Martin Marietta Materials, Inc. $MLM Stock Sold by Envestnet Portfolio Solutions Inc.

Key Points

• Envestnet Portfolio Solutions cut its Martin Marietta Materials stake by 63.9% in the second quarter, selling 2,540 shares and retaining 1,437 shares valued at approximately $829,000. Institutional investors overall still own 95.04% of the company.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $666.12. Recent targets range from $585 to $715.
• Martin Marietta exceeded quarterly earnings and revenue estimates, reporting $5.00 in EPS and $1.95 billion in revenue, while increasing its quarterly dividend to $0.84 per share.

Envestnet Portfolio Solutions Inc. lessened its stake in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) by 63.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,437 shares of the construction company's stock after selling 2,540 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Martin Marietta Materials were worth $829,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CoreCap Advisors LLC increased its holdings in Martin Marietta Materials by 370.0% during the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock worth $27,000 after purchasing an additional 37 shares during the period. Meeder Asset Management Inc. lifted its holdings in shares of Martin Marietta Materials by 67.9% in the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company's stock worth $28,000 after buying an additional 19 shares during the period. Reflection Asset Management bought a new position in shares of Martin Marietta Materials during the 4th quarter worth $35,000. Osterweis Capital Management Inc. bought a new position in shares of Martin Marietta Materials during the 2nd quarter worth $39,000. Finally, EFG International AG bought a new position in shares of Martin Marietta Materials during the 2nd quarter worth $39,000. Institutional investors own 95.04% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MLM shares. Wells Fargo & Company decreased their price objective on Martin Marietta Materials from $609.00 to $585.00 and set an "overweight" rating for the company in a report on Monday, September 21st. UBS Group lowered 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 research report on Monday, August 3rd. Wolfe Research set a $648.00 price objective on shares of Martin Marietta Materials in a research note on Tuesday, August 4th. JPMorgan Chase & Co. raised Martin Marietta Materials from a "neutral" rating to an "overweight" rating and set a $680.00 target price on the stock in a research report on Wednesday, September 2nd. Finally, DA Davidson started coverage on Martin Marietta Materials in a report on Monday, August 24th. They issued a "neutral" rating and a $625.00 price target on the stock. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $666.12.

Martin Marietta Materials Trading Up 1.6%

Shares of Martin Marietta Materials stock opened at $492.04 on Tuesday. The firm's 50 day simple moving average is $527.03 and its two-hundred day simple moving average is $566.61. The firm has a market capitalization of $29.56 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 2.30 and a beta of 1.10. Martin Marietta Materials, Inc. has a 12-month low of $476.82 and a 12-month high of $710.97. 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 (NYSE:MLM - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping the consensus estimate of $4.76 by $0.24. The business had revenue of $1.95 billion during 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%. During the same period in the previous year, the firm posted $5.43 earnings per share. The business's revenue for the quarter was up 21.0% compared to the same quarter last year. Analysts predict that Martin Marietta Materials, Inc. will post 17.77 EPS for the current year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.7%. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials's dividend payout ratio is presently 8.26%.

About Martin Marietta Materials

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.

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