Cannell & Spears LLC Sells 9,529 Shares of Martin Marietta Materials, Inc. $MLM

Cannell & Spears LLC lessened its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 41.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,384 shares of the construction company’s stock after selling 9,529 shares during the period. Cannell & Spears LLC’s holdings in Martin Marietta Materials were worth $8,436,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC increased its stake in shares of Martin Marietta Materials by 6.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company’s stock worth $379,000 after purchasing an additional 49 shares during the last quarter. Empowered Funds LLC lifted its stake in Martin Marietta Materials by 11.4% in the first quarter. Empowered Funds LLC now owns 1,408 shares of the construction company’s stock valued at $673,000 after purchasing an additional 144 shares during the last quarter. Sivia Capital Partners LLC grew its holdings in Martin Marietta Materials by 11.1% during the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company’s stock valued at $280,000 after purchasing an additional 51 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Martin Marietta Materials by 73.2% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 781 shares of the construction company’s stock valued at $429,000 after purchasing an additional 330 shares during the period. Finally, Allworth Financial LP increased its position in Martin Marietta Materials by 40.6% in the second quarter. Allworth Financial LP now owns 1,497 shares of the construction company’s stock worth $822,000 after buying an additional 432 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on MLM shares. Truist Financial set a $710.00 target price on Martin Marietta Materials in a research note on Thursday, February 12th. Jefferies Financial Group reiterated a “buy” rating and set a $785.00 price target on shares of Martin Marietta Materials in a research note on Thursday, February 26th. DA Davidson set a $680.00 price objective on Martin Marietta Materials in a report on Thursday, February 12th. B. Riley Financial assumed coverage on Martin Marietta Materials in a research note on Thursday, January 15th. They issued a “neutral” rating and a $700.00 price objective on the stock. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $630.00 price objective on shares of Martin Marietta Materials in a report on Thursday, February 26th. Eight investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Martin Marietta Materials has an average rating of “Hold” and a consensus target price of $696.88.

Martin Marietta Materials Trading Down 0.6%

Shares of MLM stock opened at $584.08 on Friday. The stock has a market capitalization of $35.23 billion, a price-to-earnings ratio of 31.07, a PEG ratio of 2.30 and a beta of 1.13. The company’s fifty day simple moving average is $654.23 and its two-hundred day simple moving average is $632.62. Martin Marietta Materials, Inc. has a 1 year low of $441.95 and a 1 year high of $710.97. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.57 and a quick ratio of 2.36.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Wednesday, February 11th. The construction company reported $4.62 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.19). The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. Martin Marietta Materials had a return on equity of 10.86% and a net margin of 17.38%.Martin Marietta Materials’s revenue was up 9.3% on a year-over-year basis. During the same period in the previous year, the business earned $4.79 earnings per share. As a group, analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd will be paid a $0.83 dividend. The ex-dividend date is Monday, March 2nd. This represents a $3.32 annualized dividend and a yield of 0.6%. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 17.66%.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.