Peapack Gladstone Financial Corp increased its stake in Martin Marietta Materials (NYSE:MLM) by 50.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,721 shares of the construction company’s stock after purchasing an additional 3,945 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Martin Marietta Materials were worth $2,430,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently modified their holdings of MLM. Ceredex Value Advisors LLC purchased a new position in Martin Marietta Materials in the 1st quarter worth about $106,465,000. Carillon Tower Advisers Inc. purchased a new position in Martin Marietta Materials in the 4th quarter worth about $97,745,000. Iridian Asset Management LLC CT increased its stake in Martin Marietta Materials by 22.0% in the 4th quarter. Iridian Asset Management LLC CT now owns 2,177,847 shares of the construction company’s stock worth $481,391,000 after purchasing an additional 392,445 shares in the last quarter. William Blair Investment Management LLC increased its stake in Martin Marietta Materials by 26.4% in the 4th quarter. William Blair Investment Management LLC now owns 753,144 shares of the construction company’s stock worth $166,475,000 after purchasing an additional 157,388 shares in the last quarter. Finally, Atalan Capital Partners LP purchased a new position in Martin Marietta Materials in the 4th quarter worth about $34,261,000. 99.00% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Martin Marietta Materials opened at $218.41 on Friday, according to Marketbeat.com. Martin Marietta Materials has a one year low of $189.26 and a one year high of $241.33. The company has a debt-to-equity ratio of 0.58, a current ratio of 4.00 and a quick ratio of 3.06. The stock has a market cap of $13.81 billion, a price-to-earnings ratio of 30.42, a price-to-earnings-growth ratio of 1.70 and a beta of 1.15.
Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Tuesday, May 8th. The construction company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.09). Martin Marietta Materials had a net margin of 17.36% and a return on equity of 9.47%. The company had revenue of $802.00 million for the quarter, compared to the consensus estimate of $822.23 million. During the same quarter in the prior year, the firm earned $0.67 earnings per share. Martin Marietta Materials’s revenue for the quarter was down 5.0% compared to the same quarter last year. equities analysts expect that Martin Marietta Materials will post 8.97 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Friday, June 1st will be paid a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.81%. The ex-dividend date is Thursday, May 31st. Martin Marietta Materials’s dividend payout ratio is currently 24.51%.
In other Martin Marietta Materials news, Director Sue W. Cole sold 3,000 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $210.06, for a total value of $630,180.00. Following the sale, the director now directly owns 24,145 shares in the company, valued at $5,071,898.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman C Howard Nye sold 8,409 shares of the business’s stock in a transaction dated Wednesday, May 9th. The stock was sold at an average price of $212.66, for a total transaction of $1,788,257.94. Following the completion of the sale, the chairman now owns 146,977 shares in the company, valued at $31,256,128.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,407 shares of company stock worth $4,337,531. Company insiders own 0.75% of the company’s stock.
A number of equities analysts recently weighed in on MLM shares. Zacks Investment Research cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, May 1st. Bank of America upgraded Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $229.00 price objective for the company in a research report on Wednesday, May 2nd. SunTrust Banks decreased their price objective on Martin Marietta Materials to $226.00 and set a “buy” rating for the company in a research report on Thursday, May 3rd. They noted that the move was a valuation call. Citigroup raised their price objective on Martin Marietta Materials from $245.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Finally, Stephens restated a “hold” rating and set a $233.00 price objective on shares of Martin Marietta Materials in a research report on Friday, April 13th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $234.57.
About Martin Marietta Materials
Martin Marietta Materials, Inc, a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; 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.
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