Bornite Capital Management LP Acquires Shares of 65,200 Martin Marietta Materials, Inc. $MLM

Bornite Capital Management LP bought a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 65,200 shares of the construction company’s stock, valued at approximately $37,601,000. Martin Marietta Materials makes up approximately 4.7% of Bornite Capital Management LP’s investment portfolio, making the stock its 13th largest holding.

Several other large investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Martin Marietta Materials during the 2nd quarter worth about $2,706,134,000. Victory Capital Management Inc. boosted its position in Martin Marietta Materials by 51.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock valued at $1,524,853,000 after buying an additional 836,120 shares in the last quarter. Bank of America Corp DE acquired a new position in Martin Marietta Materials in the second quarter valued at about $1,411,047,000. Geode Capital Management LLC grew its stake in Martin Marietta Materials by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after buying an additional 10,743 shares during the last quarter. Finally, Morgan Stanley grew its stake in Martin Marietta Materials by 5.3% during the fourth quarter. Morgan Stanley now owns 1,367,016 shares of the construction company’s stock worth $851,188,000 after buying an additional 68,382 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MLM shares. Morgan Stanley cut their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Sanford C. Bernstein lowered Martin Marietta Materials to an “underweight” rating in a research report on Wednesday. Berenberg Bank set a $556.00 price target on Martin Marietta Materials and gave the company a “hold” rating in a report on Tuesday, June 2nd. Citigroup cut their price objective on Martin Marietta Materials from $737.00 to $690.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Finally, Wells Fargo & Company reduced their price objective on Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating on the stock in a research note on Friday, July 31st. Ten research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Martin Marietta Materials has a consensus rating of “Hold” and an average target price of $665.88.

Martin Marietta Materials Stock Down 2.7%

Shares of MLM opened at $504.85 on Wednesday. The firm has a market capitalization of $30.33 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 2.24 and a beta of 1.10. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. The business’s fifty day moving average price is $558.97 and its two-hundred day moving average price is $588.02. Martin Marietta Materials, Inc. has a 52 week low of $502.56 and a 52 week high of $710.97.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the company posted $5.43 earnings per share. The firm’s quarterly revenue was up 21.0% on a year-over-year basis. On average, analysts predict that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be given a $0.84 dividend. The ex-dividend date is Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 0.7%. Martin Marietta Materials’s dividend payout ratio is 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.