Skye Global Management LP Acquires 54,000 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Skye Global Management LP lifted its position in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 63.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 138,500 shares of the construction company's stock after purchasing an additional 54,000 shares during the quarter. Martin Marietta Materials comprises approximately 1.8% of Skye Global Management LP's portfolio, making the stock its 12th largest holding. Skye Global Management LP owned approximately 0.23% of Martin Marietta Materials worth $74,548,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MLM. Tidal Investments LLC increased its stake in Martin Marietta Materials by 14.0% in the first quarter. Tidal Investments LLC now owns 3,632 shares of the construction company's stock valued at $2,230,000 after acquiring an additional 445 shares during the last quarter. Virtu Financial LLC bought a new position in Martin Marietta Materials during the first quarter valued at approximately $819,000. Atria Investments Inc grew its position in Martin Marietta Materials by 3.1% during the first quarter. Atria Investments Inc now owns 12,205 shares of the construction company's stock valued at $7,480,000 after acquiring an additional 363 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Martin Marietta Materials by 450.2% during the first quarter. Cetera Investment Advisers now owns 10,432 shares of the construction company's stock worth $6,405,000 after acquiring an additional 8,536 shares in the last quarter. Finally, Cetera Advisors LLC lifted its holdings in shares of Martin Marietta Materials by 241.1% in the 1st quarter. Cetera Advisors LLC now owns 1,668 shares of the construction company's stock worth $1,024,000 after acquiring an additional 1,179 shares during the last quarter. Institutional investors own 95.04% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on MLM shares. BNP Paribas upgraded shares of Martin Marietta Materials to a "strong-buy" rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. upgraded Martin Marietta Materials from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $515.00 to $640.00 in a report on Wednesday. Truist Financial dropped their target price on Martin Marietta Materials from $700.00 to $670.00 and set a "buy" rating for the company in a report on Friday, August 9th. Loop Capital lifted their price target on Martin Marietta Materials from $600.00 to $680.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group dropped their price objective on Martin Marietta Materials from $650.00 to $635.00 and set a "buy" rating for the company in a research note on Wednesday, October 9th. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $644.46.

Martin Marietta Materials Trading Up 0.7 %

Shares of NYSE:MLM traded up $4.40 on Friday, hitting $600.00. The company had a trading volume of 184,946 shares, compared to its average volume of 446,317. The firm's 50-day simple moving average is $570.11 and its two-hundred day simple moving average is $556.63. The firm has a market capitalization of $36.67 billion, a price-to-earnings ratio of 18.56, a P/E/G ratio of 4.04 and a beta of 0.90. 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, Inc. has a 1 year low of $456.83 and a 1 year high of $633.23.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released 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). 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 period in the previous year, the company earned $6.94 earnings per share. Martin Marietta Materials's quarterly revenue was down 5.3% on a year-over-year basis. Equities analysts anticipate that Martin Marietta Materials, Inc. will post 17.58 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The business also recently declared 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 yield of 0.53%. The ex-dividend date is Monday, December 2nd. Martin Marietta Materials's payout ratio is currently 9.85%.

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.