Martin Marietta Materials Inc. (MLM) Receives Hold Rating from DA Davidson
Martin Marietta Materials Inc. (NYSE:MLM)‘s stock had its “hold” rating reissued by stock analysts at DA Davidson in a report issued on Sunday. They presently have a $210.00 target price on the stock. DA Davidson’s target price indicates a potential upside of 23.44% from the company’s current price.
Several other equities research analysts also recently commented on MLM. Zacks Investment Research downgraded shares of Martin Marietta Materials from a “buy” rating to a “hold” rating in a research report on Tuesday, July 5th. Jefferies Group reiterated a “hold” rating on shares of Martin Marietta Materials in a research report on Monday, August 1st. Finally, Bank of America Corp. reiterated a “buy” rating on shares of Martin Marietta Materials in a research report on Friday, June 17th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. Martin Marietta Materials has an average rating of “Buy” and an average price target of $204.17.
Shares of Martin Marietta Materials (NYSE:MLM) opened at 170.12 on Friday. Martin Marietta Materials has a 1-year low of $108.31 and a 1-year high of $206.36. The firm has a market cap of $10.79 billion, a price-to-earnings ratio of 30.31 and a beta of 1.36. The company has a 50 day moving average of $182.11 and a 200 day moving average of $183.06.
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Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.02 by $0.12. The company had revenue of $915.40 million for the quarter, compared to the consensus estimate of $953.30 million. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The company’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the firm posted $1.22 earnings per share. On average, equities analysts forecast that Martin Marietta Materials will post $7.14 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 1st were given a $0.42 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.99%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.40. Martin Marietta Materials’s payout ratio is 30.05%.
In related news, EVP Roselyn R. Bar sold 5,830 shares of the business’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the transaction, the executive vice president now owns 42,588 shares in the company, valued at approximately $8,516,748.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David G. Maffucci sold 6,779 shares of the business’s stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $199.90, for a total transaction of $1,355,122.10. Following the transaction, the director now owns 20,326 shares in the company, valued at approximately $4,063,167.40. The disclosure for this sale can be found here. 1.06% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio increased its position in Martin Marietta Materials by 0.7% in the second quarter. Strs Ohio now owns 59,357 shares of the company’s stock worth $11,396,000 after buying an additional 426 shares during the last quarter. WESPAC Advisors LLC bought a new position in Martin Marietta Materials during the second quarter worth about $634,000. Adage Capital Partners GP L.L.C. increased its position in Martin Marietta Materials by 21.7% in the first quarter. Adage Capital Partners GP L.L.C. now owns 111,702 shares of the company’s stock worth $17,818,000 after buying an additional 19,900 shares during the last quarter. Vanguard Group Inc. increased its position in Martin Marietta Materials by 1.5% in the second quarter. Vanguard Group Inc. now owns 5,793,679 shares of the company’s stock worth $1,112,385,000 after buying an additional 84,814 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Martin Marietta Materials by 0.6% in the first quarter. Wellington Management Group LLP now owns 341,521 shares of the company’s stock worth $54,477,000 after buying an additional 2,045 shares during the last quarter. Institutional investors own 97.18% of the company’s stock.
About Martin Marietta Materials
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand and gravel) for the construction industry, used for the construction of infrastructure, non-residential, and residential projects. The Company operates through three businesses: Aggregates Business, Cement Business and Magnesia Specialties Business.
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