Wealthfront Advisers LLC Invests $3.29 Million in Martin Marietta Materials, Inc. $MLM

Wealthfront Advisers LLC bought a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,706 shares of the construction company’s stock, valued at approximately $3,291,000.

Other hedge funds have also modified their holdings of the company. Meeder Asset Management Inc. lifted its position in Martin Marietta Materials by 67.9% during the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock worth $28,000 after acquiring an additional 19 shares in the last quarter. CoreCap Advisors LLC raised its stake in shares of Martin Marietta Materials by 370.0% during the second quarter. CoreCap Advisors LLC now owns 47 shares of the construction company’s stock valued at $27,000 after purchasing an additional 37 shares during the period. Garton & Associates Financial Advisors LLC acquired a new position in shares of Martin Marietta Materials during the fourth quarter worth $31,000. Reflection Asset Management acquired a new position in shares of Martin Marietta Materials during the fourth quarter worth $35,000. Finally, Quarry LP purchased a new position in shares of Martin Marietta Materials in the third quarter valued at $38,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Down 1.8%

Shares of NYSE:MLM opened at $526.06 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The company has a fifty day simple moving average of $570.47 and a 200 day simple moving average of $596.46. The firm has a market cap of $31.60 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 2.31 and a beta of 1.11. Martin Marietta Materials, Inc. has a 12-month low of $522.19 and a 12-month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, beating analysts’ consensus estimates of $4.76 by $0.24. The firm had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The firm’s revenue was up 21.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.43 EPS. On average, equities research analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a dividend yield of 0.6%. Martin Marietta Materials’s dividend payout ratio is 8.16%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MLM. Oppenheimer started coverage on shares of Martin Marietta Materials in a report on Thursday, May 28th. They set a “market perform” rating for the company. Wolfe Research set a $648.00 price objective on shares of Martin Marietta Materials in a report on Tuesday, August 4th. Wall Street Zen cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, July 28th. Weiss Ratings downgraded Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday. Finally, Wells Fargo & Company dropped their target price on Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating on the stock in a research report on Friday, July 31st. Ten investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $668.53.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.