Atika Capital Management Lowers stake in Martin Marietta Materials (MLM)

Martin Marietta Materials (MLM) : Atika Capital Management reduced its stake in Martin Marietta Materials by 38.78% during the most recent quarter end. The investment management company now holds a total of 30,000 shares of Martin Marietta Materials which is valued at $6,945,000 after selling 19,000 shares in Martin Marietta Materials , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Martin Marietta Materials makes up approximately 3.52% of Atika Capital Management’s portfolio.

Other Hedge Funds, Including , Ulysses Management sold out all of its stake in MLM during the most recent quarter. The investment firm sold 37,000 shares of MLM which is valued $8,565,500.Weik Investment Services Inc reduced its stake in MLM by selling 40 shares or 0.36% in the most recent quarter. The Hedge Fund company now holds 11,000 shares of MLM which is valued at $2,568,720. Martin Marietta Materials makes up approx 1.47% of Weik Investment Services Inc’s portfolio.Sg Americas Securities boosted its stake in MLM in the latest quarter, The investment management firm added 4,124 additional shares and now holds a total of 12,602 shares of Martin Marietta Materials which is valued at $2,498,599. Martin Marietta Materials makes up approx 0.03% of Sg Americas Securities’s portfolio.

Martin Marietta Materials closed down -1.4 points or -0.63% at $219.67 with 5,76,877 shares getting traded on Monday. Post opening the session at $220.8, the shares hit an intraday low of $218.69 and an intraday high of $221.879 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Martin Marietta Materials reported $2.49 EPS for the quarter, missing the analyst consensus estimate by $ -0.08 based on the information available during the earnings call on Nov 1, 2016. Analyst had a consensus of $2.57. The company had revenue of $1104.00 million for the quarter, compared to analysts expectations of $1137.30 million. The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.04 EPS.

Investors should note that on Nov 11, 2016, Martin Marietta Materials announced a cash dividend of $0.4200. The company’s management has announced Nov 29, 2016 as the ex-dividend date and fixed the record date on Dec 1, 2016. The payable date has been fixed on Dec 30, 2016.

Many Wall Street Analysts have commented on Martin Marietta Materials. Martin Marietta Materials was Downgraded by BofA/Merrill to ” Neutral” on Nov 16, 2016. Martin Marietta Materials was Upgraded by SunTrust to ” Buy” on Oct 26, 2016. Martin Marietta Materials was Downgraded by Goldman to ” Neutral” on Oct 11, 2016.

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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