Martin Marietta Materials, Inc. (NYSE:MLM) Receives $619.36 Consensus Price Target from Brokerages

Martin Marietta Materials, Inc. (NYSE:MLM) has been assigned an average rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat reports. Three analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $619.36.

A number of research analysts recently issued reports on the company. BNP Paribas upgraded Martin Marietta Materials to a “strong-buy” rating in a research note on Thursday, September 19th. Jefferies Financial Group dropped their price target on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Truist Financial dropped their price target on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Morgan Stanley raised their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Finally, JPMorgan Chase & Co. dropped their price target on Martin Marietta Materials from $560.00 to $515.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th.

Martin Marietta Materials Price Performance

Shares of NYSE MLM opened at $562.79 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.94 and a current ratio of 1.86. Martin Marietta Materials has a fifty-two week low of $389.90 and a fifty-two week high of $626.67. The firm has a market capitalization of $34.69 billion, a PE ratio of 16.68, a price-to-earnings-growth ratio of 3.68 and a beta of 0.91. The stock’s 50-day simple moving average is $535.47 and its 200-day simple moving average is $557.11.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.60). The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.83 billion. Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. Martin Marietta Materials’s revenue was down 3.1% on a year-over-year basis. During the same period last year, the business posted $5.60 EPS. As a group, equities research analysts forecast that Martin Marietta Materials will post 19.33 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a dividend of $0.79 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. This represents a $3.16 annualized dividend and a yield of 0.56%. Martin Marietta Materials’s payout ratio is currently 9.36%.

Hedge Funds Weigh In On Martin Marietta Materials

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Martin Marietta Materials by 8.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,846 shares of the construction company’s stock worth $4,230,000 after purchasing an additional 635 shares during the last quarter. Parcion Private Wealth LLC acquired a new position in Martin Marietta Materials during the third quarter worth $302,000. Allworth Financial LP raised its holdings in Martin Marietta Materials by 89.3% during the third quarter. Allworth Financial LP now owns 799 shares of the construction company’s stock worth $430,000 after purchasing an additional 377 shares during the last quarter. Mediolanum International Funds Ltd raised its holdings in Martin Marietta Materials by 4.9% during the third quarter. Mediolanum International Funds Ltd now owns 6,448 shares of the construction company’s stock worth $3,470,000 after purchasing an additional 299 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Martin Marietta Materials by 682.5% during the third quarter. Assenagon Asset Management S.A. now owns 75,045 shares of the construction company’s stock worth $40,393,000 after purchasing an additional 65,454 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Company Profile

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.