Martin Marietta Materials, Inc. $MLM Stake Cut by D.A. Davidson & CO.

D.A. Davidson & CO. cut its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 6.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 13,435 shares of the construction company’s stock after selling 900 shares during the quarter. D.A. Davidson & CO.’s holdings in Martin Marietta Materials were worth $7,909,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Optima Capital LLC bought a new position in Martin Marietta Materials in the fourth quarter valued at about $25,000. KERR FINANCIAL PLANNING Corp acquired a new position in shares of Martin Marietta Materials during the 3rd quarter worth about $27,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Martin Marietta Materials in the 4th quarter valued at about $31,000. Reflection Asset Management bought a new position in shares of Martin Marietta Materials during the 4th quarter worth approximately $35,000. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Martin Marietta Materials in the fourth quarter valued at about $36,000. 95.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MLM shares. Berenberg Bank set a $556.00 price objective on Martin Marietta Materials and gave the company a “hold” rating in a research note on Tuesday, June 2nd. Raymond James Financial lowered their price objective on Martin Marietta Materials from $690.00 to $675.00 and set an “outperform” rating for the company in a research note on Wednesday. Truist Financial boosted their price target on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Wells Fargo & Company lifted their price target on shares of Martin Marietta Materials from $614.00 to $616.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. Finally, Oppenheimer began coverage on Martin Marietta Materials in a report on Thursday, May 28th. They set a “market perform” rating for the company. Eleven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average price target of $681.53.

Martin Marietta Materials Price Performance

Martin Marietta Materials stock opened at $563.57 on Friday. The company has a market cap of $33.84 billion, a price-to-earnings ratio of 13.43, a PEG ratio of 2.46 and a beta of 1.10. The firm’s fifty day moving average is $578.36 and its 200 day moving average is $612.91. Martin Marietta Materials, Inc. has a 52-week low of $525.38 and a 52-week high of $710.97. The company has a quick ratio of 1.11, a current ratio of 2.28 and a debt-to-equity ratio of 0.47.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.15. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The firm had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period last year, the firm earned $1.90 earnings per share. The company’s quarterly revenue was up 17.2% on a year-over-year basis. Sell-side analysts forecast that Martin Marietta Materials, Inc. will post 19.34 EPS for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Martin Marietta Materials’s dividend payout ratio is presently 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.