an “outperform” rating and set a $563.00 price target for the company in a research note on Wednesday, January 8th. Loop Capital decreased their target price on Martin Marietta Materials from $645.00 to $615.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Citigroup dropped their price target on shares of Martin Marietta Materials from $701.00 to $600.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Barclays reduced their price target on shares of Martin Marietta Materials from $645.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. downgraded shares of Martin Marietta Materials from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $640.00 to $560.00 in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $603.23.

Insider Activity

In other news, SVP Michael J. Petro acquired 550 shares of Martin Marietta Materials stock in a transaction that occurred on Tuesday, March 4th. The shares were bought at an average cost of $454.37 per share, with a total value of $249,903.50. Following the transaction, the senior vice president now directly owns 8,985 shares of the company’s stock, valued at $4,082,514.45. This trade represents a 6.52 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, EVP Donald A. Mccunniff sold 1,332 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $475.00, for a total value of $632,700.00. Following the transaction, the executive vice president now owns 3,523 shares of the company’s stock, valued at $1,673,425. This trade represents a 27.44 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

Martin Marietta Materials Stock Down 0.1 %

Shares of NYSE MLM opened at $523.66 on Friday. The company has a current ratio of 2.50, a quick ratio of 1.40 and a debt-to-equity ratio of 0.56. Martin Marietta Materials, Inc. has a 12-month low of $441.95 and a 12-month high of $633.23. The firm’s 50-day moving average price is $484.39 and its 200-day moving average price is $530.82. The stock has a market capitalization of $31.73 billion, a price-to-earnings ratio of 16.20, a P/E/G ratio of 4.45 and a beta of 0.81.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Wednesday, April 30th. The construction company reported $1.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.88 by $0.02. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.36 billion. Martin Marietta Materials had a return on equity of 12.11% and a net margin of 30.54%. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the company earned $1.93 EPS. On average, equities research analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date was Monday, March 3rd. Martin Marietta Materials’s dividend payout ratio (DPR) is 9.77%.

Martin Marietta Materials 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.