Martin Marietta Materials, Inc. (NYSE:MLM) Shares Purchased by Jennison Associates LLC

Jennison Associates LLC grew its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 96.6% during the fourth quarter, Holdings Channel reports. The firm owned 157,904 shares of the construction company’s stock after acquiring an additional 77,596 shares during the quarter. Jennison Associates LLC’s holdings in Martin Marietta Materials were worth $78,780,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pinnacle Bancorp Inc. acquired a new stake in shares of Martin Marietta Materials during the fourth quarter worth $26,000. MV Capital Management Inc. raised its holdings in shares of Martin Marietta Materials by 144.4% during the third quarter. MV Capital Management Inc. now owns 66 shares of the construction company’s stock worth $27,000 after purchasing an additional 39 shares during the period. Exchange Traded Concepts LLC acquired a new stake in shares of Martin Marietta Materials during the fourth quarter worth $27,000. Covestor Ltd raised its holdings in shares of Martin Marietta Materials by 84.6% during the third quarter. Covestor Ltd now owns 72 shares of the construction company’s stock worth $30,000 after purchasing an additional 33 shares during the period. Finally, Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Martin Marietta Materials by 74.3% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 61 shares of the construction company’s stock worth $30,000 after purchasing an additional 26 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Performance

Shares of MLM opened at $584.32 on Tuesday. The firm has a 50-day moving average price of $588.42 and a 200 day moving average price of $512.48. The firm has a market capitalization of $36.06 billion, a PE ratio of 31.03, a P/E/G ratio of 2.79 and a beta of 0.96. The company has a quick ratio of 2.50, a current ratio of 3.35 and a debt-to-equity ratio of 0.49. Martin Marietta Materials, Inc. has a 52-week low of $343.79 and a 52-week high of $626.67.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Wednesday, February 14th. The construction company reported $4.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.96 by $0.67. The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.62 billion. Martin Marietta Materials had a net margin of 17.25% and a return on equity of 15.77%. Martin Marietta Materials’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.04 EPS. On average, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 21.24 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 4th were given a dividend of $0.74 per share. The ex-dividend date was Friday, March 1st. This represents a $2.96 annualized dividend and a dividend yield of 0.51%. Martin Marietta Materials’s dividend payout ratio (DPR) is 15.72%.

Insider Activity

In other news, EVP Roselyn R. Bar sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $603.29, for a total transaction of $6,032,900.00. Following the completion of the transaction, the executive vice president now owns 59,970 shares in the company, valued at approximately $36,179,301.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Roselyn R. Bar sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $603.29, for a total transaction of $6,032,900.00. Following the completion of the transaction, the executive vice president now owns 59,970 shares in the company, valued at approximately $36,179,301.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Sue W. Cole sold 1,724 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $543.48, for a total transaction of $936,959.52. Following the transaction, the director now owns 19,793 shares of the company’s stock, valued at approximately $10,757,099.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,724 shares of company stock worth $16,033,760. Corporate insiders own 0.59% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Truist Financial upped their price target on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Raymond James upped their price target on shares of Martin Marietta Materials from $505.00 to $555.00 and gave the stock an “outperform” rating in a research report on Thursday, January 25th. Stifel Nicolaus upped their price target on shares of Martin Marietta Materials from $621.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. restated a “neutral” rating and set a $600.00 price target (up previously from $530.00) on shares of Martin Marietta Materials in a research report on Friday, March 22nd. Finally, Stephens upped their price target on shares of Martin Marietta Materials from $575.00 to $605.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Martin Marietta Materials has an average rating of “Moderate Buy” and an average price target of $588.69.

About Martin Marietta Materials

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.