Zacks Investment Research upgraded shares of Martin Marietta Materials, Inc. (NYSE:MLM) from a sell rating to a hold rating in a research note published on Tuesday morning.
According to Zacks, “Martin Marietta is a leading supplier of construction aggregates used for construction of highways, infrastructure projects and residential, commercial and industrial building development. The company’s string of acquisitions, divestitures and attractive shareholder returns are encouraging. Increased activities in the non-residential and residential markets can be expected to boost demand. However, abnormally wet weather conditions in many markets are marring Martin Marietta’s prospects. Also, shares of Martin Marietta underperformed its industry year to date.”
A number of other analysts have also recently weighed in on the stock. BidaskClub upgraded shares of Martin Marietta Materials from a sell rating to a hold rating in a research note on Thursday, June 15th. Jefferies Group LLC set a $166.00 price target on shares of Martin Marietta Materials and gave the stock a hold rating in a research note on Monday, August 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Martin Marietta Materials presently has an average rating of Hold and a consensus price target of $220.57.
Martin Marietta Materials (MLM) opened at 205.15 on Tuesday. The company’s 50-day moving average is $210.29 and its 200-day moving average is $219.48. The firm has a market capitalization of $12.89 billion, a P/E ratio of 29.52 and a beta of 1.15. Martin Marietta Materials has a 52-week low of $167.06 and a 52-week high of $244.32.
Martin Marietta Materials (NYSE:MLM) last posted its earnings results on Tuesday, August 1st. The construction company reported $2.25 EPS for the quarter, missing the Zacks’ consensus estimate of $2.38 by ($0.13). The company had revenue of $996.30 million during the quarter, compared to analysts’ expectations of $1.01 billion. Martin Marietta Materials had a net margin of 11.19% and a return on equity of 10.69%. The company’s quarterly revenue was up 8.8% on a year-over-year basis. During the same period last year, the business earned $1.90 earnings per share. On average, analysts predict that Martin Marietta Materials will post $7.14 EPS for the current year.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 5th will be paid a dividend of $0.44 per share. The ex-dividend date is Thursday, August 31st. This represents a $1.76 dividend on an annualized basis and a yield of 0.86%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.42. Martin Marietta Materials’s dividend payout ratio is currently 25.29%.
In other Martin Marietta Materials news, Director John J. Koraleski purchased 500 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The stock was purchased at an average price of $198.37 per share, for a total transaction of $99,185.00. Following the purchase, the director now directly owns 1,439 shares in the company, valued at $285,454.43. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.45% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in MLM. BlackRock Inc. lifted its stake in shares of Martin Marietta Materials by 3,137.5% in the 1st quarter. BlackRock Inc. now owns 3,736,667 shares of the construction company’s stock worth $815,527,000 after acquiring an additional 3,621,250 shares during the period. Egerton Capital UK LLP lifted its stake in shares of Martin Marietta Materials by 329.1% in the 2nd quarter. Egerton Capital UK LLP now owns 1,967,865 shares of the construction company’s stock worth $438,007,000 after acquiring an additional 1,509,258 shares during the period. Iridian Asset Management LLC CT lifted its stake in shares of Martin Marietta Materials by 83.4% in the 1st quarter. Iridian Asset Management LLC CT now owns 1,060,115 shares of the construction company’s stock worth $231,370,000 after acquiring an additional 482,165 shares during the period. Harbour Capital Advisors LLC lifted its stake in shares of Martin Marietta Materials by 22,705.9% in the 2nd quarter. Harbour Capital Advisors LLC now owns 370,596 shares of the construction company’s stock worth $1,665,000 after acquiring an additional 368,971 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Martin Marietta Materials by 21.8% in the 1st quarter. Principal Financial Group Inc. now owns 1,333,161 shares of the construction company’s stock worth $290,962,000 after acquiring an additional 238,711 shares during the period. Institutional investors own 95.80% of the company’s stock.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand, and gravel) used for the construction of infrastructure, nonresidential, and residential projects. Aggregates products are also used for railroad ballast and in agricultural, utility and environmental applications.
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