Martin Marietta Materials Inc. (MLM) Downgraded by Goldman Sachs Group Inc. to Neutral
Martin Marietta Materials Inc. (NYSE:MLM) was downgraded by stock analysts at Goldman Sachs Group Inc. from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, The Fly reports.
A number of other brokerages have also issued reports on MLM. DA Davidson boosted their price target on Martin Marietta Materials from $190.00 to $210.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Zacks Investment Research lowered Martin Marietta Materials from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 19th. Bank of America Corp. reiterated a “buy” rating on shares of Martin Marietta Materials in a research report on Friday, June 17th. Finally, Jefferies Group reiterated a “hold” rating on shares of Martin Marietta Materials in a research report on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Martin Marietta Materials has an average rating of “Hold” and an average price target of $204.17.
Shares of Martin Marietta Materials (NYSE:MLM) opened at 171.25 on Tuesday. Martin Marietta Materials has a one year low of $108.31 and a one year high of $206.36. The firm has a market capitalization of $10.86 billion, a P/E ratio of 30.51 and a beta of 1.36. The company’s 50 day moving average price is $181.51 and its 200 day moving average price is $183.60.
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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 Zacks’ consensus estimate of $2.02 by $0.12. Martin Marietta Materials had a return on equity of 9.36% and a net margin of 9.96%. The business had revenue of $915.40 million for the quarter, compared to analyst estimates of $953.30 million. During the same quarter last year, the firm posted $1.22 EPS. The company’s revenue was up 7.7% compared to the same quarter last year. On average, analysts expect that Martin Marietta Materials will post $7.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 1st were issued a $0.42 dividend. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.68 annualized dividend and a dividend yield of 0.98%. Martin Marietta Materials’s dividend payout ratio is 30.05%.
In other news, EVP Roselyn R. Bar sold 5,830 shares of the business’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the sale, the executive vice president now directly owns 42,588 shares of the company’s stock, valued at $8,516,748.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David G. Maffucci sold 6,779 shares of the business’s stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $199.90, for a total value of $1,355,122.10. Following the sale, the director now directly owns 20,326 shares in the company, valued at $4,063,167.40. The disclosure for this sale can be found here. 1.06% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Aperio Group LLC raised its stake in shares of Martin Marietta Materials by 22.6% in the first quarter. Aperio Group LLC now owns 9,179 shares of the company’s stock worth $1,464,000 after buying an additional 1,694 shares during the period. Prudential Financial Inc. raised its stake in shares of Martin Marietta Materials by 3.1% in the first quarter. Prudential Financial Inc. now owns 83,770 shares of the company’s stock worth $13,362,000 after buying an additional 2,520 shares during the period. BlackRock Group LTD raised its stake in shares of Martin Marietta Materials by 1.3% in the first quarter. BlackRock Group LTD now owns 444,005 shares of the company’s stock worth $70,823,000 after buying an additional 5,704 shares during the period. Palisade Capital Management LLC NJ raised its stake in shares of Martin Marietta Materials by 3.0% in the first quarter. Palisade Capital Management LLC NJ now owns 27,810 shares of the company’s stock worth $4,436,000 after buying an additional 821 shares during the period. Finally, M&T Bank Corp raised its stake in shares of Martin Marietta Materials by 336.4% in the first quarter. M&T Bank Corp now owns 9,820 shares of the company’s stock worth $1,566,000 after buying an additional 7,570 shares during the period. 97.18% of the stock is currently owned by institutional investors.
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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