MetLife Investment Management LLC Reduces Stock Position in Martin Marietta Materials, Inc. (NYSE:MLM)

MetLife Investment Management LLC trimmed its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 3.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,055 shares of the construction company’s stock after selling 541 shares during the quarter. MetLife Investment Management LLC’s holdings in Martin Marietta Materials were worth $8,642,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Newbridge Financial Services Group Inc. raised its position in Martin Marietta Materials by 411.1% during the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock valued at $25,000 after purchasing an additional 37 shares during the period. Asset Dedication LLC raised its holdings in Martin Marietta Materials by 1,300.0% during the 3rd quarter. Asset Dedication LLC now owns 56 shares of the construction company’s stock valued at $30,000 after buying an additional 52 shares during the period. First Personal Financial Services bought a new stake in Martin Marietta Materials in the third quarter worth $33,000. Fortitude Family Office LLC boosted its stake in Martin Marietta Materials by 186.4% during the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock worth $34,000 after buying an additional 41 shares during the period. Finally, Pathway Financial Advisers LLC bought a new position in Martin Marietta Materials during the first quarter valued at $41,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Down 0.2 %

NYSE:MLM opened at $595.60 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.34 and a quick ratio of 1.24. Martin Marietta Materials, Inc. has a 1-year low of $456.83 and a 1-year high of $633.23. The company has a 50-day moving average of $570.11 and a 200 day moving average of $556.63. The firm has a market cap of $36.40 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 4.04 and a beta of 0.90.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.41 by ($0.50). The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.94 billion. Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The business’s quarterly revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the business earned $6.94 earnings per share. As a group, research analysts anticipate that Martin Marietta Materials, Inc. will post 17.58 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Monday, December 2nd. Martin Marietta Materials’s payout ratio is presently 9.85%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Truist Financial lowered their target price on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a report on Friday, August 9th. Loop Capital raised their price objective on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Citigroup cut their target price on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. UBS Group assumed coverage on Martin Marietta Materials in a research note on Thursday, November 7th. They set a “buy” rating and a $730.00 price target for the company. Finally, StockNews.com raised Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Thursday, November 21st. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Martin Marietta Materials has an average rating of “Moderate Buy” and an average price target of $644.46.

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.