Martin Marietta Materials, Inc. (NYSE:MLM) Shares Sold by Citigroup Inc.

Citigroup Inc. cut its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 15.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 89,015 shares of the construction company’s stock after selling 15,722 shares during the period. Citigroup Inc. owned 0.15% of Martin Marietta Materials worth $47,912,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Newbridge Financial Services Group Inc. boosted its stake in shares of Martin Marietta Materials by 411.1% in the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock worth $25,000 after acquiring an additional 37 shares during the last quarter. Asset Dedication LLC boosted its stake in shares of Martin Marietta Materials by 1,300.0% in the third quarter. Asset Dedication LLC now owns 56 shares of the construction company’s stock worth $30,000 after acquiring an additional 52 shares during the last quarter. First Personal Financial Services acquired a new stake in shares of Martin Marietta Materials in the third quarter worth approximately $33,000. Fortitude Family Office LLC boosted its stake in shares of Martin Marietta Materials by 186.4% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock worth $34,000 after acquiring an additional 41 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Martin Marietta Materials in the first quarter worth approximately $41,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MLM shares. Jefferies Financial Group lowered their price objective on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Citigroup lowered their price objective on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. StockNews.com raised Martin Marietta Materials from a “sell” rating to a “hold” rating in a research note on Thursday. UBS Group started coverage on Martin Marietta Materials in a research note on Thursday, November 7th. They set a “buy” rating and a $730.00 price objective on the stock. Finally, Loop Capital boosted their price objective on Martin Marietta Materials from $600.00 to $680.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $634.85.

Martin Marietta Materials Price Performance

MLM stock opened at $597.81 on Monday. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $36.54 billion, a PE ratio of 18.63, a P/E/G ratio of 3.95 and a beta of 0.90. Martin Marietta Materials, Inc. has a 12-month low of $456.83 and a 12-month high of $633.23. The business’s fifty day moving average price is $565.21 and its 200 day moving average price is $556.45.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.41 by ($0.50). The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. Martin Marietta Materials’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $6.94 EPS. On average, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 17.84 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $0.79 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $3.16 annualized dividend and a dividend yield of 0.53%. Martin Marietta Materials’s dividend payout ratio is presently 9.85%.

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.