State Board of Administration of Florida Retirement System Reduces Stake in Martin Marietta Materials, Inc. (MLM)

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State Board of Administration of Florida Retirement System cut its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 5.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 76,029 shares of the construction company’s stock after selling 4,056 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.12% of Martin Marietta Materials worth $16,980,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its stake in shares of Martin Marietta Materials by 1.3% in the first quarter. BlackRock Inc. now owns 3,910,444 shares of the construction company’s stock valued at $810,635,000 after buying an additional 48,775 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of Martin Marietta Materials by 0.5% in the first quarter. Baillie Gifford & Co. now owns 2,214,958 shares of the construction company’s stock valued at $459,161,000 after buying an additional 11,996 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Martin Marietta Materials by 2.4% in the first quarter. Principal Financial Group Inc. now owns 1,955,132 shares of the construction company’s stock valued at $405,300,000 after buying an additional 45,493 shares in the last quarter. Select Equity Group L.P. grew its stake in Martin Marietta Materials by 2.3% during the 1st quarter. Select Equity Group L.P. now owns 1,817,918 shares of the construction company’s stock worth $376,854,000 after purchasing an additional 41,730 shares in the last quarter. Finally, Aristotle Capital Management LLC grew its stake in Martin Marietta Materials by 5.8% during the 1st quarter. Aristotle Capital Management LLC now owns 1,787,496 shares of the construction company’s stock worth $370,548,000 after purchasing an additional 98,611 shares in the last quarter. 99.86% of the stock is owned by institutional investors and hedge funds.

MLM has been the subject of several analyst reports. Bank of America raised Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $229.00 target price for the company in a research note on Wednesday, May 2nd. Stephens reissued a “hold” rating and set a $233.00 target price on shares of Martin Marietta Materials in a research note on Wednesday, August 1st. ValuEngine cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. Barclays set a $232.00 target price on Martin Marietta Materials and gave the stock a “hold” rating in a research note on Thursday, May 31st. Finally, Stifel Nicolaus boosted their target price on Martin Marietta Materials from $256.00 to $260.00 and gave the stock a “buy” rating in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $241.22.

MLM opened at $203.00 on Monday. Martin Marietta Materials, Inc. has a 12 month low of $189.26 and a 12 month high of $241.33. The firm has a market cap of $12.61 billion, a P/E ratio of 28.27, a P/E/G ratio of 1.50 and a beta of 1.08. The company has a quick ratio of 1.14, a current ratio of 2.05 and a debt-to-equity ratio of 0.60.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Thursday, July 26th. The construction company reported $3.25 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.80 by $0.45. Martin Marietta Materials had a return on equity of 10.52% and a net margin of 17.82%. The firm had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period in the previous year, the firm posted $2.27 EPS. Martin Marietta Materials’s revenue for the quarter was up 13.1% on a year-over-year basis. research analysts forecast that Martin Marietta Materials, Inc. will post 9.37 EPS for the current fiscal year.

In other Martin Marietta Materials news, Director Stephen P. Zelnak, Jr. purchased 3,500 shares of the firm’s stock in a transaction on Monday, July 30th. The stock was bought at an average cost of $202.87 per share, with a total value of $710,045.00. Following the acquisition, the director now directly owns 21,880 shares of the company’s stock, valued at $4,438,795.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Donald A. Mccunniff sold 4,226 shares of Martin Marietta Materials stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $230.72, for a total value of $975,022.72. Following the sale, the senior vice president now directly owns 14,899 shares of the company’s stock, valued at $3,437,497.28. The disclosure for this sale can be found here. 0.75% of the stock is owned by insiders.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; 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.

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Institutional Ownership by Quarter for Martin Marietta Materials (NYSE:MLM)

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