DA Davidson Brokers Cut Earnings Estimates for Martin Marietta Materials, Inc. (MLM)
Martin Marietta Materials, Inc. (NYSE:MLM) – Stock analysts at DA Davidson decreased their Q3 2017 earnings estimates for Martin Marietta Materials in a research report issued to clients and investors on Wednesday. DA Davidson analyst B. Thielman now forecasts that the construction company will post earnings of $2.42 per share for the quarter, down from their previous estimate of $2.94. DA Davidson also issued estimates for Martin Marietta Materials’ FY2018 earnings at $9.70 EPS.
Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Tuesday, August 1st. The construction company reported $2.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.38 by ($0.13). Martin Marietta Materials had a return on equity of 10.69% and a net margin of 11.19%. The company had revenue of $996.30 million during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the business earned $1.90 earnings per share. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis.
Other analysts have also recently issued research reports about the stock. Jefferies Group LLC reissued a “buy” rating and issued a $240.00 price objective on shares of Martin Marietta Materials in a research note on Wednesday, October 11th. Citigroup Inc. reissued a “buy” rating and issued a $260.00 price objective (down previously from $270.00) on shares of Martin Marietta Materials in a research note on Monday, October 9th. Zacks Investment Research raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research note on Tuesday, September 12th. Bank of America Corporation reduced their price objective on shares of Martin Marietta Materials from $233.00 to $229.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, BidaskClub cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $241.67.
Martin Marietta Materials (NYSE MLM) opened at 216.16 on Monday. Martin Marietta Materials has a 52-week low of $175.16 and a 52-week high of $244.32. The stock has a 50 day moving average price of $204.74 and a 200 day moving average price of $217.51. The company has a market capitalization of $13.58 billion, a price-to-earnings ratio of 31.11 and a beta of 1.13.
The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Tuesday, September 5th were given a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $1.76 dividend on an annualized basis and a yield of 0.81%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.42. Martin Marietta Materials’s dividend payout ratio is 25.29%.
In other news, Director John J. Koraleski purchased 500 shares of the business’s stock in a transaction on Friday, August 18th. The shares were acquired at an average price of $198.37 per share, with a total value of $99,185.00. Following the completion of the transaction, the director now owns 1,439 shares of the company’s stock, valued at approximately $285,454.43. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.45% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of MLM. Sun Life Financial INC boosted its position in Martin Marietta Materials by 6,442.9% during the second quarter. Sun Life Financial INC now owns 458 shares of the construction company’s stock valued at $102,000 after acquiring an additional 451 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its position in Martin Marietta Materials by 130.9% during the second quarter. Robeco Institutional Asset Management B.V. now owns 538 shares of the construction company’s stock valued at $120,000 after acquiring an additional 305 shares during the last quarter. Dupont Capital Management Corp bought a new stake in Martin Marietta Materials during the second quarter valued at $128,000. Northwest Investment Counselors LLC bought a new stake in Martin Marietta Materials during the second quarter valued at $134,000. Finally, FNY Partners Fund LP bought a new stake in Martin Marietta Materials during the first quarter valued at $174,000. 95.72% of the stock is currently owned by institutional investors and hedge funds.
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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