Integrated Wealth Concepts LLC Acquires 2,770 Shares of Martin Marietta Materials, Inc. $MLM

Key Points

• Integrated Wealth Concepts LLC increased its Martin Marietta Materials stake by 295% in the second quarter, purchasing 2,770 additional shares and bringing its holdings to 3,709 shares worth approximately $2.14 million.
• Institutional ownership remains very high at 95.04%, with major investors including California State Teachers Retirement System, BlackRock, and Bank of America making significant moves into the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $667.53. Martin Marietta also reported quarterly earnings and revenue above estimates and raised its quarterly dividend to $0.84 per share.

Integrated Wealth Concepts LLC grew its holdings in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 295.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,709 shares of the construction company's stock after purchasing an additional 2,770 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Martin Marietta Materials were worth $2,139,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in MLM. California State Teachers Retirement System grew its position in shares of Martin Marietta Materials by 72,704.3% during the 2nd quarter. California State Teachers Retirement System now owns 51,073,705 shares of the construction company's stock worth $29,454,206,000 after buying an additional 51,003,553 shares during the period. BlackRock Inc. bought a new stake in shares of Martin Marietta Materials in the 2nd quarter valued at $2,706,134,000. Bank of America Corp DE acquired a new position in shares of Martin Marietta Materials during the 2nd quarter valued at $1,411,047,000. Victory Capital Management Inc. lifted its position in shares of Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock valued at $1,524,853,000 after acquiring an additional 836,120 shares during the period. Finally, Norges Bank acquired a new position in shares of Martin Marietta Materials during the 4th quarter valued at $354,681,000. Institutional investors own 95.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on MLM. Raymond James Financial set a $660.00 price target on shares of Martin Marietta Materials in a report on Friday, July 31st. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the company a "hold" rating in a report on Tuesday, June 2nd. Citigroup cut their price objective on shares of Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating on the stock in a research report on Monday, August 3rd. Sanford C. Bernstein downgraded Martin Marietta Materials to an "underweight" rating in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada boosted their target price on Martin Marietta Materials from $610.00 to $620.00 and gave the company a "sector perform" rating in a research report on Friday, August 28th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $667.53.

Martin Marietta Materials Stock Performance

NYSE MLM opened at $501.22 on Tuesday. The company has a market cap of $30.11 billion, a P/E ratio of 12.31, a PEG ratio of 2.20 and a beta of 1.10. The company has a fifty day simple moving average of $542.77 and a 200 day simple moving average of $577.47. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a 12-month low of $491.61 and a 12-month high of $710.97.

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

Martin Marietta Materials Increases Dividend

The firm 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 dividend of $0.84 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a dividend yield of 0.7%. Martin Marietta Materials's payout ratio is presently 8.26%.

Martin Marietta Materials Profile

Martin Marietta Materials, Inc is a U.S.-based supplier of construction aggregates and other building materials. The company produces crushed stone, sand and gravel used in infrastructure, commercial, residential and industrial construction projects.

Its products and services also include cement, ready-mixed concrete, asphalt and paving materials. Martin Marietta serves customers involved in roads, bridges, airports, buildings and other essential infrastructure, with operations concentrated across several regions of the United States.

The company was established in 1993 as an independent, publicly traded materials business formed from the construction materials operations of Martin Marietta Corporation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.