Praxis Investment Management Inc. lessened its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM – Free Report) by 18.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 760 shares of the construction company’s stock after selling 170 shares during the period. Praxis Investment Management Inc.’s holdings in Martin Marietta Materials were worth $417,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Martin Marietta Materials by 2.3% during the first quarter. Vanguard Group Inc. now owns 7,342,358 shares of the construction company’s stock valued at $3,510,602,000 after buying an additional 168,175 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Martin Marietta Materials by 10.1% in the first quarter. JPMorgan Chase & Co. now owns 2,944,694 shares of the construction company’s stock valued at $1,407,947,000 after purchasing an additional 268,928 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Martin Marietta Materials by 6.6% in the first quarter. Principal Financial Group Inc. now owns 1,940,423 shares of the construction company’s stock valued at $927,775,000 after purchasing an additional 120,679 shares during the period. Amundi boosted its holdings in shares of Martin Marietta Materials by 9.2% in the first quarter. Amundi now owns 1,706,416 shares of the construction company’s stock valued at $827,345,000 after purchasing an additional 144,270 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its holdings in shares of Martin Marietta Materials by 39.2% in the first quarter. Diamond Hill Capital Management Inc. now owns 659,363 shares of the construction company’s stock valued at $315,261,000 after purchasing an additional 185,731 shares during the period. Hedge funds and other institutional investors own 95.04% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on MLM. Bank of America boosted their price target on Martin Marietta Materials from $577.00 to $643.00 and gave the company a “neutral” rating in a report on Tuesday, August 5th. Morgan Stanley boosted their price target on Martin Marietta Materials from $576.00 to $605.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Martin Marietta Materials in a report on Wednesday, October 8th. Stephens reiterated an “overweight” rating and issued a $700.00 price target on shares of Martin Marietta Materials in a report on Monday, August 4th. Finally, DA Davidson boosted their price target on Martin Marietta Materials from $625.00 to $700.00 and gave the company a “buy” rating in a report on Monday, August 11th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $621.69.
Martin Marietta Materials Stock Up 0.3%
Martin Marietta Materials stock opened at $625.84 on Friday. The business has a fifty day moving average of $619.15 and a two-hundred day moving average of $568.67. The company has a quick ratio of 1.21, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. The firm has a market cap of $37.74 billion, a P/E ratio of 34.71, a P/E/G ratio of 5.67 and a beta of 1.01. Martin Marietta Materials, Inc. has a twelve month low of $441.95 and a twelve month high of $665.18.
Martin Marietta Materials (NYSE:MLM – Get Free Report) last posted its earnings results on Thursday, August 7th. The construction company reported $5.43 earnings per share for the quarter, missing analysts’ consensus estimates of $5.44 by ($0.01). The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%.The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.76 EPS. Martin Marietta Materials has set its FY 2025 guidance at EPS. On average, analysts forecast that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.
Martin Marietta Materials Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.79. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. Martin Marietta Materials’s payout ratio is currently 18.41%.
Insider Activity
In other news, Director Laree E. Perez sold 1,038 shares of the company’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $613.32, for a total transaction of $636,626.16. Following the transaction, the director directly owned 15,417 shares of the company’s stock, valued at approximately $9,455,554.44. This represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.69% of the company’s stock.
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.
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