Harvey Partners LLC Buys 19,930 Shares of Martin Marietta Materials, Inc. $MLM

Harvey Partners LLC increased its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 71.2% during the second quarter, Holdings Channel.com reports. The institutional investor owned 47,930 shares of the construction company’s stock after purchasing an additional 19,930 shares during the period. Martin Marietta Materials accounts for 2.6% of Harvey Partners LLC’s investment portfolio, making the stock its 18th largest holding. Harvey Partners LLC’s holdings in Martin Marietta Materials were worth $26,312,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MLM. Atika Capital Management LLC boosted its position in shares of Martin Marietta Materials by 30.4% during the 2nd quarter. Atika Capital Management LLC now owns 72,533 shares of the construction company’s stock valued at $39,818,000 after acquiring an additional 16,900 shares during the last quarter. TD Waterhouse Canada Inc. lifted its position in Martin Marietta Materials by 31.6% during the second quarter. TD Waterhouse Canada Inc. now owns 5,365 shares of the construction company’s stock valued at $2,988,000 after purchasing an additional 1,287 shares during the last quarter. Tableaux LLC purchased a new position in shares of Martin Marietta Materials in the 2nd quarter worth $5,060,000. Franklin Resources Inc. increased its holdings in shares of Martin Marietta Materials by 0.4% in the 2nd quarter. Franklin Resources Inc. now owns 527,968 shares of the construction company’s stock worth $289,833,000 after buying an additional 2,285 shares during the last quarter. Finally, Fenimore Asset Management Inc increased its holdings in shares of Martin Marietta Materials by 6.0% in the 2nd quarter. Fenimore Asset Management Inc now owns 88,850 shares of the construction company’s stock worth $48,775,000 after buying an additional 5,010 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Price Performance

Shares of MLM stock opened at $628.96 on Friday. The stock has a 50 day moving average price of $619.07 and a 200 day moving average price of $596.10. Martin Marietta Materials, Inc. has a 52-week low of $441.95 and a 52-week high of $665.18. The company has a debt-to-equity ratio of 0.54, a quick ratio of 2.07 and a current ratio of 2.97. The firm has a market capitalization of $37.93 billion, a P/E ratio of 33.16 and a beta of 1.16.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Tuesday, November 4th. The construction company reported $5.97 earnings per share for the quarter, missing analysts’ consensus estimates of $6.62 by ($0.65). The business had revenue of $1.85 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Martin Marietta Materials had a return on equity of 11.68% and a net margin of 17.34%. As a group, sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Monday, December 1st. Martin Marietta Materials’s dividend payout ratio is currently 17.50%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Martin Marietta Materials from $620.00 to $610.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Wall Street Zen downgraded Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a research report on Saturday, November 8th. UBS Group lifted their target price on Martin Marietta Materials from $705.00 to $723.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Raymond James Financial boosted their target price on Martin Marietta Materials from $645.00 to $680.00 and gave the company an “outperform” rating in a research report on Tuesday, October 21st. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Martin Marietta Materials in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $645.00.

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.