Envestnet Asset Management Inc. Sells 839 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Envestnet Asset Management Inc. decreased its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 0.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 192,357 shares of the construction company’s stock after selling 839 shares during the period. Envestnet Asset Management Inc. owned about 0.31% of Martin Marietta Materials worth $104,219,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Global Assets Advisory LLC bought a new stake in Martin Marietta Materials in the 1st quarter worth about $22,265,000. Cambridge Investment Research Advisors Inc. grew its stake in shares of Martin Marietta Materials by 25.3% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 8,562 shares of the construction company’s stock worth $4,272,000 after acquiring an additional 1,728 shares during the period. Brevan Howard Capital Management LP raised its holdings in shares of Martin Marietta Materials by 49.7% during the fourth quarter. Brevan Howard Capital Management LP now owns 5,672 shares of the construction company’s stock valued at $2,830,000 after purchasing an additional 1,882 shares during the last quarter. Vanguard Group Inc. lifted its position in Martin Marietta Materials by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 7,170,166 shares of the construction company’s stock valued at $3,577,268,000 after purchasing an additional 69,701 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in Martin Marietta Materials by 182.5% in the first quarter. BNP Paribas Financial Markets now owns 73,135 shares of the construction company’s stock worth $44,901,000 after purchasing an additional 47,250 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $529.78 on Tuesday. The firm’s 50 day simple moving average is $541.32 and its two-hundred day simple moving average is $568.37. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.86 and a quick ratio of 0.94. The company has a market capitalization of $32.66 billion, a P/E ratio of 15.70, a P/E/G ratio of 3.52 and a beta of 0.91. Martin Marietta Materials, Inc. has a 1-year low of $389.90 and a 1-year high of $626.67.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.60). The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.83 billion. Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The company’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $5.60 EPS. Research analysts expect that Martin Marietta Materials, Inc. will post 19.33 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $3.16 annualized dividend and a dividend yield of 0.60%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 9.36%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MLM. Stephens lowered their price target on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating on the stock in a report on Friday, August 9th. Truist Financial lowered their target price on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Morgan Stanley boosted their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the company an “overweight” rating in a research note on Monday, August 26th. Jefferies Financial Group increased their price objective on shares of Martin Marietta Materials from $660.00 to $665.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Citigroup cut their target price on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and an average price target of $629.82.

Martin Marietta Materials Company 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.