Martin Marietta Materials (NYSE:MLM) Price Target Raised to $804.00

Martin Marietta Materials (NYSE:MLM) had its price objective increased by Citigroup from $780.00 to $804.00 in a research note issued to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

A number of other equities research analysts also recently issued reports on MLM. JPMorgan Chase & Co. boosted their price target on shares of Martin Marietta Materials from $670.00 to $700.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Loop Capital lowered Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 target price on the stock. in a research report on Wednesday, January 28th. Morgan Stanley restated an “overweight” rating and set a $706.00 price target on shares of Martin Marietta Materials in a research report on Tuesday, February 17th. Truist Financial set a $710.00 price objective on Martin Marietta Materials in a research note on Thursday, February 12th. Finally, B. Riley Financial initiated coverage on Martin Marietta Materials in a research note on Thursday, January 15th. They set a “neutral” rating and a $700.00 target price on the stock. Eight analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $697.13.

Martin Marietta Materials Stock Up 0.7%

MLM stock opened at $661.15 on Monday. Martin Marietta Materials has a 52 week low of $441.95 and a 52 week high of $710.97. The company has a quick ratio of 2.36, a current ratio of 3.57 and a debt-to-equity ratio of 0.53. The firm has a 50-day simple moving average of $658.35 and a 200-day simple moving average of $632.67. The stock has a market capitalization of $39.87 billion, a P/E ratio of 35.17, a P/E/G ratio of 2.52 and a beta of 1.13.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Wednesday, February 11th. The construction company reported $4.62 EPS for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.19). The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. Martin Marietta Materials had a net margin of 17.38% and a return on equity of 10.86%. Martin Marietta Materials’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the company earned $4.79 earnings per share. Equities analysts forecast that Martin Marietta Materials will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 2nd will be paid a $0.83 dividend. The ex-dividend date is Monday, March 2nd. This represents a $3.32 dividend on an annualized basis and a yield of 0.5%. Martin Marietta Materials’s payout ratio is currently 17.66%.

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors and hedge funds have recently modified their holdings of MLM. Reflection Asset Management acquired a new stake in Martin Marietta Materials in the fourth quarter valued at $35,000. Tobam increased its holdings in shares of Martin Marietta Materials by 1,262.8% in the 4th quarter. Tobam now owns 1,172 shares of the construction company’s stock valued at $730,000 after acquiring an additional 1,086 shares during the last quarter. MV Capital Management Inc. acquired a new stake in shares of Martin Marietta Materials during the 4th quarter worth about $49,000. Compound Planning Inc. lifted its stake in Martin Marietta Materials by 4.0% during the fourth quarter. Compound Planning Inc. now owns 1,150 shares of the construction company’s stock worth $716,000 after purchasing an additional 44 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Martin Marietta Materials by 9.3% in the fourth quarter. Invesco Ltd. now owns 769,904 shares of the construction company’s stock valued at $479,389,000 after purchasing an additional 65,623 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.