Skye Global Management LP Grows Stake in Martin Marietta Materials, Inc. (NYSE:MLM)

Skye Global Management LP increased its position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 63.9% in the 3rd quarter, Holdings Channel reports. The firm owned 138,500 shares of the construction company’s stock after purchasing an additional 54,000 shares during the period. Martin Marietta Materials accounts for approximately 1.8% of Skye Global Management LP’s portfolio, making the stock its 12th largest position. Skye Global Management LP’s holdings in Martin Marietta Materials were worth $74,548,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC lifted its stake in shares of Martin Marietta Materials by 2.8% in the second quarter. Ameritas Advisory Services LLC now owns 664 shares of the construction company’s stock worth $360,000 after buying an additional 18 shares in the last quarter. Inspire Investing LLC boosted its holdings in shares of Martin Marietta Materials by 0.9% during the 3rd quarter. Inspire Investing LLC now owns 2,126 shares of the construction company’s stock worth $1,144,000 after purchasing an additional 19 shares during the last quarter. Mather Group LLC. grew its position in shares of Martin Marietta Materials by 13.6% in the second quarter. Mather Group LLC. now owns 167 shares of the construction company’s stock valued at $90,000 after purchasing an additional 20 shares in the last quarter. TFG Advisers LLC increased its holdings in shares of Martin Marietta Materials by 3.7% in the second quarter. TFG Advisers LLC now owns 555 shares of the construction company’s stock valued at $300,000 after purchasing an additional 20 shares during the last quarter. Finally, Meiji Yasuda Life Insurance Co lifted its position in Martin Marietta Materials by 3.0% during the second quarter. Meiji Yasuda Life Insurance Co now owns 680 shares of the construction company’s stock worth $368,000 after buying an additional 20 shares in the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MLM has been the subject of a number of recent research reports. Citigroup cut their target price on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research note on Monday, August 12th. StockNews.com raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Truist Financial decreased their target price on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Loop Capital raised their price target on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upgraded Martin Marietta Materials from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $515.00 to $640.00 in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Martin Marietta Materials presently has a consensus rating of “Moderate Buy” and an average target price of $644.46.

Martin Marietta Materials Stock Performance

NYSE MLM opened at $595.60 on Friday. The stock has a 50-day moving average of $570.11 and a two-hundred day moving average of $556.63. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.34 and a quick ratio of 1.24. Martin Marietta Materials, Inc. has a 1-year low of $456.83 and a 1-year high of $633.23. The company has a market cap of $36.40 billion, a P/E ratio of 18.56, a P/E/G ratio of 4.04 and a beta of 0.90.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing the consensus estimate of $6.41 by ($0.50). Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period in the prior year, the business earned $6.94 EPS. The business’s quarterly revenue was down 5.3% on a year-over-year basis. As a group, analysts anticipate that Martin Marietta Materials, Inc. will post 17.58 EPS for the current year.

Martin Marietta Materials Dividend Announcement

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

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.