Oppenheimer Asset Management Inc. Lowers Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Oppenheimer Asset Management Inc. decreased its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 12.4% during the 1st quarter, Holdings Channel reports. The fund owned 10,990 shares of the construction company’s stock after selling 1,557 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Martin Marietta Materials were worth $5,255,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lee Danner & Bass Inc. purchased a new stake in shares of Martin Marietta Materials in the fourth quarter valued at about $28,000. Whipplewood Advisors LLC acquired a new stake in shares of Martin Marietta Materials in the fourth quarter valued at about $32,000. Hopwood Financial Services Inc. acquired a new stake in shares of Martin Marietta Materials in the fourth quarter valued at about $36,000. EverSource Wealth Advisors LLC lifted its stake in shares of Martin Marietta Materials by 91.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 71 shares of the construction company’s stock valued at $37,000 after purchasing an additional 34 shares during the period. Finally, Bellwether Advisors LLC acquired a new stake in shares of Martin Marietta Materials in the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

NYSE:MLM opened at $552.53 on Wednesday. The firm has a 50 day simple moving average of $538.02 and a 200-day simple moving average of $520.13. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.25 and a quick ratio of 0.99. The firm has a market cap of $33.31 billion, a PE ratio of 31.83, a P/E/G ratio of 5.00 and a beta of 0.89. Martin Marietta Materials, Inc. has a 1-year low of $441.95 and a 1-year high of $633.23.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Wednesday, April 30th. The construction company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 16.07% and a return on equity of 12.01%. The company’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.93 earnings per share. On average, equities analysts expect that Martin Marietta Materials, Inc. will post 19.53 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date is Monday, June 2nd. Martin Marietta Materials’s dividend payout ratio is presently 18.20%.

Wall Street Analyst Weigh In

Several analysts recently commented on MLM shares. Wall Street Zen cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Saturday, May 31st. JPMorgan Chase & Co. cut shares of Martin Marietta Materials from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $640.00 to $560.00 in a research note on Wednesday, March 19th. Raymond James Financial reduced their price objective on shares of Martin Marietta Materials from $600.00 to $597.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Seaport Res Ptn upgraded shares of Martin Marietta Materials to a “strong-buy” rating in a research note on Friday, March 21st. Finally, Loop Capital cut their target price on shares of 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. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average target price of $603.86.

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.