OLD National Bancorp IN Raises Position in Martin Marietta Materials, Inc. (NYSE:MLM)

OLD National Bancorp IN increased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 20.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 462 shares of the construction company’s stock after buying an additional 80 shares during the quarter. OLD National Bancorp IN’s holdings in Martin Marietta Materials were worth $249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in Martin Marietta Materials during the 1st quarter valued at about $26,000. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Martin Marietta Materials by 18.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 5,722 shares of the construction company’s stock valued at $3,513,000 after acquiring an additional 881 shares during the last quarter. 180 Wealth Advisors LLC acquired a new stake in shares of Martin Marietta Materials in the first quarter worth $670,000. Dohj LLC purchased a new position in shares of Martin Marietta Materials during the first quarter worth $933,000. Finally, Cypress Wealth Services LLC purchased a new position in shares of Martin Marietta Materials during the first quarter worth $244,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Up 0.3 %

MLM stock opened at $562.79 on Thursday. Martin Marietta Materials, Inc. has a 52 week low of $389.90 and a 52 week high of $626.67. 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 firm has a 50-day simple moving average of $535.47 and a 200-day simple moving average of $557.11. The stock has a market capitalization of $34.69 billion, a P/E ratio of 16.68, a P/E/G ratio of 3.68 and a beta of 0.91.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Thursday, August 8th. The construction company reported $4.76 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the company earned $5.60 EPS. Martin Marietta Materials’s revenue was down 3.1% compared to the same quarter last year. Equities analysts forecast that Martin Marietta Materials, Inc. will post 19.33 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s payout ratio is 9.36%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Loop Capital cut their price target on 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. Morgan Stanley raised their target price on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Truist Financial reduced their price target on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a research report on Friday, August 9th. 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 report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. cut their target price on shares of Martin Marietta Materials from $560.00 to $515.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and an average target price of $619.36.

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.