Martin Marietta Materials, Inc. $MLM Shares Sold by SummitTX Capital L.P.

SummitTX Capital L.P. decreased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 76.8% during the first quarter, Holdings Channel.com reports. The fund owned 5,800 shares of the construction company’s stock after selling 19,148 shares during the period. SummitTX Capital L.P.’s holdings in Martin Marietta Materials were worth $3,414,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Lazard Asset Management LLC raised its position in shares of Martin Marietta Materials by 6.3% in the 1st quarter. Lazard Asset Management LLC now owns 16,881 shares of the construction company’s stock valued at $9,938,000 after purchasing an additional 1,003 shares during the last quarter. Gateway Wealth Partners LLC purchased a new stake in Martin Marietta Materials during the 1st quarter worth approximately $367,000. OMERS ADMINISTRATION Corp grew its position in Martin Marietta Materials by 131.6% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 5,117 shares of the construction company’s stock worth $3,012,000 after purchasing an additional 2,908 shares during the last quarter. Bradley Foster & Sargent Inc. CT acquired a new position in Martin Marietta Materials during the 1st quarter valued at approximately $5,232,000. Finally, Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Martin Marietta Materials in the first quarter worth $1,747,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

MLM opened at $573.11 on Tuesday. The company has a current ratio of 2.28, a quick ratio of 1.11 and a debt-to-equity ratio of 0.47. Martin Marietta Materials, Inc. has a 12-month low of $525.38 and a 12-month high of $710.97. The firm has a 50 day moving average of $576.33 and a two-hundred day moving average of $609.45. The firm has a market capitalization of $34.41 billion, a PE ratio of 13.66, a P/E/G ratio of 2.37 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.78 by $0.15. The business had revenue of $1.36 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.90 EPS. On average, analysts anticipate that Martin Marietta Materials, Inc. will post 19.43 EPS for the current year.

Martin Marietta Materials Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. Raymond James Financial cut their target price on Martin Marietta Materials from $690.00 to $675.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 15th. Morgan Stanley reduced their target price on Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating for the company in a research note on Monday, April 6th. Weiss Ratings raised Martin Marietta Materials from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, June 25th. Finally, Royal Bank Of Canada dropped their price target on 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. Eleven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $681.53.

Martin Marietta Materials Company Profile

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.