M&T Bank Corp Sells 3,376 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

M&T Bank Corp cut its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 14.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 20,427 shares of the construction company’s stock after selling 3,376 shares during the quarter. M&T Bank Corp’s holdings in Martin Marietta Materials were worth $10,994,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MLM. Newbridge Financial Services Group Inc. grew its holdings in Martin Marietta Materials by 411.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock worth $25,000 after acquiring an additional 37 shares during the period. Asset Dedication LLC lifted its stake in shares of Martin Marietta Materials by 1,300.0% in the 3rd quarter. Asset Dedication LLC now owns 56 shares of the construction company’s stock valued at $30,000 after purchasing an additional 52 shares during the period. First Personal Financial Services bought a new stake in shares of Martin Marietta Materials during the 3rd quarter valued at about $33,000. Rothschild Investment LLC acquired a new stake in Martin Marietta Materials during the second quarter worth approximately $43,000. Finally, Larson Financial Group LLC bought a new stake in Martin Marietta Materials in the third quarter worth approximately $49,000. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Up 1.5 %

Shares of NYSE:MLM opened at $533.69 on Monday. The business’s 50 day moving average is $579.84 and its 200 day moving average is $554.70. Martin Marietta Materials, Inc. has a 12-month low of $479.67 and a 12-month high of $633.23. The stock has a market cap of $32.62 billion, a price-to-earnings ratio of 16.63, a PEG ratio of 3.74 and a beta of 0.89. The company has a quick ratio of 1.24, a current ratio of 2.34 and a debt-to-equity ratio of 0.43.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 earnings per share for the quarter, missing the consensus estimate of $6.41 by ($0.50). Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the business posted $6.94 earnings per share. Martin Marietta Materials’s revenue was down 5.3% on a year-over-year basis. On average, sell-side analysts forecast that Martin Marietta Materials, Inc. will post 17.58 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 0.59%. The ex-dividend date is Monday, December 2nd. Martin Marietta Materials’s payout ratio is 9.85%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Jefferies Financial Group cut their price target on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Loop Capital raised their price target on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. BNP Paribas downgraded shares of Martin Marietta Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Barclays increased their price objective on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 29th. Finally, UBS Group assumed coverage on Martin Marietta Materials in a research report on Thursday, November 7th. They issued a “buy” rating and a $730.00 target price for the company. Three analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $653.08.

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.