Acadian Asset Management LLC Trims Stock Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Acadian Asset Management LLC lessened its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 46.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 2,072 shares of the construction company’s stock after selling 1,806 shares during the period. Acadian Asset Management LLC’s holdings in Martin Marietta Materials were worth $1,121,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Strategic Financial Concepts LLC bought a new stake in Martin Marietta Materials during the second quarter valued at about $162,000. Patron Partners LLC grew its stake in shares of Martin Marietta Materials by 7.8% during the 2nd quarter. Patron Partners LLC now owns 495 shares of the construction company’s stock valued at $268,000 after acquiring an additional 36 shares during the period. Lake Street Advisors Group LLC increased its holdings in Martin Marietta Materials by 7.8% in the 2nd quarter. Lake Street Advisors Group LLC now owns 484 shares of the construction company’s stock worth $262,000 after acquiring an additional 35 shares in the last quarter. Sustainable Insight Capital Management LLC bought a new stake in Martin Marietta Materials during the 2nd quarter worth approximately $542,000. Finally, Candriam S.C.A. lifted its holdings in Martin Marietta Materials by 10.0% during the second quarter. Candriam S.C.A. now owns 4,779 shares of the construction company’s stock valued at $2,589,000 after purchasing an additional 436 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Ratings Changes

MLM has been the topic of several recent analyst reports. Truist Financial decreased their price objective on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Loop Capital lowered their price objective 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 increased their target price on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. StockNews.com cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Finally, Stifel Nicolaus cut their price objective on shares of Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating for the company in a report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $629.82.

Martin Marietta Materials Stock Performance

Shares of NYSE:MLM opened at $529.78 on Tuesday. The firm has a fifty day simple moving average of $541.32 and a two-hundred day simple moving average of $568.37. 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 stock has a market capitalization of $32.66 billion, a P/E ratio of 15.70, a PEG ratio of 3.52 and a beta of 0.91.

Martin Marietta Materials (NYSE:MLM) last issued 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). The company had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.83 billion. Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The company’s revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.60 earnings per share. On average, analysts expect that Martin Marietta Materials, Inc. will post 19.33 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 0.60%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend is Tuesday, September 3rd. Martin Marietta Materials’s payout ratio is presently 9.36%.

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.