Fred Alger Management LLC Trims Stock Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

Fred Alger Management LLC decreased its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 29.0% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 144,739 shares of the construction company's stock after selling 59,241 shares during the period. Fred Alger Management LLC owned approximately 0.24% of Martin Marietta Materials worth $77,906,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MLM. Newbridge Financial Services Group Inc. increased its position in shares of Martin Marietta Materials by 411.1% in the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company's stock valued at $25,000 after acquiring an additional 37 shares during the period. Asset Dedication LLC raised its holdings in shares of Martin Marietta Materials by 1,300.0% during the third quarter. Asset Dedication LLC now owns 56 shares of the construction company's stock valued at $30,000 after acquiring an additional 52 shares in the last quarter. First Personal Financial Services bought a new stake in shares of Martin Marietta Materials during the 3rd quarter valued at about $33,000. Fortitude Family Office LLC boosted its position in Martin Marietta Materials by 186.4% during the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the construction company's stock valued at $34,000 after acquiring an additional 41 shares in the last quarter. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Martin Marietta Materials during the 1st quarter worth approximately $41,000. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Stock Performance

MLM stock traded up $4.40 during trading on Friday, reaching $600.00. The stock had a trading volume of 184,946 shares, compared to its average volume of 446,317. The stock's 50 day moving average is $571.19 and its two-hundred day moving average is $556.57. The firm has a market cap of $36.67 billion, a PE ratio of 18.70, a PEG ratio of 4.04 and a beta of 0.90. Martin Marietta Materials, Inc. has a 52 week low of $456.83 and a 52 week high of $633.23. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $6.41 by ($0.50). Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The business had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.94 billion. During the same period in the previous year, the business posted $6.94 EPS. The business's quarterly revenue was down 5.3% compared to the same quarter last year. As a group, equities analysts anticipate that Martin Marietta Materials, Inc. will post 17.58 earnings per share for the current year.

Martin Marietta Materials Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a $0.79 dividend. The ex-dividend date is Monday, December 2nd. This represents a $3.16 annualized dividend and a dividend yield of 0.53%. Martin Marietta Materials's payout ratio is 9.85%.

Analyst Upgrades and Downgrades

MLM has been the topic of several research reports. BNP Paribas upgraded Martin Marietta Materials to a "strong-buy" rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. raised shares of Martin Marietta Materials from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $515.00 to $640.00 in a research note on Wednesday. Truist Financial decreased their target price on shares of Martin Marietta Materials from $700.00 to $670.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Loop Capital boosted their price target on Martin Marietta Materials from $600.00 to $680.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Finally, Morgan Stanley raised their price objective on Martin Marietta Materials from $610.00 to $657.00 and gave the company an "overweight" rating in a research report on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.