Martin Marietta Materials, Inc. (NYSE:MLM) saw a significant growth in short interest in May. As of May 14th, there was short interest totalling 523,900 shares, a growth of 30.3% from the April 29th total of 402,200 shares. Based on an average daily trading volume, of 420,000 shares, the days-to-cover ratio is currently 1.2 days. Currently, 0.9% of the company’s shares are sold short.
In other news, CEO C Howard Nye sold 3,052 shares of the stock in a transaction that occurred on Tuesday, March 9th. The shares were sold at an average price of $335.06, for a total value of $1,022,603.12. Following the completion of the sale, the chief executive officer now directly owns 101,226 shares of the company’s stock, valued at $33,916,783.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.65% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. USA Financial Portformulas Corp grew its stake in shares of Martin Marietta Materials by 162,450.0% in the first quarter. USA Financial Portformulas Corp now owns 3,251 shares of the construction company’s stock worth $1,092,000 after acquiring an additional 3,249 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in Martin Marietta Materials by 36.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,194 shares of the construction company’s stock worth $3,088,000 after purchasing an additional 2,479 shares during the period. KBC Group NV lifted its position in Martin Marietta Materials by 356.4% in the fourth quarter. KBC Group NV now owns 29,784 shares of the construction company’s stock worth $8,458,000 after purchasing an additional 23,258 shares during the period. Wells Fargo & Company MN lifted its position in Martin Marietta Materials by 3.9% in the fourth quarter. Wells Fargo & Company MN now owns 193,073 shares of the construction company’s stock worth $54,827,000 after purchasing an additional 7,284 shares during the period. Finally, IFP Advisors Inc lifted its position in Martin Marietta Materials by 507.5% in the first quarter. IFP Advisors Inc now owns 3,341 shares of the construction company’s stock worth $1,118,000 after purchasing an additional 2,791 shares during the period. Institutional investors and hedge funds own 91.93% of the company’s stock.
MLM has been the subject of a number of research analyst reports. Barclays increased their price target on shares of Martin Marietta Materials from $275.00 to $380.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 4th. JPMorgan Chase & Co. raised their price objective on shares of Martin Marietta Materials from $335.00 to $385.00 and gave the company a “neutral” rating in a research report on Wednesday, May 26th. Raymond James started coverage on shares of Martin Marietta Materials in a research report on Wednesday, February 3rd. They set a “market perform” rating on the stock. DA Davidson raised their price objective on shares of Martin Marietta Materials from $230.00 to $335.00 and gave the company a “neutral” rating in a research report on Wednesday, February 10th. Finally, Morgan Stanley raised their price objective on shares of Martin Marietta Materials from $372.00 to $408.00 and gave the company an “overweight” rating in a research report on Monday, May 10th. Ten analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Martin Marietta Materials presently has an average rating of “Hold” and an average target price of $298.63.
Shares of MLM stock opened at $363.65 on Tuesday. The business’s 50 day moving average is $361.68 and its two-hundred day moving average is $319.15. The company has a market cap of $22.68 billion, a PE ratio of 29.88, a price-to-earnings-growth ratio of 2.35 and a beta of 0.65. The company has a quick ratio of 2.20, a current ratio of 3.73 and a debt-to-equity ratio of 0.44. Martin Marietta Materials has a 12 month low of $188.24 and a 12 month high of $383.71.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Tuesday, May 4th. The construction company reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.54. The business had revenue of $982.40 million for the quarter, compared to the consensus estimate of $968.53 million. Martin Marietta Materials had a net margin of 15.99% and a return on equity of 13.18%. Martin Marietta Materials’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter last year, the company posted $0.41 earnings per share. As a group, equities analysts expect that Martin Marietta Materials will post 12.49 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 1st will be paid a $0.57 dividend. The ex-dividend date is Friday, May 28th. This represents a $2.28 annualized dividend and a dividend yield of 0.63%. Martin Marietta Materials’s payout ratio is 19.76%.
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 used in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.
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