WESPAC Advisors LLC purchased a new position in Martin Marietta Materials Inc. (NYSE:MLM) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 3,300 shares of the company’s stock, valued at approximately $634,000.

Several other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Martin Marietta Materials by 39.1% in the first quarter. JPMorgan Chase & Co. now owns 4,409,463 shares of the company’s stock worth $703,352,000 after buying an additional 1,240,607 shares in the last quarter. State Street Corp boosted its stake in shares of Martin Marietta Materials by 0.5% in the first quarter. State Street Corp now owns 2,550,973 shares of the company’s stock worth $406,915,000 after buying an additional 11,898 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Martin Marietta Materials by 5.0% in the first quarter. Franklin Resources Inc. now owns 1,181,664 shares of the company’s stock worth $188,491,000 after buying an additional 56,163 shares in the last quarter. TimesSquare Capital Management LLC boosted its stake in shares of Martin Marietta Materials by 243.0% in the first quarter. TimesSquare Capital Management LLC now owns 591,600 shares of the company’s stock worth $94,366,000 after buying an additional 419,100 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Martin Marietta Materials during the fourth quarter worth approximately $72,427,000. 97.18% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Inc. (NYSE:MLM) traded up 2.37% during trading on Wednesday, hitting $178.91. The stock had a trading volume of 726,529 shares. The firm has a 50 day moving average of $189.04 and a 200-day moving average of $181.13. Martin Marietta Materials Inc. has a 12 month low of $108.31 and a 12 month high of $206.36. The stock has a market cap of $11.35 billion, a price-to-earnings ratio of 31.87 and a beta of 1.37.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $1.90 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.02 by $0.12. The business had revenue of $915.40 million for the quarter, compared to analysts’ expectations of $953.30 million. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The business’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.22 earnings per share. Equities analysts predict that Martin Marietta Materials Inc. will post $7.23 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 0.94%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. The ex-dividend date is Tuesday, August 30th. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 30.05%.

MLM has been the topic of several analyst reports. DA Davidson upped their price objective on Martin Marietta Materials from $190.00 to $210.00 and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Zacks Investment Research cut Martin Marietta Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 19th. Alembic Global Advisors initiated coverage on Martin Marietta Materials in a research report on Thursday, June 9th. They issued an “overweight” rating and a $220.00 price objective on the stock. Bank of America Corp. reaffirmed a “buy” rating on shares of Martin Marietta Materials in a research report on Friday, June 17th. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Martin Marietta Materials in a research report on Wednesday, August 31st. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $201.86.

In related news, Director David G. Maffucci sold 6,779 shares of Martin Marietta Materials stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $199.90, for a total transaction of $1,355,122.10. Following the transaction, the director now directly owns 20,326 shares of the company’s stock, valued at $4,063,167.40. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Roselyn R. Bar sold 5,830 shares of Martin Marietta Materials stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the transaction, the executive vice president now directly owns 42,588 shares in the company, valued at $8,516,748.24. The disclosure for this sale can be found here. Corporate insiders own 1.06% of the company’s stock.

About Martin Marietta Materials

Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand and gravel) for the construction industry, used for the construction of infrastructure, non-residential, and residential projects. The Company operates through three businesses: Aggregates Business, Cement Business and Magnesia Specialties Business.

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