JPMorgan Chase & Co. Raises Martin Marietta Materials (NYSE:MLM) Price Target to $700.00

Martin Marietta Materials (NYSE:MLM) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $670.00 to $700.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.77% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Barclays lifted their target price on shares of Martin Marietta Materials from $600.00 to $675.00 and gave the company an “overweight” rating in a research note on Monday, October 20th. Wells Fargo & Company lowered their price objective on shares of Martin Marietta Materials from $620.00 to $610.00 and set an “equal weight” rating for the company in a report on Thursday, November 6th. Stephens reaffirmed an “overweight” rating and set a $700.00 price objective on shares of Martin Marietta Materials in a research report on Monday, August 4th. Stifel Nicolaus upped their target price on Martin Marietta Materials from $637.00 to $681.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, UBS Group raised their target price on Martin Marietta Materials from $705.00 to $723.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $644.38.

Martin Marietta Materials Price Performance

Shares of Martin Marietta Materials stock opened at $615.27 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. The company has a market cap of $37.10 billion, a PE ratio of 34.12, a P/E/G ratio of 5.57 and a beta of 1.06. The business has a 50 day moving average of $621.91 and a 200 day moving average of $585.95. Martin Marietta Materials has a 52 week low of $441.95 and a 52 week high of $665.18.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Tuesday, November 4th. The construction company reported $5.97 earnings per share for the quarter, missing the consensus estimate of $6.62 by ($0.65). The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $2.06 billion. Martin Marietta Materials had a net margin of 16.47% and a return on equity of 11.88%. Martin Marietta Materials has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Martin Marietta Materials will post 19.53 earnings per share for the current year.

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Atika Capital Management LLC raised its stake in Martin Marietta Materials by 18.1% during the first quarter. Atika Capital Management LLC now owns 55,633 shares of the construction company’s stock valued at $26,600,000 after buying an additional 8,533 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Martin Marietta Materials during the second quarter valued at $497,000. Janney Montgomery Scott LLC increased its holdings in shares of Martin Marietta Materials by 0.3% during the second quarter. Janney Montgomery Scott LLC now owns 9,576 shares of the construction company’s stock valued at $5,257,000 after acquiring an additional 33 shares in the last quarter. Fenimore Asset Management Inc raised its position in shares of Martin Marietta Materials by 6.0% in the 2nd quarter. Fenimore Asset Management Inc now owns 88,850 shares of the construction company’s stock worth $48,775,000 after purchasing an additional 5,010 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in Martin Marietta Materials by 16.5% in the 2nd quarter. Farther Finance Advisors LLC now owns 493 shares of the construction company’s stock worth $270,000 after purchasing an additional 70 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

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.