New York State Common Retirement Fund Has $21.69 Million Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

New York State Common Retirement Fund decreased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 17.3% in the 3rd quarter, Holdings Channel reports. The fund owned 40,295 shares of the construction company’s stock after selling 8,400 shares during the period. New York State Common Retirement Fund’s holdings in Martin Marietta Materials were worth $21,689,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its stake in 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. Dimensional Fund Advisors LP raised its stake in Martin Marietta Materials by 2.1% during the second quarter. Dimensional Fund Advisors LP now owns 623,681 shares of the construction company’s stock worth $337,903,000 after acquiring an additional 12,759 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Martin Marietta Materials by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 465,703 shares of the construction company’s stock worth $252,318,000 after acquiring an additional 11,749 shares in the last quarter. William Blair Investment Management LLC raised its stake in Martin Marietta Materials by 1.0% during the second quarter. William Blair Investment Management LLC now owns 374,811 shares of the construction company’s stock worth $203,073,000 after acquiring an additional 3,598 shares in the last quarter. Finally, Congress Asset Management Co. raised its stake in Martin Marietta Materials by 0.5% during the third quarter. Congress Asset Management Co. now owns 253,178 shares of the construction company’s stock worth $136,273,000 after acquiring an additional 1,242 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $581.98 on Tuesday. The business’s 50 day simple moving average is $542.14 and its 200 day simple moving average is $555.68. Martin Marietta Materials, Inc. has a one year low of $438.89 and a one year high of $626.67. The stock has a market capitalization of $35.57 billion, a PE ratio of 18.14, a PEG ratio of 5.04 and a beta of 0.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.34 and a quick ratio of 0.94.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing the consensus estimate of $6.41 by ($0.50). Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period last year, the business earned $6.94 EPS. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. As a group, research analysts forecast that Martin Marietta Materials, Inc. will post 18.48 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 0.54%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. The ex-dividend date was Tuesday, September 3rd. Martin Marietta Materials’s payout ratio is presently 9.85%.

Analyst Upgrades and Downgrades

Several research analysts have commented on MLM shares. Stephens lowered their target price on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. Truist Financial lowered their price objective on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Barclays upped their price objective on Martin Marietta Materials from $595.00 to $645.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. Jefferies Financial Group lowered their price objective on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lowered their price objective on Martin Marietta Materials from $560.00 to $515.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $626.92.

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.