Martin Marietta Materials Inc. (MLM) to Post Q3 2016 Earnings of $2.70 Per Share, Jefferies Group Forecasts
Martin Marietta Materials Inc. (NYSE:MLM) – Stock analysts at Jefferies Group cut their Q3 2016 EPS estimates for Martin Marietta Materials in a research note issued to investors on Monday. Jefferies Group analyst M. Betts now forecasts that the brokerage will earn $2.70 per share for the quarter, down from their previous forecast of $2.87. Jefferies Group has a “Hold” rating on the stock. Jefferies Group also issued estimates for Martin Marietta Materials’ FY2016 earnings at $6.74 EPS.
Several other analysts also recently weighed in on MLM. Bank of America Corp. restated a “buy” rating on shares of Martin Marietta Materials in a research report on Friday, June 17th. Zacks Investment Research raised Martin Marietta Materials from a “hold” rating to a “buy” rating and set a $201.00 target price for the company in a report on Tuesday, June 28th. DA Davidson upped their target price on Martin Marietta Materials from $190.00 to $210.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, Goldman Sachs Group Inc. cut Martin Marietta Materials from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $210.00 to $202.00 in a report on Tuesday. 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 company. The stock currently has an average rating of “Hold” and a consensus price target of $203.00.
Martin Marietta Materials (NYSE:MLM) traded down 1.1956% during midday trading on Tuesday, hitting $169.2025. The stock had a trading volume of 479,518 shares. The firm has a market capitalization of $10.73 billion, a price-to-earnings ratio of 30.1448 and a beta of 1.36. Martin Marietta Materials has a 1-year low of $108.31 and a 1-year high of $206.36. The firm has a 50-day moving average price of $181.51 and a 200-day moving average price of $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 EPS for the quarter, missing the consensus estimate of $2.02 by $0.12. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The company had revenue of $915.40 million for the quarter, compared to analyst estimates of $953.30 million. During the same quarter last year, the business earned $1.22 EPS. The company’s revenue for the quarter was up 7.7% on a year-over-year basis.
Large investors have recently added to or reduced their stakes in the company. Aperio Group LLC boosted its stake in Martin Marietta Materials by 22.6% in the first quarter. Aperio Group LLC now owns 9,179 shares of the company’s stock valued at $1,464,000 after buying an additional 1,694 shares in the last quarter. Prudential Financial Inc. boosted its stake in Martin Marietta Materials by 3.1% in the first quarter. Prudential Financial Inc. now owns 83,770 shares of the company’s stock valued at $13,362,000 after buying an additional 2,520 shares in the last quarter. BlackRock Group LTD boosted its stake in Martin Marietta Materials by 1.3% in the first quarter. BlackRock Group LTD now owns 444,005 shares of the company’s stock valued at $70,823,000 after buying an additional 5,704 shares in the last quarter. Palisade Capital Management LLC NJ boosted its stake in 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 valued at $4,436,000 after buying an additional 821 shares in the last quarter. Finally, M&T Bank Corp boosted its stake in Martin Marietta Materials by 336.4% in the first quarter. M&T Bank Corp now owns 9,820 shares of the company’s stock valued at $1,566,000 after buying an additional 7,570 shares in the last quarter. 97.18% of the stock is owned by institutional investors and hedge funds.
In related news, Director David G. Maffucci sold 6,779 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $199.90, for a total transaction of $1,355,122.10. Following the completion of the sale, the director now owns 20,326 shares of the company’s stock, valued at $4,063,167.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Roselyn R. Bar sold 5,830 shares of the firm’s stock in a transaction that occurred on Tuesday, August 9th. The stock was sold at an average price of $199.98, for a total value 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 approximately $8,516,748.24. The disclosure for this sale can be found here. 1.06% of the stock is owned by insiders.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 1st were paid a $0.42 dividend. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.40. The ex-dividend date 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 presently 30.05%.
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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