Pekin Hardy Strauss Inc. Sells 35 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Pekin Hardy Strauss Inc. trimmed its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 5.8% during the second quarter, HoldingsChannel.com reports. The fund owned 565 shares of the construction company’s stock after selling 35 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Martin Marietta Materials were worth $306,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of MLM. Gilbert & Cook Inc. boosted its stake in shares of Martin Marietta Materials by 3.1% in the 4th quarter. Gilbert & Cook Inc. now owns 1,436 shares of the construction company’s stock valued at $716,000 after purchasing an additional 43 shares in the last quarter. 9258 Wealth Management LLC acquired a new stake in shares of Martin Marietta Materials in the 4th quarter valued at $203,000. Brown Advisory Inc. boosted its stake in shares of Martin Marietta Materials by 2.0% in the 4th quarter. Brown Advisory Inc. now owns 3,248 shares of the construction company’s stock valued at $1,620,000 after purchasing an additional 63 shares in the last quarter. Norges Bank acquired a new stake in shares of Martin Marietta Materials in the 4th quarter valued at $308,705,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its stake in shares of Martin Marietta Materials by 64.2% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 1,681 shares of the construction company’s stock valued at $839,000 after purchasing an additional 657 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Performance

Shares of NYSE:MLM opened at $534.04 on Wednesday. The stock has a market capitalization of $32.92 billion, a P/E ratio of 15.82, a P/E/G ratio of 3.52 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 current ratio of 1.86, a quick ratio of 0.94 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $541.39 and a two-hundred day moving average price of $567.97.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data 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 firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.83 billion. Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The business’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.60 earnings per share. Equities analysts predict that Martin Marietta Materials, Inc. will post 19.33 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $0.79 per share. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. This represents a $3.16 annualized dividend and a yield of 0.59%. The ex-dividend date of this dividend is Tuesday, September 3rd. Martin Marietta Materials’s payout ratio is currently 9.36%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Loop Capital reduced their target price on shares of 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. Stifel Nicolaus reduced their target price on shares of Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Stephens reduced their price target on shares of Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating on the stock in a research report on Friday, August 9th. Citigroup reduced their price target on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, Truist Financial reduced their price target on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and a consensus target price of $629.82.

Martin Marietta Materials 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.