Dai ichi Life Insurance Company Ltd Sells 4,930 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Dai ichi Life Insurance Company Ltd cut its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 77.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,475 shares of the construction company’s stock after selling 4,930 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Martin Marietta Materials were worth $799,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Global Assets Advisory LLC acquired a new position in shares of Martin Marietta Materials during the first quarter valued at about $22,265,000. Cambridge Investment Research Advisors Inc. increased its position in shares of Martin Marietta Materials by 25.3% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 8,562 shares of the construction company’s stock valued at $4,272,000 after purchasing an additional 1,728 shares during the period. Brevan Howard Capital Management LP lifted its position in Martin Marietta Materials by 49.7% in the fourth quarter. Brevan Howard Capital Management LP now owns 5,672 shares of the construction company’s stock worth $2,830,000 after purchasing an additional 1,882 shares during the period. Vanguard Group Inc. increased its holdings in Martin Marietta Materials by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 7,170,166 shares of the construction company’s stock valued at $3,577,268,000 after buying an additional 69,701 shares during the period. Finally, BNP Paribas Financial Markets raised its stake in shares of Martin Marietta Materials by 182.5% in the 1st quarter. BNP Paribas Financial Markets now owns 73,135 shares of the construction company’s stock valued at $44,901,000 after buying an additional 47,250 shares in the last quarter. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Stock Up 1.7 %

Martin Marietta Materials stock opened at $529.78 on Tuesday. Martin Marietta Materials, Inc. has a fifty-two week low of $389.90 and a fifty-two week high of $626.67. The firm has a market capitalization of $32.66 billion, a PE ratio of 15.70, a P/E/G ratio of 3.52 and a beta of 0.91. The company’s 50-day moving average is $541.32 and its 200-day moving average is $568.37. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.86 and a quick ratio of 0.94.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Thursday, August 8th. The construction company reported $4.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.36 by ($0.60). The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.83 billion. Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. Martin Marietta Materials’s quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.60 EPS. Sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 19.33 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

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

Analysts Set New Price Targets

Several brokerages have recently commented on MLM. Jefferies Financial Group boosted their target price on shares of Martin Marietta Materials from $660.00 to $665.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Stephens cut their price target on shares of Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating on the stock in a research report on Friday, August 9th. Citigroup decreased their price objective on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a report on Monday, August 12th. StockNews.com lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Thursday, August 29th. Finally, Truist Financial dropped their price objective on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.