Regents Gate takes $2.98M stake in Martin Marietta Materials
What's the deal? Regents Gate Capital LLP acquired a new position in Martin Marietta Materials during the first quarter, buying 5,054 shares of the construction company worth roughly $2,975,000, according to its latest SEC disclosure.
What does the company do? Martin Marietta Materials is a producer of aggregates and heavy building materials. It carries a market capitalisation of $33.84 billion and trades at a PE ratio of 13.43.
How is it performing? In its most recent quarter, ended April 30, the company reported earnings of $1.93 per share, beating the $1.78 consensus. Revenue rose 17.2% year-on-year to $1.36 billion, above the $1.31 billion analysts expected.
Why now? Regents Gate joins a wave of institutional buying. Optima Capital, Reflection Asset Management, Union Bancaire Privee and Osterweis Capital Management each opened new stakes in recent quarters. Institutional investors now own 95.04% of the stock.
What do analysts say? The stock holds a "Moderate Buy" consensus and an average target price of $681.53. Eleven analysts rate it a buy and nine a hold, with targets ranging from Berenberg BankDealroom has a profile for this one. Try Dealroom →'US$407.7 to UBS GroupDealroom has a profile for this one. Try Dealroom →'US$541.9.
The signal: Shares opened at $563.57 on Friday, below both the 50-day average of $578.36 and the 200-day average of $612.91. The heavy institutional interest signals continued confidence in building materials demand, even as the stock trades near the lower end of its 52-week range of $525.38 to $710.97.
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