Red Spruce Capital LLC Reduces Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

Red Spruce Capital LLC cut its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,405 shares of the construction company’s stock after selling 256 shares during the quarter. Martin Marietta Materials makes up approximately 1.6% of Red Spruce Capital LLC’s portfolio, making the stock its 20th largest holding. Red Spruce Capital LLC’s holdings in Martin Marietta Materials were worth $3,447,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MLM. Ables Iannone Moore & Associates Inc. acquired a new position in Martin Marietta Materials in the 4th quarter valued at about $25,000. Newbridge Financial Services Group Inc. lifted its stake in shares of Martin Marietta Materials by 411.1% during the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock valued at $25,000 after buying an additional 37 shares during the period. Riverview Trust Co acquired a new stake in Martin Marietta Materials during the first quarter worth approximately $26,000. Redmont Wealth Advisors LLC purchased a new stake in Martin Marietta Materials in the 1st quarter worth approximately $31,000. Finally, Fortitude Family Office LLC raised its holdings in Martin Marietta Materials by 186.4% in the 2nd quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock valued at $34,000 after acquiring an additional 41 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Performance

Martin Marietta Materials stock traded up $2.88 during mid-day trading on Friday, reaching $524.11. The company’s stock had a trading volume of 303,656 shares, compared to its average volume of 448,104. 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, Inc. has a twelve month low of $389.90 and a twelve month high of $626.67. The business has a 50 day moving average price of $535.46 and a 200-day moving average price of $562.45. The firm has a market cap of $32.31 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 3.78 and a beta of 0.91.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.83 billion. Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. Martin Marietta Materials’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company earned $5.60 EPS. Sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.33 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date was Tuesday, September 3rd. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s dividend payout ratio (DPR) is 9.36%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MLM. Stephens lowered their price objective on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. BNP Paribas raised shares of Martin Marietta Materials to a “strong-buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus lowered their price target on Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating for the company in a research report on Wednesday, July 3rd. Citigroup cut their price objective on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Truist Financial decreased 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $629.82.

About Martin Marietta Materials

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.