[SCHEDULE 13G/A] Marten Transport Ltd SEC Filing

Rhea-AI Filing Summary

What happened: Victory Capital Management, Inc. says it owns 3,184,814 shares of Marten Transport common stock, equal to 3.91% of the class. The filing shows Victory Capital has sole voting power for 3,168,239 shares and sole dispositive power for 3,184,814 shares. The firm classifies itself as an investment adviser and states these holdings are held in the ordinary course of business and not to change or influence control of the company.

Why it matters: This is a routine disclosure that shows an institutional investor holds a modest, sub-5% stake with full voting and disposal authority over those shares. For most investors, this is informational rather than a sign of an impending control change or activist action.

Insights

Financial Analyst

TL;DR: A routine 3.91% institutional holding; not large enough to signal control or major strategic influence.

Victory Capital reports beneficial ownership of 3,184,814 shares, representing 3.91% of Marten Transport. The reporting entity holds sole voting and dispositive power over virtually all reported shares, which means it can vote and sell those holdings without co-owners. Because the stake is below the 5% threshold and the filer certifies the position is held in the ordinary course of business and not to influence control, the immediate market or corporate governance impact is likely limited.

Corporate Governance Expert

TL;DR: Ownership is meaningful for disclosure but not indicative of a control attempt or activist intent.

The Schedule 13G/A shows an investment adviser holding a disclosed position with sole voting and dispositive authority. The filing explicitly states the shares were not acquired to change or influence control. Given the sub-5% size and the certification language, this appears to be a passive/institutional position rather than a precursor to governance action. Investors should note the holder's ability to vote the shares, but there is no stated plan to seek board or strategic change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

MARTEN TRANSPORT LTD.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

573075108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 573075108

1

Names of Reporting Persons

Victory Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,168,239.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,184,814.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,184,814.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.91 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MARTEN TRANSPORT LTD.
(b)	Address of issuer's principal executive offices: 129 Marten Street, Mondovi, Wi 54755
Item 2.
(a)	Name of person filing: Victory Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: 15935 La Cantera Pkwy San Antonio, TX 78256
(c)	Citizenship: New York
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 573075108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,184,814
(b)	Percent of class: 3.91 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,168,239
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3,184,814
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Victory Capital Management, Inc. is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D. By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Victory Capital Management, Inc.

Signature:	Barry Garrett
Name/Title:	Chief Compliance Officer
Date:	08/08/2025

FAQ

What stake did Victory Capital report in Marten Transport (MRTN)?

Victory Capital Management reported beneficial ownership of 3,184,814 shares, representing 3.91% of Marten Transport outstanding common stock.

Does Victory Capital have voting control over its MRTN shares?

Yes. The filing shows sole voting power for 3,168,239 shares and sole dispositive power for 3,184,814 shares.

Is this a controlling or activist stake in MRTN?

No. The reported position is below 5% and the filer certifies the shares are held in the ordinary course of business and not to influence control.

How is Victory Capital classified in the filing?

The filing identifies Victory Capital Management, Inc. as an investment adviser (IA).

Who signed the Schedule 13G/A and when?

The filing is signed by Barry Garrett, Chief Compliance Officer, with a signature date of 08/08/2025.