Castle Wealth Management LLC Acquires New Shares in Martin Marietta Materials, Inc. (NYSE:MLM)

Castle Wealth Management LLC bought a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 1,025 shares of the construction company’s stock, valued at approximately $552,000.

Other institutional investors have also added to or reduced their stakes in the company. Peak Financial Advisors LLC bought a new position in shares of Martin Marietta Materials during the second quarter valued at approximately $2,710,000. TD Asset Management Inc raised its position in shares of Martin Marietta Materials by 4.4% in the 1st quarter. TD Asset Management Inc now owns 147,963 shares of the construction company’s stock worth $90,840,000 after acquiring an additional 6,263 shares in the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Martin Marietta Materials by 8.1% during the 1st quarter. Russell Investments Group Ltd. now owns 74,259 shares of the construction company’s stock worth $45,545,000 after purchasing an additional 5,576 shares during the last quarter. M&G Plc bought a new stake in Martin Marietta Materials during the first quarter valued at about $41,142,000. Finally, Empowered Funds LLC grew its stake in Martin Marietta Materials by 986.1% in the first quarter. Empowered Funds LLC now owns 7,842 shares of the construction company’s stock valued at $4,815,000 after purchasing an additional 7,120 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barclays increased their price target on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. StockNews.com lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Wednesday, September 25th. Loop Capital increased their price objective on Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a report on Thursday, October 31st. BNP Paribas upgraded Martin Marietta Materials to a “strong-buy” rating in a research note on Thursday, September 19th. Finally, Truist Financial reduced their target price on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $634.85.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $620.89 on Thursday. 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, Inc. has a twelve month low of $444.14 and a twelve month high of $633.23. The company’s 50 day moving average is $545.48 and its 200 day moving average is $556.16. The company has a market cap of $37.95 billion, a PE ratio of 19.24, a price-to-earnings-growth ratio of 3.86 and a beta of 0.90.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data 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 business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.94 billion. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The firm’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.94 EPS. On average, sell-side analysts forecast that Martin Marietta Materials, Inc. will post 17.95 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 0.51%. The ex-dividend date was Tuesday, September 3rd. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s payout ratio is 9.85%.

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.