Confluence Investment Management Lowers stake in Martin Marietta Materials (MLM)

Martin Marietta Materials (MLM) : Confluence Investment Management reduced its stake in Martin Marietta Materials by 16.74% during the most recent quarter end. The investment management company now holds a total of 292,816 shares of Martin Marietta Materials which is valued at $59,008,280 after selling 58,852 shares in Martin Marietta Materials , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Martin Marietta Materials makes up approximately 1.58% of Confluence Investment Management’s portfolio.

Other Hedge Funds, Including , Candriam Luxembourg S.c.a. added MLM to its portfolio by purchasing 2,386 company shares during the most recent quarter which is valued at $480,827. Martin Marietta Materials makes up approx 0.01% of Candriam Luxembourg S.c.a.’s portfolio.Princeton Capital Management Inc reduced its stake in MLM by selling 645 shares or 2.23% in the most recent quarter. The Hedge Fund company now holds 28,236 shares of MLM which is valued at $5,690,119. Martin Marietta Materials makes up approx 3.70% of Princeton Capital Management Inc’s portfolio. Cutler Group Lp sold out all of its stake in MLM during the most recent quarter. The investment firm sold 3,342 shares of MLM which is valued $657,940.

Martin Marietta Materials closed down -3.05 points or -1.48% at $202.65 with 8,20,921 shares getting traded on Friday. Post opening the session at $205.36, the shares hit an intraday low of $202.15 and an intraday high of $206.24 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

On the company’s financial health, Martin Marietta Materials reported $0.69 EPS for the quarter, beating the analyst consensus estimate by $ 0.29 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.40. The company had revenue of $734.00 million for the quarter, compared to analysts expectations of $719.40 million. The company’s revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS.

Many Wall Street Analysts have commented on Martin Marietta Materials. Alembic Global Advisors Initiated Martin Marietta Materials on Jun 9, 2016 to “Overweight”, Price Target of the shares are set at $220.Company shares were Reiterated by Stifel on May 9, 2016 to “Buy”, Firm has raised the Price Target to $ 193 from a previous price target of $181 .

Martin Marietta Materials Inc. is a supplier of aggregates products (crushed stone sand and gravel) and heavy building materials (cement) for the construction industry including infrastructure non-residential residential railroad ballast agricultural and chemical grade stone used in environmental applications. The Company operates through three businesses: Aggregates Business Cement Business and Magnesia Specialties Business. The Company’s Aggregates Business is engaged in mining processing and selling granite limestone sand gravel and other aggregate products. The Company’s Cement Business is engaged in producing Portland and specialty cements such as masonry and oil well cements. The Company’s Magnesia Specialties Business includes magnesia-based chemicals and dolomitic lime businesses.

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