Traders Buy Large Volume of Martin Marietta Materials Put Options (NYSE:MLM)

Martin Marietta Materials, Inc. (NYSE:MLM) was the recipient of some unusual options trading on Tuesday. Stock traders bought 1,183 put options on the company. This represents an increase of approximately 1,120% compared to the typical daily volume of 97 put options.

Several research analysts have recently weighed in on the company. DA Davidson lifted their price objective on Martin Marietta Materials from $230.00 to $335.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 10th. Barclays raised their price objective 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. Morgan Stanley boosted their target price 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 17th. Exane BNP Paribas cut shares of Martin Marietta Materials from an “outperform” rating to a “neutral” rating and set a $360.00 price target for the company. in a report on Wednesday, January 27th. Finally, Raymond James initiated coverage on shares of Martin Marietta Materials in a report on Wednesday, February 3rd. They set a “market perform” rating on the stock. Eleven research 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 a consensus rating of “Hold” and an average price target of $289.24.

MLM opened at $362.27 on Wednesday. Martin Marietta Materials has a 1 year low of $183.84 and a 1 year high of $383.71. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.73 and a quick ratio of 2.20. The company has a market capitalization of $22.59 billion, a price-to-earnings ratio of 29.77, a P/E/G ratio of 2.36 and a beta of 0.65. The firm’s fifty day moving average price is $359.02 and its two-hundred day moving average price is $316.00.

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Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Tuesday, May 4th. The construction company reported $1.04 earnings per share 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 analysts’ expectations of $968.53 million. Martin Marietta Materials had a net margin of 15.99% and a return on equity of 13.18%. The firm’s revenue for the quarter was up 2.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. As a group, equities analysts anticipate that Martin Marietta Materials will post 12.35 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 30th. Investors of record on Tuesday, June 1st will be given a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date is Friday, May 28th. Martin Marietta Materials’s payout ratio is 19.76%.

In related news, CEO C Howard Nye sold 3,052 shares of the company’s stock in a transaction that occurred on Tuesday, March 9th. The stock was sold at an average price of $335.06, for a total value of $1,022,603.12. Following the sale, the chief executive officer now directly owns 101,226 shares in the company, valued at $33,916,783.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.65% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. grew its stake in Martin Marietta Materials by 40.2% in the 1st quarter. Baillie Gifford & Co. now owns 3,786,796 shares of the construction company’s stock valued at $1,271,682,000 after purchasing an additional 1,085,670 shares during the period. Amundi Asset Management US Inc. grew its position in Martin Marietta Materials by 763.0% during the first quarter. Amundi Asset Management US Inc. now owns 748,889 shares of the construction company’s stock valued at $251,490,000 after buying an additional 662,115 shares during the period. Norges Bank purchased a new stake in Martin Marietta Materials during the fourth quarter worth about $156,528,000. Morgan Stanley boosted its stake in Martin Marietta Materials by 20.8% in the fourth quarter. Morgan Stanley now owns 2,908,835 shares of the construction company’s stock valued at $826,022,000 after acquiring an additional 501,135 shares during the last quarter. Finally, Artisan Partners Limited Partnership bought a new position in shares of Martin Marietta Materials during the 1st quarter valued at approximately $113,608,000. Institutional investors and hedge funds own 92.88% of the company’s stock.

Martin Marietta Materials Company 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 used in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.

See Also: Bull Market

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