Cetera Investment Advisers Sells 1,587 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Cetera Investment Advisers lessened its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 15.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,845 shares of the construction company’s stock after selling 1,587 shares during the period. Cetera Investment Advisers’ holdings in Martin Marietta Materials were worth $4,792,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Riverview Trust Co purchased a new position in Martin Marietta Materials during the 1st quarter valued at about $26,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Martin Marietta Materials during the fourth quarter valued at approximately $25,000. Redmont Wealth Advisors LLC bought a new stake in shares of Martin Marietta Materials in the 1st quarter worth approximately $31,000. Fortitude Family Office LLC grew its stake 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 buying an additional 41 shares during the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Martin Marietta Materials during the 1st quarter valued at approximately $41,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on MLM. Loop Capital dropped their target price on Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Morgan Stanley upped 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. BNP Paribas upgraded shares of Martin Marietta Materials to a “strong-buy” rating in a research note on Thursday, September 19th. Truist Financial dropped their target price on shares of 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. Finally, Stephens reduced 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 report on Friday, August 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 issued a strong buy rating to the stock. Based on data from 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 MLM opened at $524.37 on Wednesday. The firm has a market capitalization of $32.32 billion, a P/E ratio of 15.54, a PEG ratio of 3.78 and a beta of 0.91. 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, Inc. has a one year low of $389.90 and a one year high of $626.67. The business has a fifty day moving average of $533.08 and a 200 day moving average of $560.63.

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 business had revenue of $1.76 billion during 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%. Martin Marietta Materials’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the company earned $5.60 EPS. As a group, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 19.33 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.79 per share. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.74. The ex-dividend date was Tuesday, September 3rd. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.60%. Martin Marietta Materials’s payout ratio is presently 9.36%.

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.