Daiichi Life Insurance Co. Ltd. Acquires Shares of 2,494 Martin Marietta Materials, Inc. $MLM

Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 2,494 shares of the construction company’s stock, valued at approximately $1,438,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Martin Marietta Materials in the second quarter valued at about $2,706,134,000. Victory Capital Management Inc. raised its stake 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 buying an additional 836,120 shares in the last quarter. Bank of America Corp DE lifted its holdings in Martin Marietta Materials by 0.9% during 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 buying an additional 21,310 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Martin Marietta Materials by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after buying an additional 10,743 shares during the last quarter. Finally, Morgan Stanley grew its position in shares of Martin Marietta Materials by 5.3% in the 4th quarter. Morgan Stanley now owns 1,367,016 shares of the construction company’s stock worth $851,188,000 after acquiring an additional 68,382 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

MLM has been the subject of a number of research analyst reports. UBS Group lowered their price target on Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Oppenheimer initiated coverage on Martin Marietta Materials in a research note on Thursday, May 28th. They set a “market perform” rating on the stock. Morgan Stanley dropped their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Berenberg Bank set a $556.00 price target on shares of Martin Marietta Materials and gave the stock a “hold” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings lowered shares of Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, August 17th. Ten investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $668.53.

Martin Marietta Materials Price Performance

Shares of MLM opened at $535.28 on Monday. Martin Marietta Materials, Inc. has a 12 month low of $522.19 and a 12 month high of $710.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The stock has a fifty day moving average price of $569.66 and a 200 day moving average price of $595.62. The company has a market cap of $32.15 billion, a P/E ratio of 13.15, a PEG ratio of 2.31 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM) last posted its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the business posted $5.43 earnings per share. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. On average, research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be given a $0.84 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $3.36 annualized dividend and a yield of 0.6%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s payout ratio is 8.16%.

Martin Marietta Materials Company 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.