Martin Marietta Materials, Inc. (NYSE:MLM) Shares Sold by Washington Trust Bank

Washington Trust Bank decreased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 1.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,131 shares of the construction company’s stock after selling 207 shares during the period. Washington Trust Bank’s holdings in Martin Marietta Materials were worth $6,530,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Newbridge Financial Services Group Inc. lifted its position in Martin Marietta Materials by 411.1% in the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock valued at $25,000 after purchasing an additional 37 shares during the period. Asset Dedication LLC lifted its position in Martin Marietta Materials by 1,300.0% in the third 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. Fortitude Family Office LLC lifted its position in Martin Marietta Materials by 186.4% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock valued at $34,000 after purchasing an additional 41 shares during the period. Pathway Financial Advisers LLC acquired a new stake in Martin Marietta Materials in the first quarter valued at about $41,000. Finally, Rothschild Investment LLC acquired a new stake in Martin Marietta Materials in the second quarter valued at about $43,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Trading Down 0.4 %

Shares of MLM traded down $2.31 during mid-day trading on Thursday, reaching $615.00. The company had a trading volume of 7,740 shares, compared to its average volume of 446,135. The stock has a market cap of $37.59 billion, a price-to-earnings ratio of 19.24, a price-to-earnings-growth ratio of 3.86 and a beta of 0.90. The firm has a fifty day simple moving average of $545.48 and a 200-day simple moving average of $556.16. Martin Marietta Materials, Inc. has a fifty-two week low of $444.14 and a fifty-two week high of $633.23. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share for the quarter, missing analysts’ consensus estimates of $6.41 by ($0.50). The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.94 billion. Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter last year, the business earned $6.94 EPS. On average, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 17.95 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s dividend payout ratio (DPR) is 9.85%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MLM shares. Loop Capital raised their price objective on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Truist Financial dropped their price objective on shares of 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 raised 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 note on Tuesday, October 29th. Citigroup dropped 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 research note on Monday, August 12th. Finally, Jefferies Financial Group dropped their price objective on shares of 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $634.85.

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.