Martin Marietta Materials, Inc. (NYSE:MLM) Shares Purchased by Congress Asset Management Co.

Congress Asset Management Co. increased its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 0.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 253,178 shares of the construction company's stock after buying an additional 1,242 shares during the quarter. Congress Asset Management Co. owned about 0.41% of Martin Marietta Materials worth $136,273,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its stake in Martin Marietta Materials by 114.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 980,699 shares of the construction company's stock worth $602,092,000 after acquiring an additional 523,038 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in Martin Marietta Materials by 247.5% during the second quarter. The Manufacturers Life Insurance Company now owns 148,827 shares of the construction company's stock worth $80,634,000 after acquiring an additional 106,002 shares during the last quarter. M&G Plc acquired a new stake in Martin Marietta Materials during the first quarter worth $41,142,000. Assenagon Asset Management S.A. increased its stake in Martin Marietta Materials by 682.5% during the third quarter. Assenagon Asset Management S.A. now owns 75,045 shares of the construction company's stock worth $40,393,000 after acquiring an additional 65,454 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Martin Marietta Materials by 46,996.7% during the third quarter. International Assets Investment Management LLC now owns 56,516 shares of the construction company's stock worth $30,420,000 after acquiring an additional 56,396 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Stock Down 2.1 %

NYSE:MLM traded down $12.51 during midday trading on Thursday, reaching $592.34. The company had a trading volume of 629,276 shares, compared to its average volume of 444,557. The firm has a market capitalization of $36.20 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 4.62 and a beta of 0.91. The stock's fifty day simple moving average is $539.92 and its 200-day simple moving average is $556.12. Martin Marietta Materials, Inc. has a 12-month low of $404.93 and a 12-month high of $626.67. The company has a current ratio of 1.86, a quick ratio of 0.94 and a debt-to-equity ratio of 0.45.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results 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). The business had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.94 billion. Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The firm's quarterly revenue was down 5.3% on a year-over-year basis. During the same period last year, the firm earned $6.94 earnings per share. On average, sell-side analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $0.79 dividend. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.74. This represents a $3.16 annualized dividend and a dividend yield of 0.53%. The ex-dividend date was Tuesday, September 3rd. Martin Marietta Materials's payout ratio is presently 9.60%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MLM. JPMorgan Chase & Co. cut their target price on Martin Marietta Materials from $560.00 to $515.00 and set a "neutral" rating for the company in a research note on Wednesday, October 9th. Truist Financial dropped their price objective on 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. Barclays lifted their price objective on Martin Marietta Materials from $595.00 to $645.00 and gave the company an "overweight" rating in a research note on Tuesday. Stifel Nicolaus dropped their price objective on Martin Marietta Materials from $650.00 to $630.00 and set a "buy" rating for the company in a research note on Wednesday, July 3rd. Finally, Loop Capital lifted their price objective on Martin Marietta Materials from $600.00 to $680.00 and gave the company a "buy" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $626.92.

Martin Marietta Materials 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.