Bank of Montreal Can Buys 1,622 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Bank of Montreal Can lifted its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,647 shares of the construction company’s stock after purchasing an additional 1,622 shares during the quarter. Bank of Montreal Can owned 0.09% of Martin Marietta Materials worth $28,383,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MLM. Principal Financial Group Inc. lifted its holdings in shares of Martin Marietta Materials by 76.2% in the third quarter. Principal Financial Group Inc. now owns 1,628,701 shares of the construction company’s stock worth $876,648,000 after buying an additional 704,460 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its stake in Martin Marietta Materials by 54.2% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 467,782 shares of the construction company’s stock worth $251,784,000 after purchasing an additional 164,503 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Martin Marietta Materials by 247.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 148,827 shares of the construction company’s stock valued at $80,634,000 after purchasing an additional 106,002 shares during the period. Assenagon Asset Management S.A. grew its position in shares of Martin Marietta Materials by 682.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 75,045 shares of the construction company’s stock valued at $40,393,000 after purchasing an additional 65,454 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Martin Marietta Materials by 607.4% in the third quarter. KBC Group NV now owns 75,377 shares of the construction company’s stock worth $40,572,000 after purchasing an additional 64,722 shares during the period. 95.04% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Truist Financial reduced their target price on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a research report on Friday, August 9th. UBS Group assumed coverage on Martin Marietta Materials in a report on Thursday, November 7th. They set a “buy” rating and a $730.00 price objective for the company. Morgan Stanley raised their target price on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Loop Capital boosted their price target 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. Finally, StockNews.com upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Thursday, November 21st. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus target price of $644.46.

Martin Marietta Materials Stock Performance

NYSE MLM opened at $600.00 on Friday. The company has a 50-day simple moving average of $571.19 and a two-hundred day simple moving average of $556.57. Martin Marietta Materials, Inc. has a 12-month low of $456.83 and a 12-month high of $633.23. The firm has a market cap of $36.67 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 4.04 and a beta of 0.90. The company has a quick ratio of 1.24, a current ratio of 2.34 and a debt-to-equity ratio of 0.43.

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

Martin Marietta Materials Dividend Announcement

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

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.