Harvey Capital Management Inc. Invests $8.13 Million in Martin Marietta Materials, Inc. $MLM

Harvey Capital Management Inc. acquired a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 14,095 shares of the construction company’s stock, valued at approximately $8,129,000. Martin Marietta Materials makes up 1.7% of Harvey Capital Management Inc.’s portfolio, making the stock its 13th biggest holding.

A number of other large investors have also bought and sold shares of the stock. Lido Advisors LLC grew its stake in shares of Martin Marietta Materials by 0.8% in the 4th quarter. Lido Advisors LLC now owns 1,920 shares of the construction company’s stock valued at $1,209,000 after buying an additional 15 shares during the period. Ashton Thomas Private Wealth LLC lifted its holdings in shares of Martin Marietta Materials by 3.9% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 424 shares of the construction company’s stock worth $264,000 after purchasing an additional 16 shares in the last quarter. Harbour Investments Inc. lifted its holdings in shares of Martin Marietta Materials by 31.4% in the 4th quarter. Harbour Investments Inc. now owns 67 shares of the construction company’s stock worth $42,000 after purchasing an additional 16 shares in the last quarter. AMG National Trust Bank grew its position in Martin Marietta Materials by 3.6% in the 1st quarter. AMG National Trust Bank now owns 495 shares of the construction company’s stock valued at $291,000 after purchasing an additional 17 shares during the period. Finally, Quadrant Capital Group LLC increased its stake in Martin Marietta Materials by 0.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,186 shares of the construction company’s stock valued at $1,361,000 after purchasing an additional 17 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the company a “hold” rating in a report on Tuesday, June 2nd. Stephens decreased their price objective on Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating for the company in a report on Friday, July 31st. JPMorgan Chase & Co. lowered their price objective on Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. Wall Street Zen lowered Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings downgraded Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, August 17th. Ten research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus target price of $665.29.

Martin Marietta Materials Stock Performance

Shares of MLM opened at $528.56 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $31.75 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 2.30 and a beta of 1.11. The stock has a 50 day moving average of $564.37 and a 200 day moving average of $591.62. Martin Marietta Materials, Inc. has a 12 month low of $522.19 and a 12 month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The business had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the previous year, the firm earned $5.43 earnings per share. The business’s revenue was up 21.0% on a year-over-year basis. As a group, sell-side analysts forecast that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.6%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials’s payout ratio is currently 8.16%.

Martin Marietta Materials 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.