Cigna Investments Inc. New lessened its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 3.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,873 shares of the construction company’s stock after selling 70 shares during the period. Cigna Investments Inc. New’s holdings in Martin Marietta Materials were worth $377,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the company. Shine Investment Advisory Services Inc. increased its position in Martin Marietta Materials by 191.8% during the first quarter. Shine Investment Advisory Services Inc. now owns 143 shares of the construction company’s stock worth $29,000 after buying an additional 94 shares during the last quarter. JOYN Advisors Inc. boosted its holdings in Martin Marietta Materials by 472.7% during the fourth quarter. JOYN Advisors Inc. now owns 189 shares of the construction company’s stock valued at $32,000 after acquiring an additional 156 shares during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in Martin Marietta Materials by 397.4% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 189 shares of the construction company’s stock valued at $32,000 after acquiring an additional 151 shares during the period. Global Retirement Partners LLC boosted its holdings in Martin Marietta Materials by 82.9% during the first quarter. Global Retirement Partners LLC now owns 192 shares of the construction company’s stock valued at $39,000 after acquiring an additional 87 shares during the period. Finally, Enlightenment Research LLC bought a new stake in Martin Marietta Materials during the fourth quarter valued at about $34,000.
MLM traded down $0.49 during midday trading on Wednesday, reaching $224.16. 481,359 shares of the company’s stock were exchanged, compared to its average volume of 649,458. The company has a market cap of $14.08 billion, a price-to-earnings ratio of 27.71, a price-to-earnings-growth ratio of 2.20 and a beta of 1.14. The company has a quick ratio of 0.96, a current ratio of 1.81 and a debt-to-equity ratio of 0.65. Martin Marietta Materials, Inc. has a one year low of $150.75 and a one year high of $232.44. The company’s 50-day moving average is $219.11.
Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Tuesday, April 30th. The construction company reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.39. The company had revenue of $938.96 million during the quarter, compared to analyst estimates of $881.82 million. Martin Marietta Materials had a net margin of 11.48% and a return on equity of 10.82%. The company’s revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the business posted $0.16 earnings per share. Analysts predict that Martin Marietta Materials, Inc. will post 9.27 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 0.86%. The ex-dividend date is Friday, May 31st. Martin Marietta Materials’s payout ratio is 23.73%.
A number of equities research analysts have issued reports on MLM shares. Zacks Investment Research upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. Citigroup upped their price target on shares of Martin Marietta Materials from $239.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. DA Davidson upgraded shares of Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $227.22 price target for the company in a report on Thursday, June 6th. Bank of America cut shares of Martin Marietta Materials from a “neutral” rating to an “underperform” rating in a research note on Tuesday, April 16th. Finally, Berenberg Bank initiated coverage on shares of Martin Marietta Materials in a research note on Wednesday, April 3rd. They issued a “hold” rating and a $194.00 target price for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the stock. Martin Marietta Materials has an average rating of “Buy” and a consensus price target of $221.87.
In related news, Chairman C Howard Nye sold 14,668 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $220.48, for a total value of $3,234,000.64. Following the completion of the sale, the chairman now owns 167,019 shares of the company’s stock, valued at $36,824,349.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Laree E. Perez sold 824 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $231.80, for a total transaction of $191,003.20. Following the completion of the sale, the director now directly owns 14,136 shares of the company’s stock, valued at approximately $3,276,724.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,675 shares of company stock valued at $4,125,869. Company insiders own 0.73% of the company’s stock.
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 offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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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