Confluence Investment Management LLC Sells 1,733 Shares of Martin Marietta Materials, Inc. $MLM

Confluence Investment Management LLC reduced its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 2.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 59,658 shares of the construction company’s stock after selling 1,733 shares during the quarter. Confluence Investment Management LLC’s holdings in Martin Marietta Materials were worth $37,147,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE grew its stake in shares of Martin Marietta Materials by 31.9% in the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock worth $1,284,938,000 after acquiring an additional 565,856 shares in the last quarter. Norges Bank bought a new position in shares of Martin Marietta Materials during the second quarter valued at about $233,811,000. Principal Financial Group Inc. lifted its position in shares of Martin Marietta Materials by 9.6% during the third quarter. Principal Financial Group Inc. now owns 2,204,425 shares of the construction company’s stock valued at $1,389,428,000 after purchasing an additional 192,637 shares in the last quarter. Millennium Management LLC boosted its holdings in Martin Marietta Materials by 1,570.3% during the third quarter. Millennium Management LLC now owns 108,167 shares of the construction company’s stock worth $68,175,000 after purchasing an additional 115,524 shares during the last quarter. Finally, Freestone Grove Partners LP grew its position in Martin Marietta Materials by 748.5% in the 3rd quarter. Freestone Grove Partners LP now owns 124,963 shares of the construction company’s stock worth $78,762,000 after purchasing an additional 110,236 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Down 0.1%

MLM opened at $567.43 on Friday. Martin Marietta Materials, Inc. has a twelve month low of $441.95 and a twelve month high of $710.97. The company’s 50-day moving average price is $649.29 and its two-hundred day moving average price is $631.41. The stock has a market cap of $34.22 billion, a price-to-earnings ratio of 30.18, a PEG ratio of 2.24 and a beta of 1.13. The company has a quick ratio of 2.36, a current ratio of 3.57 and a debt-to-equity ratio of 0.53.

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

Martin Marietta Materials Dividend Announcement

The company 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 dividend yield of 0.6%. Martin Marietta Materials’s payout ratio is presently 17.66%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MLM shares. Truist Financial set a $710.00 price objective on shares of Martin Marietta Materials in a research note on Thursday, February 12th. Citigroup upped their target price on Martin Marietta Materials from $780.00 to $804.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $630.00 price target on shares of Martin Marietta Materials in a research report on Thursday, February 26th. Jefferies Financial Group reiterated a “buy” rating and set a $785.00 price target on shares of Martin Marietta Materials in a report on Thursday, February 26th. Finally, Wells Fargo & Company reduced their price objective on Martin Marietta Materials from $631.00 to $612.00 and set an “equal weight” rating for the company in a research note on Thursday, February 12th. Eight investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Martin Marietta Materials currently has a consensus rating of “Hold” and an average price target of $696.88.

Martin Marietta Materials Profile

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.