Corebridge Financial Inc. Reduces Stake in Martin Marietta Materials, Inc. (NYSE:MLM)

Corebridge Financial Inc. cut its holdings in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 2.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 17,010 shares of the construction company’s stock after selling 438 shares during the quarter. Corebridge Financial Inc.’s holdings in Martin Marietta Materials were worth $8,786,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MLM. Integrated Wealth Concepts LLC increased its stake in shares of Martin Marietta Materials by 2.5% in the third quarter. Integrated Wealth Concepts LLC now owns 782 shares of the construction company’s stock worth $421,000 after acquiring an additional 19 shares during the period. Checchi Capital Advisers LLC grew its position in Martin Marietta Materials by 1.4% during the 4th quarter. Checchi Capital Advisers LLC now owns 1,336 shares of the construction company’s stock worth $690,000 after purchasing an additional 19 shares during the period. iA Global Asset Management Inc. raised its stake in shares of Martin Marietta Materials by 3.6% during the 3rd quarter. iA Global Asset Management Inc. now owns 570 shares of the construction company’s stock valued at $307,000 after buying an additional 20 shares during the last quarter. Brooklyn Investment Group raised its stake in shares of Martin Marietta Materials by 4.7% during the 4th quarter. Brooklyn Investment Group now owns 447 shares of the construction company’s stock valued at $231,000 after buying an additional 20 shares during the last quarter. Finally, Financial Counselors Inc. lifted its holdings in shares of Martin Marietta Materials by 1.9% in the 3rd quarter. Financial Counselors Inc. now owns 1,123 shares of the construction company’s stock valued at $604,000 after buying an additional 21 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Up 0.4 %

Shares of MLM opened at $485.04 on Friday. The stock has a 50 day moving average price of $508.34 and a 200 day moving average price of $538.54. Martin Marietta Materials, Inc. has a one year low of $448.50 and a one year high of $633.23. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.40 and a current ratio of 2.50. The stock has a market capitalization of $29.57 billion, a price-to-earnings ratio of 15.00, a PEG ratio of 4.45 and a beta of 0.89.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Wednesday, February 12th. The construction company reported $4.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.62 by $0.17. Martin Marietta Materials had a net margin of 30.54% and a return on equity of 12.11%. Equities research analysts forecast that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend is Monday, March 3rd. Martin Marietta Materials’s dividend payout ratio (DPR) is 9.77%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MLM shares. Loop Capital dropped their target price on Martin Marietta Materials from $680.00 to $645.00 and set a “buy” rating on the stock in a report on Thursday, February 13th. Raymond James dropped their price objective on shares of Martin Marietta Materials from $630.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, February 13th. Hsbc Global Res upgraded shares of Martin Marietta Materials from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 11th. HSBC upgraded shares of Martin Marietta Materials from a “hold” rating to a “buy” rating and set a $690.00 price target on the stock in a research report on Wednesday, December 11th. Finally, Barclays decreased their price objective on shares of Martin Marietta Materials from $645.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Martin Marietta Materials has an average rating of “Moderate Buy” and a consensus price target of $628.64.

Insider Transactions at Martin Marietta Materials

In related news, SVP Michael J. Petro acquired 550 shares of Martin Marietta Materials stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $454.37 per share, for a total transaction of $249,903.50. Following the completion of the transaction, the senior vice president now owns 8,985 shares in the company, valued at $4,082,514.45. This represents a 6.52 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Donald A. Mccunniff sold 1,332 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $475.00, for a total value of $632,700.00. Following the completion of the sale, the executive vice president now owns 3,523 shares of the company’s stock, valued at approximately $1,673,425. The trade was a 27.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.

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.