Zacks Investment Research upgraded shares of Martin Marietta Materials, Inc. (NYSE:MLM) from a sell rating to a hold rating in a research report sent to investors on Tuesday, September 12th.
According to Zacks, “Martin Marietta is a leading supplier of construction aggregates used for construction of highways, infrastructure projects and residential, commercial and industrial building development. The company’s string of acquisitions, divestitures and attractive shareholder returns are encouraging. Increased activities in the non-residential and residential markets can be expected to boost demand. However, abnormally wet weather conditions in many markets are marring Martin Marietta’s prospects. Also, shares of Martin Marietta underperformed its industry year to date.”
Several other brokerages have also recently weighed in on MLM. Jefferies Group LLC set a $166.00 price target on Martin Marietta Materials and gave the company a hold rating in a research report on Monday, August 21st. BidaskClub lowered Martin Marietta Materials from a hold rating to a sell rating in a report on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. The company presently has an average rating of Hold and an average target price of $220.57.
Martin Marietta Materials (NYSE:MLM) traded down 1.83% during trading on Tuesday, reaching $198.69. 508,335 shares of the company were exchanged. The firm has a market cap of $12.49 billion, a price-to-earnings ratio of 28.59 and a beta of 1.15. Martin Marietta Materials has a 52-week low of $167.06 and a 52-week high of $244.32. The firm has a 50-day moving average of $206.71 and a 200-day moving average of $218.95.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Tuesday, August 1st. The construction company reported $2.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.38 by ($0.13). Martin Marietta Materials had a net margin of 11.19% and a return on equity of 10.69%. The company had revenue of $996.30 million for the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the company earned $1.90 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. On average, equities analysts forecast that Martin Marietta Materials will post $7.14 EPS for the current year.
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The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Tuesday, September 5th will be paid a $0.44 dividend. The ex-dividend date is Thursday, August 31st. This represents a $1.76 annualized dividend and a yield of 0.87%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.42. Martin Marietta Materials’s dividend payout ratio is currently 25.29%.
In other news, Director John J. Koraleski bought 500 shares of the business’s stock in a transaction on Friday, August 18th. The stock was acquired at an average price of $198.37 per share, with a total value of $99,185.00. Following the completion of the purchase, the director now directly owns 1,439 shares in the company, valued at $285,454.43. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.45% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Profund Advisors LLC boosted its stake in Martin Marietta Materials by 0.3% in the second quarter. Profund Advisors LLC now owns 1,600 shares of the construction company’s stock worth $356,000 after buying an additional 5 shares in the last quarter. First National Bank of Hutchinson boosted its stake in Martin Marietta Materials by 0.3% in the second quarter. First National Bank of Hutchinson now owns 2,214 shares of the construction company’s stock worth $505,000 after buying an additional 6 shares in the last quarter. Coldstream Capital Management Inc. boosted its stake in Martin Marietta Materials by 1.6% in the first quarter. Coldstream Capital Management Inc. now owns 1,289 shares of the construction company’s stock worth $281,000 after buying an additional 20 shares in the last quarter. First Personal Financial Services boosted its stake in Martin Marietta Materials by 4.5% in the first quarter. First Personal Financial Services now owns 513 shares of the construction company’s stock worth $112,000 after buying an additional 22 shares in the last quarter. Finally, L & S Advisors Inc boosted its stake in Martin Marietta Materials by 0.8% in the second quarter. L & S Advisors Inc now owns 3,091 shares of the construction company’s stock worth $688,000 after buying an additional 26 shares in the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.
About Martin Marietta Materials
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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