Harvey Capital Management Inc. Takes $8.13 Million Position in Martin Marietta Materials, Inc. $MLM

Harvey Capital Management Inc. 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 Securities and Exchange Commission (SEC). The institutional investor purchased 14,095 shares of the construction company’s stock, valued at approximately $8,129,000. Martin Marietta Materials makes up about 1.7% of Harvey Capital Management Inc.’s holdings, making the stock its 13th biggest position.

Several other hedge funds also recently bought and sold shares of the company. Jefferies Financial Group Inc. bought a new position in shares of Martin Marietta Materials in the second quarter worth $937,000. Public Employees Retirement System of Ohio bought a new stake in shares of Martin Marietta Materials during the 2nd quarter valued at about $9,819,000. Proficio Capital Partners LLC bought a new position in shares of Martin Marietta Materials in the 2nd quarter worth $1,081,000. Stonebridge Capital Management Inc. bought a new position in shares of Martin Marietta Materials in the 2nd quarter worth $317,000. Finally, Transamerica Financial Advisors LLC bought a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $69,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

MLM has been the topic of a number of research reports. Wells Fargo & Company lowered their price target on Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating on the stock in a research report on Friday, July 31st. Royal Bank Of Canada decreased their price objective on Martin Marietta Materials from $615.00 to $610.00 and set a “sector perform” rating on the stock in a report on Monday, August 3rd. Berenberg Bank set a $556.00 target price on Martin Marietta Materials and gave the stock a “hold” rating in a research note on Tuesday, June 2nd. Raymond James Financial set a $660.00 price target on shares of Martin Marietta Materials in a research note on Friday, July 31st. Finally, UBS Group lowered their price objective on shares of Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Ten analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and an average target price of $665.29.

Martin Marietta Materials Trading Down 0.7%

Shares of MLM stock opened at $528.56 on Friday. The business has a 50-day moving average of $564.37 and a 200 day moving average of $591.62. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. Martin Marietta Materials, Inc. has a 1-year low of $522.19 and a 1-year high of $710.97. The stock has a market capitalization of $31.75 billion, a PE ratio of 12.99, a P/E/G ratio of 2.30 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the firm earned $5.43 EPS. The business’s quarterly revenue was up 21.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be paid a $0.84 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a dividend yield of 0.6%. Martin Marietta Materials’s payout ratio is presently 8.16%.

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.