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.

Loeb's Third Point LLC Raises Stake in Martin Marietta Materials (MLM) to 6.6%

In an amended 13D filing on Martin Marietta Materials Inc. (NYSE: MLM), Daniel Loeb's Third Point LLC disclosed a 6.6% stake (3 million shares) in the company. This is up from the 5.4% (2.45 million shares) the firm disclosed in the Original 13D filing in December.

Loeb didn't disclose an amendment to the 'Purpose of Transaction' section of the filing and didn't attach any letters to the filing. Loeb's disclosure in the original filing was pretty standard language, noting that the firm believes the shares are undervalued and said they may from time to time, among other things, hold discussions with third parties or with management.

Link to report on original 13D filing