Allspring Global Investments Holdings LLC Sells 516 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Allspring Global Investments Holdings LLC lessened its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 14.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,063 shares of the construction company’s stock after selling 516 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Martin Marietta Materials were worth $1,649,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. grew its holdings in shares of Martin Marietta Materials by 411.1% in the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock valued at $25,000 after purchasing an additional 37 shares in the last quarter. Asset Dedication LLC grew its stake in shares of Martin Marietta Materials by 1,300.0% in the 3rd quarter. Asset Dedication LLC now owns 56 shares of the construction company’s stock worth $30,000 after buying an additional 52 shares in the last quarter. Fortitude Family Office LLC increased its holdings in shares of Martin Marietta Materials by 186.4% in the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock worth $34,000 after buying an additional 41 shares during the last quarter. Pathway Financial Advisers LLC purchased a new stake in shares of Martin Marietta Materials during the 1st quarter valued at about $41,000. Finally, Rothschild Investment LLC purchased a new stake in shares of Martin Marietta Materials during the 2nd quarter valued at about $43,000. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

Shares of NYSE:MLM opened at $604.71 on Thursday. The firm’s 50 day simple moving average is $538.61 and its 200-day simple moving average is $555.78. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.94 and a current ratio of 1.86. Martin Marietta Materials, Inc. has a one year low of $404.93 and a one year high of $626.67. The firm has a market cap of $36.96 billion, a PE ratio of 18.11, a price-to-earnings-growth ratio of 4.62 and a beta of 0.91.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Thursday, August 8th. The construction company reported $4.76 EPS for the quarter, missing the consensus estimate of $5.36 by ($0.60). Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the business earned $5.60 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. As a group, equities analysts predict that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $0.79 dividend. The ex-dividend date was Tuesday, September 3rd. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. This represents a $3.16 dividend on an annualized basis and a yield of 0.52%. Martin Marietta Materials’s dividend payout ratio is 9.60%.

Analysts Set New Price Targets

Several brokerages have weighed in on MLM. Truist Financial reduced their price objective on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. BNP Paribas raised Martin Marietta Materials to a “strong-buy” rating in a research report on Thursday, September 19th. JPMorgan Chase & Co. decreased their price target on Martin Marietta Materials from $560.00 to $515.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Barclays lifted their price objective on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Citigroup reduced their target price on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Martin Marietta Materials currently has an average rating of “Moderate Buy” and an average price target of $621.50.

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.