Pelham Capital Ltd. Sells 5,234 Shares of Martin Marietta Materials, Inc. $MLM

Pelham Capital Ltd. cut its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 17.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,818 shares of the construction company’s stock after selling 5,234 shares during the period. Martin Marietta Materials accounts for 8.2% of Pelham Capital Ltd.’s holdings, making the stock its 7th largest position. Pelham Capital Ltd.’s holdings in Martin Marietta Materials were worth $15,453,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Martin Marietta Materials in the fourth quarter valued at $354,681,000. Bank of America Corp DE raised its position in Martin Marietta Materials by 31.9% in the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock valued at $1,284,938,000 after purchasing an additional 565,856 shares during the period. Millennium Management LLC raised its position in Martin Marietta Materials by 1,570.3% in the third quarter. Millennium Management LLC now owns 108,167 shares of the construction company’s stock valued at $68,175,000 after purchasing an additional 115,524 shares during the period. Freestone Grove Partners LP raised its position in Martin Marietta Materials by 748.5% in the third quarter. Freestone Grove Partners LP now owns 124,963 shares of the construction company’s stock valued at $78,762,000 after purchasing an additional 110,236 shares during the period. Finally, Vanguard Group Inc. raised its position in Martin Marietta Materials by 1.3% in the third quarter. Vanguard Group Inc. now owns 7,442,945 shares of the construction company’s stock valued at $4,691,139,000 after purchasing an additional 93,595 shares during the period. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Trading Down 0.3%

MLM opened at $581.54 on Friday. Martin Marietta Materials, Inc. has a 12 month low of $525.38 and a 12 month high of $710.97. The stock has a market capitalization of $34.92 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 2.47 and a beta of 1.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. The business has a fifty day moving average price of $591.56 and a 200 day moving average price of $620.30.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.78 by $0.15. The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.Martin Marietta Materials’s revenue for the quarter was up 17.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.90 EPS. Sell-side analysts expect that Martin Marietta Materials, Inc. will post 19.41 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be given a $0.83 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.6%. Martin Marietta Materials’s dividend payout ratio is 7.91%.

Wall Street Analyst Weigh In

MLM has been the topic of several research analyst reports. UBS Group set a $739.00 price objective on Martin Marietta Materials in a report on Sunday, May 10th. Raymond James Financial set a $690.00 price objective on Martin Marietta Materials in a report on Monday, April 27th. Morgan Stanley cut their price objective on Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating on the stock in a report on Monday, April 6th. Stephens cut their price objective on Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating on the stock in a report on Friday, February 13th. Finally, Truist Financial boosted their price objective on Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a report on Monday, May 4th. Eleven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat.com, Martin Marietta Materials presently has a consensus rating of “Moderate Buy” and an average price target of $681.94.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.