Hawk Ridge Capital Management LP Trims Stake in Martin Marietta Materials, Inc. $MLM

Hawk Ridge Capital Management LP decreased its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 17.4% during the first quarter, Holdings Channel reports. The fund owned 160,535 shares of the construction company’s stock after selling 33,920 shares during the period. Martin Marietta Materials makes up about 3.4% of Hawk Ridge Capital Management LP’s holdings, making the stock its 12th biggest holding. Hawk Ridge Capital Management LP’s holdings in Martin Marietta Materials were worth $94,504,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in MLM. Optima Capital LLC bought a new stake in shares of Martin Marietta Materials during the fourth quarter valued at approximately $25,000. Meeder Asset Management Inc. grew its stake in Martin Marietta Materials by 67.9% in the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock worth $28,000 after purchasing an additional 19 shares during the period. Garton & Associates Financial Advisors LLC bought a new position in Martin Marietta Materials in the fourth quarter worth $31,000. Reflection Asset Management purchased a new position in Martin Marietta Materials during the fourth quarter valued at $35,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Martin Marietta Materials in the 2nd quarter worth about $37,000. Institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Royal Bank Of Canada dropped their price objective on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “sector perform” rating on the stock in a research note on Monday, May 4th. Raymond James Financial lowered their target price on shares of Martin Marietta Materials from $690.00 to $675.00 and set an “outperform” rating for the company in a report on Wednesday, July 15th. Barclays dropped their price target on Martin Marietta Materials from $675.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Truist Financial upped their price target on Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Finally, Berenberg Bank set a $556.00 price objective on Martin Marietta Materials and gave the company a “hold” rating in a research report on Tuesday, June 2nd. Eleven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and an average price target of $681.53.

Martin Marietta Materials Stock Up 2.4%

NYSE:MLM opened at $573.11 on Tuesday. The firm has a market cap of $34.41 billion, a P/E ratio of 13.66, a P/E/G ratio of 2.37 and a beta of 1.10. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.11 and a current ratio of 2.28. Martin Marietta Materials, Inc. has a fifty-two week low of $525.38 and a fifty-two week high of $710.97. The firm has a 50-day simple moving average of $576.33 and a two-hundred day simple moving average of $609.45.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.15. The business had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The business’s revenue for the quarter was up 17.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.90 earnings per share. Analysts predict that Martin Marietta Materials, Inc. will post 19.43 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $3.32 annualized dividend and a dividend yield of 0.6%. Martin Marietta Materials’s dividend payout ratio (DPR) is 7.91%.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.