Raymond James Trust N.A. Sells 235 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Raymond James Trust N.A. lowered its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 12.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,633 shares of the construction company’s stock after selling 235 shares during the quarter. Raymond James Trust N.A.’s holdings in Martin Marietta Materials were worth $885,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MLM. Norges Bank acquired a new position in shares of Martin Marietta Materials in the fourth quarter valued at approximately $308,705,000. Price T Rowe Associates Inc. MD increased its stake in shares of Martin Marietta Materials by 114.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 980,699 shares of the construction company’s stock valued at $602,092,000 after buying an additional 523,038 shares during the period. Balyasny Asset Management L.P. raised its position in shares of Martin Marietta Materials by 4,244.5% during the fourth quarter. Balyasny Asset Management L.P. now owns 277,182 shares of the construction company’s stock worth $138,289,000 after acquiring an additional 270,802 shares during the last quarter. Corient Private Wealth LLC raised its position in shares of Martin Marietta Materials by 306.8% during the fourth quarter. Corient Private Wealth LLC now owns 161,690 shares of the construction company’s stock worth $80,668,000 after acquiring an additional 121,941 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Martin Marietta Materials by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 7,170,166 shares of the construction company’s stock worth $3,577,268,000 after acquiring an additional 69,701 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Up 1.1 %

MLM traded up $6.36 during mid-day trading on Monday, reaching $563.28. 39,693 shares of the stock were exchanged, compared to its average volume of 439,989. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.41 and a current ratio of 3.16. The stock has a market capitalization of $34.72 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 3.12 and a beta of 0.91. The company has a 50 day moving average price of $548.75 and a two-hundred day moving average price of $571.14. Martin Marietta Materials, Inc. has a 1 year low of $389.90 and a 1 year high of $626.67.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). The company had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Martin Marietta Materials had a return on equity of 14.74% and a net margin of 31.35%. Martin Marietta Materials’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the firm posted $5.60 earnings per share. As a group, research analysts anticipate that Martin Marietta Materials, Inc. will post 22.86 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be issued a $0.79 dividend. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.74. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date is Tuesday, September 3rd. Martin Marietta Materials’s payout ratio is 9.36%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MLM. Loop Capital dropped their price target on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Citigroup lowered their price objective on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Morgan Stanley lifted their price objective on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the company an “overweight” rating in a research note on Monday. Jefferies Financial Group lifted their price objective on shares of Martin Marietta Materials from $660.00 to $665.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Truist Financial lowered their price objective on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $629.82.

Martin Marietta Materials Company Profile

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.