M&T Bank Corp Trims Stake in Martin Marietta Materials, Inc. (NYSE:MLM)

M&T Bank Corp reduced its position in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 14.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,427 shares of the construction company's stock after selling 3,376 shares during the period. M&T Bank Corp's holdings in Martin Marietta Materials were worth $10,994,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MLM. Principal Financial Group Inc. boosted its holdings in shares of Martin Marietta Materials by 76.2% during the 3rd quarter. Principal Financial Group Inc. now owns 1,628,701 shares of the construction company's stock valued at $876,648,000 after acquiring an additional 704,460 shares during the last quarter. FMR LLC lifted its position in Martin Marietta Materials by 15.3% during the third quarter. FMR LLC now owns 2,515,441 shares of the construction company's stock valued at $1,353,936,000 after purchasing an additional 334,605 shares during the period. Public Sector Pension Investment Board boosted its holdings in Martin Marietta Materials by 7,608.2% in the third quarter. Public Sector Pension Investment Board now owns 181,373 shares of the construction company's stock worth $97,624,000 after purchasing an additional 179,020 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in Martin Marietta Materials by 54.2% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 467,782 shares of the construction company's stock worth $251,784,000 after purchasing an additional 164,503 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in Martin Marietta Materials by 247.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 148,827 shares of the construction company's stock valued at $80,634,000 after buying an additional 106,002 shares during the last quarter. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Price Performance

Martin Marietta Materials stock traded down $1.91 during mid-day trading on Monday, reaching $531.78. 268,746 shares of the company's stock traded hands, compared to its average volume of 446,595. Martin Marietta Materials, Inc. has a 12-month low of $479.67 and a 12-month high of $633.23. 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 50 day moving average of $579.42 and a two-hundred day moving average of $554.57. The company has a market cap of $32.50 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 3.74 and a beta of 0.89.

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 business had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.94 billion. During the same period in the previous year, the business posted $6.94 EPS. The firm's revenue was down 5.3% on a year-over-year basis. Equities analysts forecast 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 given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Monday, December 2nd. Martin Marietta Materials's dividend payout ratio is currently 9.85%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on MLM shares. Hsbc Global Res upgraded Martin Marietta Materials from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, December 11th. BNP Paribas downgraded Martin Marietta Materials from a "strong-buy" rating to a "hold" rating in a report on Tuesday, December 10th. JPMorgan Chase & Co. upgraded Martin Marietta Materials from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $515.00 to $640.00 in a research note on Wednesday, November 27th. HSBC upgraded shares of Martin Marietta Materials from a "hold" rating to a "buy" rating and set a $690.00 price objective on the stock in a research note on Wednesday, December 11th. Finally, Barclays boosted their target price on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the company an "overweight" rating in a research report on Tuesday, October 29th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $653.08.

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.