Price T Rowe Associates Inc. MD Buys 523,038 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Price T Rowe Associates Inc. MD lifted its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 114.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 980,699 shares of the construction company’s stock after buying an additional 523,038 shares during the period. Price T Rowe Associates Inc. MD owned about 1.59% of Martin Marietta Materials worth $602,092,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MLM. Norges Bank acquired a new position in Martin Marietta Materials in the 4th quarter worth about $308,705,000. Balyasny Asset Management L.P. increased its stake in shares of Martin Marietta Materials by 4,244.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 277,182 shares of the construction company’s stock valued at $138,289,000 after buying an additional 270,802 shares during the period. Corient Private Wealth LLC raised its holdings in Martin Marietta Materials by 306.8% in the 4th quarter. Corient Private Wealth LLC now owns 161,690 shares of the construction company’s stock valued at $80,668,000 after buying an additional 121,941 shares during the last quarter. Jennison Associates LLC boosted its position in Martin Marietta Materials by 96.6% during the 4th quarter. Jennison Associates LLC now owns 157,904 shares of the construction company’s stock worth $78,780,000 after buying an additional 77,596 shares during the period. Finally, Vanguard Group Inc. increased its position in Martin Marietta Materials by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 7,170,166 shares of the construction company’s stock valued at $3,577,268,000 after acquiring an additional 69,701 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Martin Marietta Materials Stock Up 1.3 %

Shares of Martin Marietta Materials stock traded up $7.49 during trading on Monday, reaching $573.11. 121,735 shares of the company traded hands, compared to its average volume of 433,885. The firm has a market capitalization of $35.33 billion, a PE ratio of 16.86, a P/E/G ratio of 3.01 and a beta of 0.91. Martin Marietta Materials, Inc. has a 1-year low of $389.90 and a 1-year high of $626.67. The company has a 50 day moving average price of $555.38 and a 200-day moving average price of $565.07. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.16 and a quick ratio of 2.41.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Tuesday, April 30th. The construction company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.88 by $0.05. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.31 billion. Martin Marietta Materials had a net margin of 31.35% and a return on equity of 14.74%. The business’s quarterly revenue was down 7.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.16 earnings per share. As a group, equities research analysts expect that Martin Marietta Materials, Inc. will post 22.86 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were paid a $0.74 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.96 dividend on an annualized basis and a yield of 0.52%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 8.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Citigroup cut their price target on shares of Martin Marietta Materials from $696.00 to $658.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus reduced their price target on Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Jefferies Financial Group raised their price objective on Martin Marietta Materials from $660.00 to $665.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. StockNews.com cut Martin Marietta Materials from a “buy” rating to a “hold” rating in a report on Thursday, May 9th. Finally, Truist Financial raised their price target on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and a consensus price target of $628.91.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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.