Texas Permanent School Fund Corp Has $5.54 Million Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

Texas Permanent School Fund Corp decreased its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 19.9% during the second quarter, Holdings Channel.com reports. The firm owned 10,230 shares of the construction company’s stock after selling 2,546 shares during the period. Texas Permanent School Fund Corp’s holdings in Martin Marietta Materials were worth $5,543,000 as of its most recent SEC filing.

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

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $515.33 on Friday. Martin Marietta Materials, Inc. has a fifty-two week low of $389.90 and a fifty-two week high of $626.67. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.86 and a quick ratio of 0.94. The stock has a market capitalization of $31.76 billion, a P/E ratio of 15.27, a P/E/G ratio of 3.43 and a beta of 0.91. The business has a 50-day moving average of $542.00 and a two-hundred day moving average of $569.22.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.60). Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the prior year, the firm posted $5.60 EPS. Martin Marietta Materials’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts predict that Martin Marietta Materials, Inc. will post 19.59 EPS for the current fiscal 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 given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 0.61%. The ex-dividend date is 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 currently 9.36%.

Analysts Set New Price Targets

MLM has been the subject of a number of research reports. Citigroup reduced their price objective on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Truist Financial reduced their price objective 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. Stifel Nicolaus reduced their price objective on Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Jefferies Financial Group lifted their price objective on Martin Marietta Materials from $660.00 to $665.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, Stephens reduced their price objective on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $629.82.

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.