Keybank National Association OH increased its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 18.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,837 shares of the construction company’s stock after acquiring an additional 1,223 shares during the quarter. Keybank National Association OH’s holdings in Martin Marietta Materials were worth $1,426,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in MLM. Robeco Institutional Asset Management B.V. bought a new position in Martin Marietta Materials during the third quarter worth $110,000. Flagship Harbor Advisors LLC bought a new position in Martin Marietta Materials during the second quarter worth $128,000. Piedmont Investment Advisors LLC bought a new position in Martin Marietta Materials during the second quarter worth $160,000. MERIAN GLOBAL INVESTORS UK Ltd bought a new stake in Martin Marietta Materials in the 3rd quarter valued at $181,000. Finally, NuWave Investment Management LLC increased its holdings in Martin Marietta Materials by 18,400.0% in the 3rd quarter. NuWave Investment Management LLC now owns 1,110 shares of the construction company’s stock valued at $202,000 after buying an additional 1,104 shares during the period.
In other news, SVP Donald A. Mccunniff sold 1,476 shares of the business’s stock in a transaction on Friday, November 9th. The shares were sold at an average price of $185.50, for a total value of $273,798.00. Following the sale, the senior vice president now owns 14,467 shares in the company, valued at approximately $2,683,628.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.75% of the stock is currently owned by insiders.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Tuesday, November 6th. The construction company reported $2.85 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.64 by $0.21. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.20 billion. Martin Marietta Materials had a net margin of 17.95% and a return on equity of 10.78%. The business’s revenue for the quarter was up 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.39 EPS. Analysts expect that Martin Marietta Materials, Inc. will post 8.15 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 3rd will be paid a $0.48 dividend. The ex-dividend date is Friday, November 30th. This represents a $1.92 annualized dividend and a dividend yield of 1.03%. Martin Marietta Materials’s dividend payout ratio is presently 26.74%.
Several brokerages have issued reports on MLM. ValuEngine raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Tuesday, August 28th. Citigroup lowered their price target on shares of Martin Marietta Materials from $262.00 to $250.00 and set a “buy” rating on the stock in a report on Monday, July 30th. Stephens reissued a “hold” rating and issued a $233.00 price target on shares of Martin Marietta Materials in a report on Wednesday, August 1st. SunTrust Banks lowered their price target on shares of Martin Marietta Materials to $205.00 and set a “buy” rating on the stock in a report on Thursday, November 15th. Finally, Barclays set a $215.00 price target on shares of Martin Marietta Materials and gave the company a “hold” rating in a report on Friday, September 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $219.11.
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About Martin Marietta Materials
Martin Marietta Materials, Inc, a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; 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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