Elevation Point Wealth Partners LLC Invests $2.89 Million in Martin Marietta Materials, Inc. $MLM

Elevation Point Wealth Partners LLC bought a new position in shares of Martin Marietta Materials, Inc. (NYSE:MLM) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 5,016 shares of the construction company’s stock, valued at approximately $2,892,000.

Several other hedge funds also recently added to or reduced their stakes in the business. CoreCap Advisors LLC raised its stake 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 during the last quarter. Meeder Asset Management Inc. grew its stake in shares of Martin Marietta Materials by 67.9% during the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock worth $28,000 after acquiring an additional 19 shares during the last quarter. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Martin Marietta Materials during the fourth quarter worth about $31,000. Reflection Asset Management acquired a new position in shares of Martin Marietta Materials during the fourth quarter valued at about $35,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Martin Marietta Materials during the second quarter valued at about $37,000. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Price Performance

Shares of MLM opened at $535.28 on Friday. The business’s 50-day moving average is $569.66 and its two-hundred day moving average is $596.04. The company has a market capitalization of $32.15 billion, a P/E ratio of 13.15, a P/E/G ratio of 2.31 and a beta of 1.11. Martin Marietta Materials, Inc. has a fifty-two week low of $522.19 and a fifty-two week high of $710.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating 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 business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the previous year, the firm posted $5.43 EPS. The company’s revenue for the quarter was up 21.0% on a year-over-year basis. Research analysts predict that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently commented on MLM shares. Wall Street Zen cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, July 28th. Truist Financial upped their price target on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a research note on Monday, May 4th. UBS Group decreased their price target on shares of Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Stephens lowered their price objective on shares of Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Finally, Wells Fargo & Company dropped their price objective on shares of Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating on the stock in a report on Friday, July 31st. Ten research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $668.53.

Martin Marietta Materials Company 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.