Sumitomo Life Insurance Co. lessened its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 16.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 7,603 shares of the construction company’s stock after selling 1,450 shares during the period. Sumitomo Life Insurance Co.’s holdings in Martin Marietta Materials were worth $1,383,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new stake in shares of Martin Marietta Materials during the second quarter valued at approximately $128,000. Piedmont Investment Advisors LLC bought a new stake in shares of Martin Marietta Materials during the second quarter valued at approximately $160,000. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in Martin Marietta Materials during the third quarter valued at approximately $181,000. Putnam Investments LLC purchased a new position in Martin Marietta Materials during the second quarter valued at approximately $203,000. Finally, Sawtooth Solutions LLC purchased a new position in Martin Marietta Materials during the second quarter valued at approximately $205,000.
Shares of MLM stock opened at $162.75 on Friday. The company has a market cap of $10.47 billion, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 1.32 and a beta of 1.08. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.14 and a current ratio of 2.05. Martin Marietta Materials, Inc. has a 52-week low of $161.76 and a 52-week high of $241.33.
Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Thursday, July 26th. The construction company reported $3.25 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.80 by $0.45. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.21 billion. Martin Marietta Materials had a net margin of 17.82% and a return on equity of 10.52%. Martin Marietta Materials’s revenue was up 13.1% compared to the same quarter last year. During the same period last year, the company posted $2.27 earnings per share. Sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 8.85 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 28th. Shareholders of record on Tuesday, September 4th were issued a $0.48 dividend. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.44. This represents a $1.92 annualized dividend and a yield of 1.18%. The ex-dividend date of this dividend was Friday, August 31st. Martin Marietta Materials’s payout ratio is currently 26.74%.
In other news, Director John J. Koraleski purchased 2,400 shares of the business’s stock in a transaction on Friday, July 27th. The shares were acquired at an average cost of $208.06 per share, with a total value of $499,344.00. Following the completion of the acquisition, the director now owns 4,750 shares of the company’s stock, valued at $988,285. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Donald A. Mccunniff sold 2,250 shares of Martin Marietta Materials stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $204.33, for a total transaction of $459,742.50. Following the completion of the transaction, the senior vice president now directly owns 12,649 shares in the company, valued at $2,584,570.17. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by insiders.
Several equities analysts recently issued reports on MLM shares. Barclays set a $215.00 price objective on shares of Martin Marietta Materials and gave the company a “hold” rating in a report on Friday, September 28th. ValuEngine raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Tuesday, August 28th. Bank of America cut their price objective on shares of Martin Marietta Materials to $247.00 and set a “buy” rating on the stock in a report on Wednesday, July 25th. DA Davidson set a $200.00 price objective on shares of Martin Marietta Materials and gave the company a “hold” rating in a report on Thursday, October 11th. Finally, Stifel Nicolaus lifted their price objective on shares of Martin Marietta Materials from $256.00 to $260.00 and gave the company a “buy” rating in a report on Friday, July 27th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Martin Marietta Materials currently has a consensus rating of “Buy” and a consensus target price of $221.88.
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.
Read More: Marijuana Stocks Future Looks Bright
Want to see what other hedge funds are holding MLM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Martin Marietta Materials, Inc. (NYSE:MLM).
Receive News & Ratings for Martin Marietta Materials Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Martin Marietta Materials and related companies with MarketBeat.com's FREE daily email newsletter.