Martin Marietta Materials, Inc. (MLM) Upgraded by Zacks Investment Research to “Hold”
Martin Marietta Materials, Inc. (NYSE:MLM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Martin Marietta second-quarter results earnings missed analysts’ expectations but increased 18.4% from the prior-year quarter. Total revenue (including freight and delivery) increased 8.8% from the year-ago quarter. We are encouraged by the increased activities in the non-residential and residential markets. Building Materials’ benefitted from higher pricing and volume gains across all product lines while Magnesia Specialties segment were driven by strength in the chemicals and lime product lines in the quarter. However, volume growth in the Mid-America Group was affected by heavy precipitation while Southeast Group’s shipments were affected by wet weather conditions throughout the majority of the second quarter. Infrastructure volume growth was flat during the quarter as weather-related issues delayed projects.”
A number of other brokerages also recently weighed in on MLM. Stephens raised their target price on Martin Marietta Materials from $246.00 to $250.00 and gave the company an “equal weight” rating in a report on Thursday, May 4th. Stifel Nicolaus raised their target price on Martin Marietta Materials from $258.00 to $265.00 and gave the company a “buy” rating in a report on Wednesday, May 3rd. BidaskClub raised Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC set a $166.00 target price on Martin Marietta Materials and gave the company a “hold” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $220.57.
Martin Marietta Materials (MLM) traded up 1.28% during trading on Wednesday, hitting $203.40. The stock had a trading volume of 824,022 shares. Martin Marietta Materials has a 52 week low of $167.06 and a 52 week high of $244.32. The firm has a market cap of $12.78 billion, a PE ratio of 29.27 and a beta of 1.14. The company’s 50-day moving average is $217.01 and its 200 day moving average is $221.10.
Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Tuesday, August 1st. The construction company reported $2.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.38 by $0.13. The business had revenue of $996.30 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.90 EPS. Equities analysts expect that Martin Marietta Materials will post $7.14 EPS for the current fiscal year.
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In other news, Director John J. Koraleski acquired 500 shares of the business’s stock in a transaction that occurred on Friday, August 18th. The shares were bought at an average price of $198.37 per share, with a total value of $99,185.00. Following the acquisition, the director now directly owns 1,439 shares in the company, valued at approximately $285,454.43. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 8.45% of the company’s stock.
Several large investors have recently added to or reduced their stakes in MLM. Vigilant Capital Management LLC increased its stake in Martin Marietta Materials by 0.7% in the first quarter. Vigilant Capital Management LLC now owns 40,747 shares of the construction company’s stock valued at $8,893,000 after buying an additional 265 shares during the period. Virtu Financial LLC purchased a new stake in Martin Marietta Materials during the first quarter valued at $309,000. Bourgeon Capital Management LLC increased its stake in Martin Marietta Materials by 4.7% in the first quarter. Bourgeon Capital Management LLC now owns 2,235 shares of the construction company’s stock valued at $488,000 after buying an additional 100 shares during the period. Moloney Securities Asset Management LLC purchased a new stake in Martin Marietta Materials during the first quarter valued at $234,000. Finally, Nikko Asset Management Americas Inc. increased its stake in Martin Marietta Materials by 10.4% in the first quarter. Nikko Asset Management Americas Inc. now owns 26,611 shares of the construction company’s stock valued at $5,808,000 after buying an additional 2,500 shares during the period. 98.25% of the stock is currently owned by institutional investors.
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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