Arizona State Retirement System Cuts Stake in Martin Marietta Materials, Inc. (NYSE:MLM)

Arizona State Retirement System lowered its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 0.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 16,954 shares of the construction company’s stock after selling 46 shares during the quarter. Arizona State Retirement System’s holdings in Martin Marietta Materials were worth $9,186,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Martin Marietta Materials in the 4th quarter worth about $25,000. Riverview Trust Co purchased a new stake in shares of Martin Marietta Materials in the 1st quarter worth about $26,000. Redmont Wealth Advisors LLC purchased a new stake in shares of Martin Marietta Materials in the 1st quarter worth about $31,000. Fortitude Family Office LLC lifted its position in shares of Martin Marietta Materials by 186.4% in the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock worth $34,000 after purchasing an additional 41 shares during the period. Finally, Pathway Financial Advisers LLC purchased a new stake in shares of Martin Marietta Materials in the 1st quarter worth about $41,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

Shares of NYSE MLM opened at $502.48 on Friday. The firm’s 50-day moving average price is $543.58 and its 200-day moving average price is $569.75. The company has a quick ratio of 0.94, a current ratio of 1.86 and a debt-to-equity ratio of 0.45. The company has a market cap of $30.97 billion, a PE ratio of 14.89, a PEG ratio of 3.57 and a beta of 0.91. Martin Marietta Materials, Inc. has a 52-week low of $389.90 and a 52-week high of $626.67.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.83 billion. Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $5.60 EPS. As a group, analysts anticipate that Martin Marietta Materials, Inc. will post 20.01 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.63%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 9.36%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MLM shares. StockNews.com cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Thursday, August 29th. Morgan Stanley increased their price target on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Jefferies Financial Group increased their price target on shares of Martin Marietta Materials from $660.00 to $665.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Loop Capital decreased their price target on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, Stephens decreased their price target on shares of Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $629.82.

Martin Marietta Materials 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.