Cannell & Spears LLC Has $8.44 Million Stock Holdings in Martin Marietta Materials, Inc. $MLM

Cannell & Spears LLC trimmed its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 41.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,384 shares of the construction company’s stock after selling 9,529 shares during the period. Cannell & Spears LLC’s holdings in Martin Marietta Materials were worth $8,436,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Quent Capital LLC acquired a new stake in shares of Martin Marietta Materials in the 3rd quarter worth about $26,000. Twin Peaks Wealth Advisors LLC bought a new position in Martin Marietta Materials in the 2nd quarter valued at about $28,000. Redmont Wealth Advisors LLC acquired a new position in Martin Marietta Materials during the 3rd quarter valued at about $32,000. Grey Fox Wealth Advisors LLC acquired a new position in Martin Marietta Materials during the 3rd quarter valued at about $33,000. Finally, Clearstead Trust LLC increased its holdings in Martin Marietta Materials by 93.8% during the 2nd quarter. Clearstead Trust LLC now owns 62 shares of the construction company’s stock worth $34,000 after purchasing an additional 30 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MLM has been the subject of several analyst reports. Loop Capital downgraded Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 price objective for the company. in a research note on Wednesday, January 28th. Morgan Stanley cut their target price on Martin Marietta Materials from $706.00 to $702.00 and set an “overweight” rating on the stock in a research report on Monday, March 9th. Zacks Research downgraded Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a report on Friday, February 13th. DA Davidson set a $680.00 price target on Martin Marietta Materials in a research report on Thursday, February 12th. Finally, Stephens dropped their price objective on Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $696.88.

Martin Marietta Materials Price Performance

Martin Marietta Materials stock opened at $584.08 on Friday. Martin Marietta Materials, Inc. has a 52 week low of $441.95 and a 52 week high of $710.97. The company’s 50 day moving average price is $654.23 and its two-hundred day moving average price is $632.62. The stock has a market cap of $35.23 billion, a P/E ratio of 31.07, a P/E/G ratio of 2.30 and a beta of 1.13. The company has a quick ratio of 2.36, a current ratio of 3.57 and a debt-to-equity ratio of 0.53.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Wednesday, February 11th. The construction company reported $4.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($0.19). The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. Martin Marietta Materials had a net margin of 17.38% and a return on equity of 10.86%. The business’s revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the company earned $4.79 earnings per share. On average, equities analysts predict that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, March 2nd. Martin Marietta Materials’s dividend payout ratio is 17.66%.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value?added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready?mixed concrete and related materials and services.