Envestnet Asset Management Inc. raised its stake in Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) by 3.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,272 shares of the construction company’s stock after acquiring an additional 2,220 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.11% of Martin Marietta Materials worth $27,047,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Versor Investments LP boosted its stake in Martin Marietta Materials by 34.2% in the first quarter. Versor Investments LP now owns 1,506 shares of the construction company’s stock valued at $580,000 after acquiring an additional 384 shares during the last quarter. Aua Capital Management LLC purchased a new position in Martin Marietta Materials in the first quarter valued at about $61,000. Arizona State Retirement System boosted its stake in Martin Marietta Materials by 2.2% in the first quarter. Arizona State Retirement System now owns 17,364 shares of the construction company’s stock valued at $6,683,000 after acquiring an additional 381 shares during the last quarter. Metis Global Partners LLC raised its position in shares of Martin Marietta Materials by 81.0% in the first quarter. Metis Global Partners LLC now owns 988 shares of the construction company’s stock valued at $380,000 after purchasing an additional 442 shares during the period. Finally, Knowledge Leaders Capital LLC bought a new stake in shares of Martin Marietta Materials in the first quarter valued at approximately $1,272,000. 93.49% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on MLM shares. Truist Financial lowered their price target on shares of Martin Marietta Materials to $392.00 in a research report on Tuesday, July 5th. Morgan Stanley boosted their price target on shares of Martin Marietta Materials from $394.00 to $420.00 and gave the company an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. raised shares of Martin Marietta Materials from a “neutral” rating to an “overweight” rating and lowered their price target for the company from $420.00 to $410.00 in a research report on Friday, June 3rd. StockNews.com raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Monday. Finally, DA Davidson decreased their target price on shares of Martin Marietta Materials from $450.00 to $375.00 and set a “buy” rating on the stock in a report on Friday, July 1st. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Martin Marietta Materials currently has an average rating of “Moderate Buy” and a consensus price target of $418.10.
Martin Marietta Materials Price Performance
Martin Marietta Materials (NYSE:MLM – Get Rating) last issued its quarterly earnings results on Thursday, July 28th. The construction company reported $3.96 EPS for the quarter, missing analysts’ consensus estimates of $4.09 by ($0.13). The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.59 billion. Martin Marietta Materials had a return on equity of 11.28% and a net margin of 13.49%. Martin Marietta Materials’s quarterly revenue was up 19.1% on a year-over-year basis. During the same period in the previous year, the company earned $3.81 EPS. On average, equities research analysts anticipate that Martin Marietta Materials, Inc. will post 12.87 earnings per share for the current fiscal year.
Martin Marietta Materials Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 1st were paid a $0.61 dividend. The ex-dividend date of this dividend was Tuesday, May 31st. This represents a $2.44 dividend on an annualized basis and a dividend yield of 0.69%. Martin Marietta Materials’s dividend payout ratio (DPR) is 19.11%.
Martin Marietta Materials Profile
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.
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