Whittier Trust Co. Buys 13,376 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Whittier Trust Co. boosted its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 5,765.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,608 shares of the construction company’s stock after acquiring an additional 13,376 shares during the period. Whittier Trust Co.’s holdings in Martin Marietta Materials were worth $7,372,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. HB Wealth Management LLC boosted its holdings in Martin Marietta Materials by 4.2% in the second quarter. HB Wealth Management LLC now owns 2,363 shares of the construction company’s stock valued at $1,281,000 after acquiring an additional 95 shares during the last quarter. Eagle Bay Advisors LLC boosted its holdings in Martin Marietta Materials by 752.4% in the second quarter. Eagle Bay Advisors LLC now owns 358 shares of the construction company’s stock valued at $194,000 after acquiring an additional 316 shares during the last quarter. Skylands Capital LLC boosted its holdings in Martin Marietta Materials by 21.5% in the second quarter. Skylands Capital LLC now owns 9,000 shares of the construction company’s stock valued at $4,876,000 after acquiring an additional 1,590 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Martin Marietta Materials by 2.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 3,579 shares of the construction company’s stock valued at $1,939,000 after acquiring an additional 98 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Martin Marietta Materials by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 465,703 shares of the construction company’s stock valued at $252,318,000 after acquiring an additional 11,749 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MLM has been the topic of several recent analyst reports. Loop Capital dropped their price target on Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Stephens dropped their price target on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. Truist Financial dropped their price target on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Jefferies Financial Group boosted their price target on Martin Marietta Materials from $660.00 to $665.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley boosted their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the company an “overweight” rating in a research note on Monday. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Martin Marietta Materials has an average rating of “Moderate Buy” and a consensus target price of $629.82.

Martin Marietta Materials Price Performance

MLM traded up $9.93 during trading on Thursday, reaching $524.16. 153,139 shares of the company were exchanged, compared to its average volume of 443,376. The company’s 50-day moving average is $546.45 and its two-hundred day moving average is $570.81. Martin Marietta Materials, Inc. has a 12-month low of $389.90 and a 12-month high of $626.67. The company has a market cap of $32.31 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 3.12 and a beta of 0.91. The company has a quick ratio of 2.41, a current ratio of 3.16 and a debt-to-equity ratio of 0.44.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.60). The business had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.83 billion. Martin Marietta Materials had a net margin of 31.35% and a return on equity of 14.74%. The business’s revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $5.60 EPS. Research analysts forecast that Martin Marietta Materials, Inc. will post 22.86 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a $0.79 dividend. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Tuesday, September 3rd. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 9.36%.

Martin Marietta Materials Company Profile

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.