Martin Marietta Materials Inc. (MLM) Downgraded by Goldman Sachs Group Inc.
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 report released on Tuesday. They currently have a $202.00 target price on the stock, down from their prior target price of $210.00. Goldman Sachs Group Inc.’s target price indicates a potential upside of 17.96% from the company’s previous close.
Several other research firms have also commented on MLM. DA Davidson upped their target price on Martin Marietta Materials from $190.00 to $210.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Zacks Investment Research lowered Martin Marietta Materials from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 19th. Bank of America Corp. reaffirmed a “buy” rating on shares of Martin Marietta Materials in a report on Friday, June 17th. Finally, Jefferies Group reaffirmed a “hold” rating on shares of Martin Marietta Materials in a report on Wednesday, August 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $203.00.
Shares of Martin Marietta Materials (NYSE:MLM) traded down 1.007% during trading on Tuesday, reaching $169.525. The company had a trading volume of 554,189 shares. The stock has a market capitalization of $10.75 billion, a PE ratio of 30.202 and a beta of 1.36. The stock’s 50-day moving average price is $181.51 and its 200-day moving average price is $183.60. Martin Marietta Materials has a 12 month low of $108.31 and a 12 month high of $206.36.
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Martin Marietta Materials (NYSE:MLM) last posted its earnings results on Tuesday, August 2nd. The company reported $1.90 EPS for the quarter, missing the Thomson Reuters’ 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 firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same period last year, the company posted $1.22 earnings per share. 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. Shareholders of record on Thursday, September 1st were paid a dividend of $0.42 per share. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a yield of 0.98%. The ex-dividend date was Tuesday, August 30th. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 30.05%.
In other Martin Marietta Materials news, EVP Roselyn R. Bar sold 5,830 shares of the 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 completion of the transaction, the executive vice president now directly owns 42,588 shares of the company’s stock, valued at approximately $8,516,748.24. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David G. Maffucci sold 6,779 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $199.90, for a total value of $1,355,122.10. Following the transaction, the director now directly owns 20,326 shares of the company’s stock, valued at $4,063,167.40. The disclosure for this sale can be found here. Company insiders own 1.06% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of 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. State Street Corp raised its position in shares of Martin Marietta Materials by 0.7% in the second quarter. State Street Corp now owns 2,568,734 shares of the company’s stock worth $493,188,000 after buying an additional 17,761 shares during the last quarter. FMR LLC raised its position in shares of Martin Marietta Materials by 16.7% in the second quarter. FMR LLC now owns 2,362,045 shares of the company’s stock worth $453,512,000 after buying an additional 338,399 shares during the last quarter. Egerton Capital UK LLP raised its position in shares of Martin Marietta Materials by 53.4% in the second quarter. Egerton Capital UK LLP now owns 1,472,952 shares of the company’s stock worth $282,807,000 after buying an additional 512,574 shares during the last quarter. Finally, BlackRock Fund Advisors raised its position in shares of Martin Marietta Materials by 0.5% in the second quarter. BlackRock Fund Advisors now owns 1,054,041 shares of the company’s stock worth $202,376,000 after buying an additional 5,549 shares during the last quarter. 97.18% of the stock is owned by hedge funds and other 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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