Renaissance Investment Group LLC Sells 2,360 Shares of Martin Marietta Materials, Inc. $MLM

Renaissance Investment Group LLC trimmed its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 20.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 9,364 shares of the construction company’s stock after selling 2,360 shares during the quarter. Renaissance Investment Group LLC’s holdings in Martin Marietta Materials were worth $5,400,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in Martin Marietta Materials by 51.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock valued at $1,524,853,000 after acquiring an additional 836,120 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Martin Marietta Materials by 0.9% in the 1st quarter. Bank of America Corp DE now owns 2,399,779 shares of the construction company’s stock worth $1,412,702,000 after acquiring an additional 21,310 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Martin Marietta Materials by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after acquiring an additional 10,743 shares during the last quarter. Morgan Stanley boosted its stake in shares of Martin Marietta Materials by 5.3% during the 4th quarter. Morgan Stanley now owns 1,367,016 shares of the construction company’s stock worth $851,188,000 after purchasing an additional 68,382 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Martin Marietta Materials by 9.3% during the 4th quarter. Invesco Ltd. now owns 769,904 shares of the construction company’s stock worth $479,389,000 after purchasing an additional 65,623 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on MLM. UBS Group cut their price target on shares of Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating on the stock in a report on Monday. 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 research note on Monday, May 4th. Wolfe Research set a $648.00 target price on Martin Marietta Materials in a research report on Tuesday. Zacks Research raised Martin Marietta Materials from a “strong sell” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Oppenheimer started coverage on Martin Marietta Materials in a research note on Thursday, May 28th. They set a “market perform” rating on the stock. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $670.00.

Martin Marietta Materials Trading Down 2.7%

NYSE MLM opened at $538.51 on Friday. The stock has a market cap of $32.35 billion, a PE ratio of 13.23, a PEG ratio of 2.37 and a beta of 1.11. Martin Marietta Materials, Inc. has a 12 month low of $523.48 and a 12 month high of $710.97. The company’s 50-day moving average price is $576.59 and its 200-day moving average price is $603.97. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, beating analysts’ consensus estimates of $4.76 by $0.24. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter last year, the business posted $5.43 EPS. Equities research analysts forecast that Martin Marietta Materials, Inc. will post 19.25 earnings per share for the current year.

Martin Marietta Materials Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, June 1st. Martin Marietta Materials’s payout ratio is currently 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.