Harvey Partners LLC Lowers Stock Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

Harvey Partners LLC lessened its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 62.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,000 shares of the construction company's stock after selling 28,750 shares during the quarter. Harvey Partners LLC's holdings in Martin Marietta Materials were worth $9,150,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Newbridge Financial Services Group Inc. grew its holdings in shares of Martin Marietta Materials by 411.1% during the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company's stock worth $25,000 after purchasing an additional 37 shares during the last quarter. Asset Dedication LLC grew its stake in shares of Martin Marietta Materials by 1,300.0% during the 3rd quarter. Asset Dedication LLC now owns 56 shares of the construction company's stock valued at $30,000 after buying an additional 52 shares during the period. First Personal Financial Services acquired a new position in Martin Marietta Materials in the 3rd quarter worth $33,000. Fortitude Family Office LLC lifted its position in shares of Martin Marietta Materials by 186.4% during the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company's stock worth $34,000 after purchasing an additional 41 shares during the last quarter. Finally, Rothschild Investment LLC acquired a new stake in shares of Martin Marietta Materials in the second quarter valued at approximately $43,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Martin Marietta Materials Stock Performance

NYSE MLM traded down $4.36 during trading hours on Tuesday, reaching $588.86. 534,660 shares of the company were exchanged, compared to its average volume of 446,251. Martin Marietta Materials, Inc. has a 1 year low of $456.83 and a 1 year high of $633.23. The business's 50 day simple moving average is $572.14 and its 200-day simple moving average is $555.91. The company has a quick ratio of 1.24, a current ratio of 2.34 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $35.99 billion, a P/E ratio of 18.35, a P/E/G ratio of 4.02 and a beta of 0.89.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same quarter last year, the company posted $6.94 earnings per share. The firm's revenue for the quarter was down 5.3% compared to the same quarter last year. On average, equities research analysts expect that Martin Marietta Materials, Inc. will post 17.58 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 Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date of this dividend is Monday, December 2nd. Martin Marietta Materials's dividend payout ratio is currently 9.85%.

Wall Street Analysts Forecast Growth

MLM has been the topic of several recent research reports. BNP Paribas upgraded shares of Martin Marietta Materials to a "strong-buy" rating in a research report on Thursday, September 19th. Barclays increased their price target on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the company an "overweight" rating in a research note on Tuesday, October 29th. UBS Group assumed coverage on shares of Martin Marietta Materials in a research note on Thursday, November 7th. They issued a "buy" rating and a $730.00 price target on the stock. JPMorgan Chase & Co. upgraded shares of Martin Marietta Materials from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $515.00 to $640.00 in a research note on Wednesday, November 27th. Finally, StockNews.com raised shares of Martin Marietta Materials from a "sell" rating to a "hold" rating in a report on Monday. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Martin Marietta Materials presently has an average rating of "Moderate Buy" and an average price target of $644.46.

About Martin Marietta Materials

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.