Adage Capital Partners GP L.L.C. Sells 40,300 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Adage Capital Partners GP L.L.C. decreased its position in shares of Martin Marietta Materials, Inc. (NYSE:MLMFree Report) by 46.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,439 shares of the construction company’s stock after selling 40,300 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.08% of Martin Marietta Materials worth $19,062,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MLM. FMR LLC boosted its position in Martin Marietta Materials by 225.3% during the third quarter. FMR LLC now owns 1,833,959 shares of the construction company’s stock valued at $752,803,000 after purchasing an additional 1,270,116 shares in the last quarter. Norges Bank acquired a new stake in Martin Marietta Materials during the fourth quarter worth about $197,591,000. Morgan Stanley grew its holdings in Martin Marietta Materials by 51.6% during the fourth quarter. Morgan Stanley now owns 737,821 shares of the construction company’s stock worth $249,362,000 after acquiring an additional 251,047 shares during the period. Comerica Bank acquired a new stake in Martin Marietta Materials during the second quarter worth about $792,790,000. Finally, Zurich Insurance Group Ltd FI acquired a new stake in Martin Marietta Materials during the second quarter worth about $73,260,000. Institutional investors own 93.22% of the company’s stock.

Insider Buying and Selling at Martin Marietta Materials

In other Martin Marietta Materials news, CEO C Howard Nye sold 15,000 shares of Martin Marietta Materials stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total value of $9,063,900.00. Following the sale, the chief executive officer now owns 134,640 shares in the company, valued at $81,357,566.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Sue W. Cole sold 1,724 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $543.48, for a total value of $936,959.52. Following the sale, the director now owns 19,793 shares in the company, valued at approximately $10,757,099.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO C Howard Nye sold 15,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $604.26, for a total value of $9,063,900.00. Following the completion of the sale, the chief executive officer now owns 134,640 shares in the company, valued at approximately $81,357,566.40. The disclosure for this sale can be found here. Company insiders own 0.61% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MLM. Citigroup raised their target price on Martin Marietta Materials from $573.00 to $635.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Morgan Stanley started coverage on Martin Marietta Materials in a report on Monday, January 8th. They issued an “overweight” rating and a $595.00 price objective on the stock. JPMorgan Chase & Co. raised Martin Marietta Materials from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $490.00 to $530.00 in a report on Tuesday, December 12th. Stifel Nicolaus raised their price objective on Martin Marietta Materials from $510.00 to $598.00 and gave the company a “buy” rating in a report on Tuesday, December 19th. Finally, Truist Financial raised their price objective on Martin Marietta Materials from $550.00 to $610.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Two analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $559.46.

Check Out Our Latest Stock Report on Martin Marietta Materials

Martin Marietta Materials Stock Performance

Shares of Martin Marietta Materials stock opened at $611.89 on Friday. Martin Marietta Materials, Inc. has a one year low of $317.94 and a one year high of $617.08. The company has a market cap of $37.83 billion, a price-to-earnings ratio of 32.50, a PEG ratio of 2.97 and a beta of 0.95. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.50 and a current ratio of 3.35. The business’s 50 day moving average price is $525.17 and its 200 day moving average price is $472.64.

Martin Marietta Materials (NYSE:MLMGet Free Report) last announced its quarterly earnings data on Wednesday, February 14th. The construction company reported $4.63 EPS for the quarter, topping analysts’ consensus estimates of $3.96 by $0.67. Martin Marietta Materials had a return on equity of 15.77% and a net margin of 17.25%. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.62 billion. During the same quarter last year, the business posted $3.04 earnings per share. The firm’s revenue was up 8.9% compared to the same quarter last year. On average, research analysts predict that Martin Marietta Materials, Inc. will post 21.09 EPS for the current year.

Martin Marietta Materials Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Shareholders of record on Monday, March 4th will be given a $0.74 dividend. The ex-dividend date of this dividend is Friday, March 1st. This represents a $2.96 dividend on an annualized basis and a yield of 0.48%. Martin Marietta Materials’s dividend payout ratio is currently 15.72%.

Martin Marietta Materials Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Martin Marietta Materials (NYSE:MLM)

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