Investment Management Corp of Ontario Grows Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Investment Management Corp of Ontario raised its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 32.2% during the third quarter, Holdings Channel.com reports. The firm owned 2,872 shares of the construction company’s stock after buying an additional 700 shares during the period. Investment Management Corp of Ontario’s holdings in Martin Marietta Materials were worth $1,546,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Kovack Advisors Inc. acquired a new stake in Martin Marietta Materials in the 3rd quarter worth about $734,000. Peak Financial Advisors LLC acquired a new stake in shares of Martin Marietta Materials in the second quarter worth approximately $2,710,000. Bank of New York Mellon Corp grew its holdings in Martin Marietta Materials by 2.6% in the second quarter. Bank of New York Mellon Corp now owns 465,703 shares of the construction company’s stock valued at $252,318,000 after purchasing an additional 11,749 shares during the period. D.A. Davidson & CO. grew its stake in shares of Martin Marietta Materials by 8.5% during the 3rd quarter. D.A. Davidson & CO. now owns 12,936 shares of the construction company’s stock valued at $6,963,000 after buying an additional 1,014 shares during the period. Finally, Douglass Winthrop Advisors LLC raised its position in shares of Martin Marietta Materials by 2.2% in the 3rd quarter. Douglass Winthrop Advisors LLC now owns 193,588 shares of the construction company’s stock worth $104,199,000 after buying an additional 4,080 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $582.29 on Friday. The stock has a market capitalization of $35.59 billion, a price-to-earnings ratio of 18.15, a PEG ratio of 3.99 and a beta of 0.89. Martin Marietta Materials, Inc. has a one year low of $458.58 and a one year high of $633.23. The company’s 50-day simple moving average is $574.98 and its 200-day simple moving average is $556.33. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results 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). Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same period in the prior year, the company posted $6.94 earnings per share. The business’s revenue was down 5.3% on a year-over-year basis. Equities analysts anticipate that Martin Marietta Materials, Inc. will post 17.58 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 0.54%. The ex-dividend date of this dividend is Monday, December 2nd. Martin Marietta Materials’s dividend payout ratio is presently 9.85%.

Wall Street Analyst Weigh In

MLM has been the subject of several research analyst reports. StockNews.com upgraded Martin Marietta Materials from a “sell” rating to a “hold” rating in a research note on Monday. Citigroup cut 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 report on Monday, August 12th. Morgan Stanley boosted their price objective on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Jefferies Financial Group cut their target price on shares of Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Finally, Loop Capital upped 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 report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus price target of $644.46.

Martin Marietta Materials Company 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.