Thursday, May 10, 2007

Loeb's Third Point Lowers its Stake in Martin Marietta Materials (MLM) to 4.5%

In an amended 13D filing after the close on Martin Marietta Materials Inc. (NYSE: MLM), Daniel Loeb's Third Point LLC disclosed they lowered their stake in the company to 4.5% (1.985M shares). This is down from the 6.6% stake (3 million shares) the firm disclosed in a February 13D filing.

Loeb has never showed a fully activists stance with the MLM investment since the original 13D was filed in December 2006.

In the February amended 13D filing, the firm disclosed a cost basis of about $95 per share for the 2,750,000 shares held at that time (also held options). Today the stock is at $144.65.

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