Martin Marietta Materials, Inc. (MLM) Declares Dividend Increase – $0.44 Per Share
Martin Marietta Materials, Inc. (NYSE:MLM) announced a quarterly dividend on Thursday, August 24th, RTT News reports. Stockholders of record on Tuesday, September 5th will be given a dividend of 0.44 per share by the construction company on Friday, September 29th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.88%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.42.
Martin Marietta Materials has decreased its dividend payment by an average of 8.6% per year over the last three years. Martin Marietta Materials has a dividend payout ratio of 20.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Martin Marietta Materials to earn $10.28 per share next year, which means the company should continue to be able to cover its $1.68 annual dividend with an expected future payout ratio of 16.3%.
Martin Marietta Materials (MLM) traded down 1.68% during midday trading on Thursday, hitting $199.98. The stock had a trading volume of 622,502 shares. The firm has a market cap of $12.57 billion, a P/E ratio of 28.78 and a beta of 1.14. The stock has a 50-day moving average price of $216.63 and a 200 day moving average price of $220.98. Martin Marietta Materials has a 12-month low of $167.06 and a 12-month high of $244.32.
Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Tuesday, August 1st. The construction company reported $2.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.38 by $0.13. The firm had revenue of $996.30 million during the quarter, compared to analysts’ expectations of $1.01 billion. Martin Marietta Materials had a net margin of 11.19% and a return on equity of 10.69%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter last year, the company posted $1.90 EPS. On average, equities analysts anticipate that Martin Marietta Materials will post $7.14 earnings per share for the current fiscal year.
In related news, Director John J. Koraleski acquired 500 shares of the company’s stock in a transaction on Friday, August 18th. The shares were purchased at an average price of $198.37 per share, for a total transaction of $99,185.00. Following the purchase, the director now owns 1,439 shares in the company, valued at $285,454.43. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.45% of the stock is currently owned by corporate insiders.
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Several brokerages recently commented on MLM. Jefferies Group LLC set a $166.00 price target on shares of Martin Marietta Materials and gave the company a “hold” rating in a research report on Monday. Zacks Investment Research upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research note on Wednesday. BidaskClub lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Stephens upped their price objective on shares of Martin Marietta Materials from $246.00 to $250.00 and gave the company an “equal weight” rating in a research note on Thursday, May 4th. Finally, Stifel Nicolaus upped their price objective on shares of Martin Marietta Materials from $258.00 to $265.00 and gave the company a “buy” rating in a research note on Wednesday, May 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $220.57.
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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