Martin Marietta Materials, Inc. (MLM) Holdings Boosted by Tocqueville Asset Management L.P.
Tocqueville Asset Management L.P. raised its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 83.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 68,695 shares of the construction company’s stock after buying an additional 31,345 shares during the quarter. Tocqueville Asset Management L.P. owned 0.11% of Martin Marietta Materials worth $12,499,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of MLM. Global X Management Co LLC raised its position in shares of Martin Marietta Materials by 4.8% during the second quarter. Global X Management Co LLC now owns 15,519 shares of the construction company’s stock worth $3,466,000 after purchasing an additional 707 shares during the period. Select Equity Group L.P. raised its position in shares of Martin Marietta Materials by 6.6% during the second quarter. Select Equity Group L.P. now owns 1,937,854 shares of the construction company’s stock worth $432,781,000 after purchasing an additional 119,936 shares during the period. Iridian Asset Management LLC CT raised its position in shares of Martin Marietta Materials by 5.3% during the third quarter. Iridian Asset Management LLC CT now owns 1,901,719 shares of the construction company’s stock worth $346,018,000 after purchasing an additional 94,983 shares during the period. Confluence Investment Management LLC raised its position in shares of Martin Marietta Materials by 0.7% during the third quarter. Confluence Investment Management LLC now owns 447,331 shares of the construction company’s stock worth $81,392,000 after purchasing an additional 3,238 shares during the period. Finally, Reliance Trust Co. of Delaware raised its position in shares of Martin Marietta Materials by 19.8% during the third quarter. Reliance Trust Co. of Delaware now owns 4,258 shares of the construction company’s stock worth $775,000 after purchasing an additional 705 shares during the period.
A number of equities analysts have recently weighed in on MLM shares. Stephens set a $204.00 target price on Martin Marietta Materials and gave the stock a “hold” rating in a research report on Tuesday, November 13th. ValuEngine upgraded Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Thursday, November 15th. Bank of America downgraded Martin Marietta Materials from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $225.00 to $179.00 in a report on Wednesday, October 17th. Nomura started coverage on Martin Marietta Materials in a report on Monday, October 29th. They set a “buy” rating and a $220.00 price target for the company. Finally, Zacks Investment Research reiterated a “sell” rating on shares of Martin Marietta Materials in a report on Tuesday, November 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $219.11.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Tuesday, November 6th. The construction company reported $2.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.64 by $0.21. Martin Marietta Materials had a return on equity of 10.78% and a net margin of 17.95%. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the prior year, the company posted $2.39 earnings per share. Martin Marietta Materials’s revenue was up 12.1% compared to the same quarter last year. On average, equities analysts anticipate that Martin Marietta Materials, Inc. will post 8.13 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Monday, December 3rd will be issued a dividend of $0.48 per share. The ex-dividend date is Friday, November 30th. This represents a $1.92 annualized dividend and a yield of 1.01%. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 26.74%.
In related news, SVP Donald A. Mccunniff sold 1,476 shares of the company’s stock in a transaction on Friday, November 9th. The stock was sold at an average price of $185.50, for a total transaction of $273,798.00. Following the completion of the sale, the senior vice president now owns 14,467 shares in the company, valued at $2,683,628.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.75% of the company’s stock.
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Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc, a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.
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