Elevation Point Wealth Partners LLC Buys New Stake in Martin Marietta Materials, Inc. $MLM

Elevation Point Wealth Partners LLC purchased a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) during the second quarter, Holdings Channel.com reports. The fund purchased 5,016 shares of the construction company’s stock, valued at approximately $2,892,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MLM. CoreCap Advisors LLC increased its holdings in Martin Marietta Materials by 370.0% in the second quarter. CoreCap Advisors LLC now owns 47 shares of the construction company’s stock valued at $27,000 after buying an additional 37 shares in the last quarter. Meeder Asset Management Inc. boosted its stake in shares of 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. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Martin Marietta Materials during the 4th quarter worth about $31,000. Reflection Asset Management acquired a new stake in shares of Martin Marietta Materials during the 4th quarter valued at about $35,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Martin Marietta Materials during the 2nd quarter valued at about $37,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Stock Up 1.9%

MLM opened at $535.28 on Friday. The company has a market cap of $32.15 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 2.31 and a beta of 1.11. Martin Marietta Materials, Inc. has a twelve month low of $522.19 and a twelve month high of $710.97. The company has a 50-day moving average price of $569.66 and a 200 day moving average price of $596.04. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44.

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

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 0.6%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio (DPR) is 8.16%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MLM shares. JPMorgan Chase & Co. cut their price target on Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating for the company in a research note on Friday, July 31st. Wall Street Zen downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, July 28th. Truist Financial raised their price objective on Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a report on Monday, May 4th. UBS Group cut their price objective on Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Finally, Raymond James Financial set a $660.00 target price on Martin Marietta Materials in a research note on Friday, July 31st. Ten analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $668.53.

Martin Marietta Materials Profile

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.