Verition Fund Management LLC Acquires 5,029 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Verition Fund Management LLC increased its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 180.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,812 shares of the construction company’s stock after acquiring an additional 5,029 shares during the period. Verition Fund Management LLC’s holdings in Martin Marietta Materials were worth $4,205,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MLM. Cetera Investment Advisers boosted its stake in Martin Marietta Materials by 450.2% during the first quarter. Cetera Investment Advisers now owns 10,432 shares of the construction company’s stock worth $6,405,000 after acquiring an additional 8,536 shares in the last quarter. Cetera Advisors LLC boosted its stake in Martin Marietta Materials by 241.1% during the first quarter. Cetera Advisors LLC now owns 1,668 shares of the construction company’s stock worth $1,024,000 after acquiring an additional 1,179 shares in the last quarter. Mather Group LLC. boosted its stake in Martin Marietta Materials by 13.6% during the second quarter. Mather Group LLC. now owns 167 shares of the construction company’s stock worth $90,000 after acquiring an additional 20 shares in the last quarter. Park Avenue Securities LLC boosted its stake in Martin Marietta Materials by 6.9% during the second quarter. Park Avenue Securities LLC now owns 2,512 shares of the construction company’s stock worth $1,361,000 after acquiring an additional 162 shares in the last quarter. Finally, Valeo Financial Advisors LLC boosted its stake in Martin Marietta Materials by 16.7% during the second quarter. Valeo Financial Advisors LLC now owns 847 shares of the construction company’s stock worth $459,000 after acquiring an additional 121 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Down 0.7 %

Shares of MLM stock opened at $588.86 on Wednesday. Martin Marietta Materials, Inc. has a 12 month low of $456.83 and a 12 month high of $633.23. The stock has a market cap of $35.99 billion, a P/E ratio of 18.35, a P/E/G ratio of 4.02 and a beta of 0.89. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43. The company has a 50 day simple moving average of $573.20 and a two-hundred day simple moving average of $555.97.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the prior year, the company posted $6.94 earnings per share. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. On average, research analysts expect that Martin Marietta Materials, Inc. will post 17.58 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $3.16 dividend on an annualized basis and a yield of 0.54%. Martin Marietta Materials’s dividend payout ratio is currently 9.85%.

Analysts Set New Price Targets

MLM has been the topic of several analyst reports. UBS Group initiated coverage on shares of Martin Marietta Materials in a research note on Thursday, November 7th. They issued a “buy” rating and a $730.00 target price on the stock. Citigroup dropped their target price on shares of 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. Stephens dropped their target price on shares of 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 target price on shares of 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. Finally, Loop Capital upped their target price 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. Three research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $644.46.

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.