Verition Fund Management LLC Purchases 5,029 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Verition Fund Management LLC increased its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 180.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,812 shares of the construction company's stock after buying an additional 5,029 shares during the period. Verition Fund Management LLC's holdings in Martin Marietta Materials were worth $4,205,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MLM. Newbridge Financial Services Group Inc. grew its stake in shares of Martin Marietta Materials by 411.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company's stock worth $25,000 after acquiring an additional 37 shares during the period. Asset Dedication LLC increased its stake in shares of Martin Marietta Materials by 1,300.0% in the third quarter. Asset Dedication LLC now owns 56 shares of the construction company's stock worth $30,000 after purchasing an additional 52 shares in the last quarter. First Personal Financial Services bought a new stake in shares of Martin Marietta Materials in the third quarter valued at approximately $33,000. Fortitude Family Office LLC raised its position in shares of Martin Marietta Materials by 186.4% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company's stock valued at $34,000 after purchasing an additional 41 shares during the period. Finally, Rothschild Investment LLC purchased a new stake in shares of Martin Marietta Materials during the 2nd quarter valued at approximately $43,000. Institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Trading Down 1.1 %

NYSE:MLM traded down $6.75 during trading hours on Wednesday, reaching $582.00. The company's stock had a trading volume of 350,959 shares, compared to its average volume of 445,844. The firm has a 50-day simple moving average of $573.20 and a 200-day simple moving average of $555.97. Martin Marietta Materials, Inc. has a 1 year low of $456.83 and a 1 year high of $633.23. The firm has a market capitalization of $35.57 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 4.02 and a beta of 0.89. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.94 billion. During the same quarter in the prior year, the company earned $6.94 earnings per share. The company's revenue was down 5.3% compared to the same quarter last year. Research analysts expect that Martin Marietta Materials, Inc. will post 17.58 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

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 issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 0.54%. The ex-dividend date is Monday, December 2nd. Martin Marietta Materials's dividend payout ratio (DPR) is currently 9.85%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MLM shares. Morgan Stanley boosted their target price on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the company an "overweight" rating in a report on Monday, August 26th. UBS Group began coverage on Martin Marietta Materials in a research note on Thursday, November 7th. They issued a "buy" rating and a $730.00 target price for the company. StockNews.com upgraded Martin Marietta Materials from a "sell" rating to a "hold" rating in a research report on Monday. Truist Financial cut their price objective on shares of Martin Marietta Materials from $700.00 to $670.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Finally, Stephens reduced their price objective on shares of Martin Marietta Materials from $650.00 to $610.00 and set an "overweight" rating for the company in a research note on Friday, August 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 company. According to MarketBeat, Martin Marietta Materials currently has a consensus rating of "Moderate Buy" and an average price target of $644.46.

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.