Norges Bank Purchases Shares of 569,623 Martin Marietta Materials, Inc. $MLM

Norges Bank purchased a new stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 569,623 shares of the construction company’s stock, valued at approximately $354,681,000. Norges Bank owned 0.94% of Martin Marietta Materials at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Optima Capital LLC acquired a new position in shares of Martin Marietta Materials during the fourth quarter valued at about $25,000. KERR FINANCIAL PLANNING Corp acquired a new position in Martin Marietta Materials in the third quarter worth about $27,000. Redmont Wealth Advisors LLC acquired a new position in Martin Marietta Materials in the third quarter worth about $32,000. Union Bancaire Privee UBP SA acquired a new position in Martin Marietta Materials in the fourth quarter worth about $36,000. Finally, Quarry LP acquired a new position in Martin Marietta Materials in the third quarter worth about $38,000. 95.04% of the stock is currently owned by institutional investors.

Martin Marietta Materials Price Performance

MLM opened at $570.80 on Tuesday. Martin Marietta Materials, Inc. has a one year low of $525.38 and a one year high of $710.97. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. The company’s 50 day simple moving average is $591.02 and its 200-day simple moving average is $620.79. The stock has a market capitalization of $34.28 billion, a P/E ratio of 13.60, a price-to-earnings-growth ratio of 2.47 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.15. The firm had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The business’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same period last year, the firm earned $1.90 earnings per share. Sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 19.41 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be issued a $0.83 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials’s payout ratio is currently 7.91%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on MLM shares. Wall Street Zen raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Saturday, May 2nd. Oppenheimer started coverage on shares of Martin Marietta Materials in a report on Thursday. They set a “market perform” rating for the company. Citigroup dropped their price objective on shares of Martin Marietta Materials from $804.00 to $731.00 and set a “buy” rating for the company in a report on Monday, May 4th. Truist Financial raised their price objective on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Finally, Morgan Stanley dropped their price objective on shares of Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating for the company in a report on Monday, April 6th. Eleven investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $689.81.

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.