Martin Marietta Materials, Inc. $MLM Stock: King Luther Capital Management Corp Cuts Holdings

King Luther Capital Management Corp reduced its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 624,949 shares of the construction company’s stock after selling 28,235 shares during the quarter. Martin Marietta Materials comprises 1.2% of King Luther Capital Management Corp’s portfolio, making the stock its 17th largest holding. King Luther Capital Management Corp owned about 1.04% of Martin Marietta Materials worth $299,857,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Magnolia Group LLC bought a new position in Martin Marietta Materials during the third quarter valued at about $4,414,000. Maryland State Retirement & Pension System raised its position in Martin Marietta Materials by 12.4% in the third quarter. Maryland State Retirement & Pension System now owns 3,670 shares of the construction company’s stock worth $1,761,000 after acquiring an additional 405 shares in the last quarter. Jacobi Capital Management LLC bought a new stake in Martin Marietta Materials in the third quarter worth about $69,000. Jefferies Financial Group Inc. lifted its holdings in Martin Marietta Materials by 133.1% in the 3rd quarter. Jefferies Financial Group Inc. now owns 3,786 shares of the construction company’s stock valued at $1,817,000 after acquiring an additional 2,162 shares during the last quarter. Finally, First Command Advisory Services Inc. lifted its holdings in Martin Marietta Materials by 26.9% in the 3rd quarter. First Command Advisory Services Inc. now owns 245 shares of the construction company’s stock valued at $118,000 after acquiring an additional 52 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on MLM. Weiss Ratings lowered shares of Martin Marietta Materials from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, September 3rd. Sanford C. Bernstein downgraded shares of Martin Marietta Materials to an “underweight” rating in a report on Wednesday, September 2nd. Truist Financial cut their target price on shares of Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Morgan Stanley reduced their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, BNP Paribas Exane decreased their price target on shares of Martin Marietta Materials from $590.00 to $565.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 16th. Fifteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and an average target price of $635.85.

Martin Marietta Materials Stock Down 0.9%

Shares of Martin Marietta Materials stock opened at $523.55 on Thursday. Martin Marietta Materials, Inc. has a 12-month low of $464.92 and a 12-month high of $710.97. The firm has a market capitalization of $37.23 billion, a PE ratio of 13.85, a price-to-earnings-growth ratio of 2.91 and a beta of 1.02. The company has a quick ratio of 0.91, a current ratio of 1.63 and a debt-to-equity ratio of 0.69. The stock’s fifty day moving average is $503.56 and its 200-day moving average is $571.62.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Wednesday, November 4th. The construction company reported $5.47 earnings per share for the quarter, missing analysts’ consensus estimates of $5.99 by ($0.52). The company had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.24 billion. Martin Marietta Materials had a net margin of 31.88% and a return on equity of 7.96%. The company’s revenue for the quarter was up 28.3% compared to the same quarter last year. During the same quarter last year, the business earned $6.85 EPS. Equities analysts anticipate that Martin Marietta Materials, Inc. will post 15.36 earnings per share for the current year.

About Martin Marietta Materials

Martin Marietta Materials, Inc. is a U.S.-based supplier of building materials used in construction and infrastructure projects. Its products include crushed stone, sand and gravel, cement, ready-mixed concrete and asphalt. The company also produces specialty products through its magnesia-based business, including lime, chemicals and products used in industrial and environmental applications. Its construction materials operations serve markets across the United States. Martin Marietta traces its roots to 1939 and has grown through acquisitions and expansion of its materials operations.