Martin Marietta Materials (NYSE:MLM) Price Target Lowered to $600.00 at Raymond James

Martin Marietta Materials (NYSE:MLM) had its price objective reduced by equities research analysts at Raymond James from $630.00 to $600.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the construction company’s stock. Raymond James’ price target would indicate a potential upside of 13.51% from the company’s current price.

Several other equities analysts also recently weighed in on MLM. Loop Capital raised their price target on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. StockNews.com cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Saturday, February 8th. Barclays cut their price target on Martin Marietta Materials from $645.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday. BNP Paribas lowered Martin Marietta Materials from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, UBS Group initiated coverage on Martin Marietta Materials in a research note on Thursday, November 7th. They issued a “buy” rating and a $730.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $641.93.

Martin Marietta Materials Price Performance

Martin Marietta Materials stock traded up $11.45 during midday trading on Thursday, reaching $528.59. The company had a trading volume of 271,042 shares, compared to its average volume of 405,283. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.34 and a quick ratio of 1.24. Martin Marietta Materials has a 12-month low of $482.72 and a 12-month high of $633.23. The company has a market capitalization of $32.31 billion, a P/E ratio of 16.47, a P/E/G ratio of 4.62 and a beta of 0.91. The firm’s fifty day simple moving average is $536.78 and its 200-day simple moving average is $549.65.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Wednesday, February 12th. The construction company reported $4.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.62 by $0.17. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. As a group, equities analysts anticipate that Martin Marietta Materials will post 17.57 EPS for the current year.

Institutional Investors Weigh In On Martin Marietta Materials

A number of institutional investors have recently modified their holdings of MLM. Proficio Capital Partners LLC grew its position in Martin Marietta Materials by 54,277.3% in the 4th quarter. Proficio Capital Partners LLC now owns 918,432 shares of the construction company’s stock valued at $474,370,000 after acquiring an additional 916,743 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Martin Marietta Materials by 76.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,628,701 shares of the construction company’s stock valued at $876,648,000 after buying an additional 704,460 shares during the period. Norges Bank acquired a new position in Martin Marietta Materials during the 4th quarter worth approximately $306,863,000. JPMorgan Chase & Co. grew its stake in shares of Martin Marietta Materials by 23.3% during the third quarter. JPMorgan Chase & Co. now owns 2,678,425 shares of the construction company’s stock worth $1,441,663,000 after purchasing an additional 506,705 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Martin Marietta Materials in the 4th quarter valued at about $196,374,000. 95.04% of the stock is owned by institutional investors and hedge funds.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.