BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 1,536 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 13.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,284 shares of the construction company’s stock after selling 1,536 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Martin Marietta Materials were worth $5,535,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Newbridge Financial Services Group Inc. grew its position in shares of Martin Marietta Materials by 411.1% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock worth $25,000 after buying an additional 37 shares during the period. Asset Dedication LLC boosted its stake in Martin Marietta Materials by 1,300.0% during the third quarter. Asset Dedication LLC now owns 56 shares of the construction company’s stock worth $30,000 after acquiring an additional 52 shares in the last quarter. First Personal Financial Services acquired a new stake in Martin Marietta Materials in the third quarter worth $33,000. Fortitude Family Office LLC increased its stake in Martin Marietta Materials by 186.4% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock valued at $34,000 after purchasing an additional 41 shares in the last quarter. Finally, Rothschild Investment LLC acquired a new position in shares of Martin Marietta Materials during the second quarter valued at about $43,000. 95.04% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Jefferies Financial Group reduced their target price on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating for the company in a research note on Wednesday, October 9th. JPMorgan Chase & Co. raised Martin Marietta Materials from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $515.00 to $640.00 in a research report on Wednesday, November 27th. Barclays increased their target price on Martin Marietta Materials from $595.00 to $645.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Morgan Stanley upped their price objective on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Finally, Citigroup reduced their price objective on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a report on Monday, August 12th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $644.46.

Martin Marietta Materials Trading Down 1.1 %

NYSE:MLM opened at $593.22 on Tuesday. Martin Marietta Materials, Inc. has a 52 week low of $456.83 and a 52 week high of $633.23. The firm has a 50-day moving average price of $572.14 and a two-hundred day moving average price of $555.91. The firm has a market cap of $36.26 billion, a price-to-earnings ratio of 18.49, a price-to-earnings-growth ratio of 4.07 and a beta of 0.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share for the quarter, missing analysts’ consensus estimates of $6.41 by ($0.50). Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the firm posted $6.94 earnings per share. Martin Marietta Materials’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, equities analysts expect that Martin Marietta Materials, Inc. will post 17.58 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.53%. Martin Marietta Materials’s dividend payout ratio is presently 9.85%.

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.