Proficio Capital Partners LLC Takes $1.08 Million Position in Martin Marietta Materials, Inc. $MLM

Proficio Capital Partners LLC purchased a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,874 shares of the construction company’s stock, valued at approximately $1,081,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Martin Marietta Materials in the second quarter valued at about $2,706,134,000. Victory Capital Management Inc. boosted its holdings 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 worth $1,524,853,000 after purchasing an additional 836,120 shares during the last quarter. Bank of America Corp DE purchased a new position in Martin Marietta Materials during the second quarter worth about $1,411,047,000. Geode Capital Management LLC grew its position in 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 purchasing an additional 10,743 shares in the last quarter. Finally, Morgan Stanley grew its position in 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 purchasing an additional 68,382 shares in the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Performance

Shares of Martin Marietta Materials stock opened at $532.74 on Thursday. Martin Marietta Materials, Inc. has a 1 year low of $522.19 and a 1 year high of $710.97. The firm’s 50-day moving average is $565.99 and its 200 day moving average is $592.76. The stock has a market cap of $32.00 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 2.30 and a beta of 1.11. 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 (NYSE:MLM) last issued its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the company earned $5.43 earnings per share. The business’s revenue for the quarter was up 21.0% compared to the same quarter last year. Sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. The ex-dividend date is Tuesday, September 1st. This represents a $3.36 annualized dividend and a yield of 0.6%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 8.16%.

Analyst Upgrades and Downgrades

Several research firms have commented on MLM. Wolfe Research set a $648.00 target price on shares of Martin Marietta Materials in a research report on Tuesday, August 4th. Raymond James Financial set a $660.00 target price on shares of Martin Marietta Materials in a research report on Friday, July 31st. DA Davidson started coverage on shares of Martin Marietta Materials in a research report on Monday. They set a “neutral” rating and a $625.00 price target for the company. Oppenheimer began coverage on Martin Marietta Materials in a research note on Thursday, May 28th. They issued a “market perform” rating for the company. Finally, Stephens reduced their target price on Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $665.29.

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.