Griffin Asset Management Inc. Has $1.92 Million Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

Griffin Asset Management Inc. decreased its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 6.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,126 shares of the construction company’s stock after selling 221 shares during the period. Griffin Asset Management Inc.’s holdings in Martin Marietta Materials were worth $1,919,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Martin Marietta Materials by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 7,170,166 shares of the construction company’s stock valued at $3,577,268,000 after purchasing an additional 69,701 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Martin Marietta Materials by 9.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,042,537 shares of the construction company’s stock worth $838,421,000 after acquiring an additional 181,136 shares during the period. Norges Bank acquired a new position in Martin Marietta Materials during the 4th quarter worth $308,705,000. Dimensional Fund Advisors LP boosted its holdings in Martin Marietta Materials by 4.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 615,396 shares of the construction company’s stock valued at $307,026,000 after acquiring an additional 27,775 shares during the period. Finally, DAVENPORT & Co LLC grew its position in shares of Martin Marietta Materials by 0.8% in the fourth quarter. DAVENPORT & Co LLC now owns 423,953 shares of the construction company’s stock valued at $211,103,000 after purchasing an additional 3,292 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Price Performance

Shares of MLM traded up $3.51 during mid-day trading on Friday, reaching $541.80. The company had a trading volume of 616,241 shares, compared to its average volume of 452,578. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.16 and a quick ratio of 2.41. The company has a market capitalization of $33.40 billion, a P/E ratio of 16.05, a P/E/G ratio of 2.39 and a beta of 0.93. Martin Marietta Materials, Inc. has a twelve month low of $389.90 and a twelve month high of $626.67. The company’s 50-day moving average is $574.19 and its 200-day moving average is $556.19.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Tuesday, April 30th. The construction company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.05. Martin Marietta Materials had a return on equity of 14.74% and a net margin of 31.35%. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the business posted $2.16 earnings per share. The business’s revenue was down 7.6% compared to the same quarter last year. On average, equities analysts anticipate that Martin Marietta Materials, Inc. will post 23.1 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend was Monday, June 3rd. Martin Marietta Materials’s dividend payout ratio is currently 8.77%.

Analysts Set New Price Targets

MLM has been the subject of several recent analyst reports. Truist Financial increased their target price on Martin Marietta Materials from $610.00 to $700.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. StockNews.com downgraded shares of Martin Marietta Materials from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th. Citigroup upped their target price on shares of Martin Marietta Materials from $635.00 to $708.00 and gave the company a “buy” rating in a research note on Friday, April 5th. The Goldman Sachs Group raised their price target on shares of Martin Marietta Materials from $642.00 to $737.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $600.00 price objective (up previously from $530.00) on shares of Martin Marietta Materials in a research report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $610.27.

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.