Edgestream Partners L.P. Increases Stock Position in Martin Marietta Materials, Inc. (NYSE:MLM)

Edgestream Partners L.P. grew its stake in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 170.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,354 shares of the construction company's stock after acquiring an additional 2,112 shares during the quarter. Edgestream Partners L.P.'s holdings in Martin Marietta Materials were worth $1,805,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Newbridge Financial Services Group Inc. boosted its holdings in shares of Martin Marietta Materials by 411.1% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company's stock valued at $25,000 after buying an additional 37 shares during the last quarter. Asset Dedication LLC raised its stake in Martin Marietta Materials by 1,300.0% in the 3rd quarter. Asset Dedication LLC now owns 56 shares of the construction company's stock valued at $30,000 after acquiring an additional 52 shares during the period. First Personal Financial Services bought a new stake in Martin Marietta Materials in the 3rd quarter valued at $33,000. Fortitude Family Office LLC raised its stake in Martin Marietta Materials by 186.4% in 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 during the period. Finally, Rothschild Investment LLC bought a new stake in Martin Marietta Materials in the 2nd quarter valued at $43,000. 95.04% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Loop Capital increased their price objective 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. Citigroup lowered their price objective on Martin Marietta Materials from $658.00 to $646.00 and set a "buy" rating on the stock in a research report on Monday, August 12th. StockNews.com upgraded Martin Marietta Materials from a "sell" rating to a "hold" rating in a research report on Monday. UBS Group began coverage on Martin Marietta Materials in a research report on Thursday, November 7th. They issued a "buy" rating and a $730.00 price target on the stock. Finally, Truist Financial decreased their price target on Martin Marietta Materials from $700.00 to $670.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $644.46.

Martin Marietta Materials Trading Down 1.1 %

Shares of MLM stock traded down $6.75 during mid-day trading on Wednesday, reaching $582.00. 350,959 shares of the stock traded hands, compared to its average volume of 445,844. The stock's fifty day simple moving average is $573.20 and its two-hundred day simple moving average is $555.97. Martin Marietta Materials, Inc. has a 1-year low of $456.83 and a 1-year high of $633.23. The company has a market cap of $35.57 billion, a price-to-earnings ratio of 18.22, a price-to-earnings-growth ratio of 4.02 and a beta of 0.89. The company has a quick ratio of 1.24, a current ratio of 2.34 and a debt-to-equity ratio of 0.43.

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

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be paid a $0.79 dividend. 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%.

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.