DA Davidson Raises Martin Marietta Materials (NYSE:MLM) Price Target to $700.00

Martin Marietta Materials (NYSE:MLM) had its price target hoisted by DA Davidson from $625.00 to $700.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

Other equities research analysts also recently issued reports about the company. Stifel Nicolaus boosted their price target on Martin Marietta Materials from $559.00 to $609.00 and gave the company a “buy” rating in a report on Thursday, May 1st. Morgan Stanley boosted their price target on Martin Marietta Materials from $576.00 to $605.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Bank of America boosted their price target on Martin Marietta Materials from $577.00 to $643.00 and gave the company a “neutral” rating in a report on Tuesday, August 5th. Raymond James Financial boosted their price target on Martin Marietta Materials from $600.00 to $645.00 and gave the company an “outperform” rating in a report on Friday. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and issued a $525.00 price target (up from $515.00) on shares of Martin Marietta Materials in a report on Friday. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average price target of $620.88.

Martin Marietta Materials Price Performance

MLM stock opened at $600.56 on Monday. The company has a quick ratio of 1.21, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. Martin Marietta Materials has a 52-week low of $441.95 and a 52-week high of $633.23. The stock’s 50 day moving average is $562.58 and its two-hundred day moving average is $528.64. The company has a market capitalization of $36.22 billion, a PE ratio of 33.31, a P/E/G ratio of 5.58 and a beta of 0.89.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, August 7th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.44 by ($0.01). Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the firm earned $4.76 earnings per share. Martin Marietta Materials’s revenue for the quarter was up 2.7% compared to the same quarter last year. Analysts predict that Martin Marietta Materials will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, June 2nd. Martin Marietta Materials’s payout ratio is 17.53%.

Insider Transactions at Martin Marietta Materials

In other Martin Marietta Materials news, Director Laree E. Perez sold 1,038 shares of the business’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $613.32, for a total transaction of $636,626.16. Following the completion of the transaction, the director owned 15,417 shares in the company, valued at approximately $9,455,554.44. The trade was a 6.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.68% of the company’s stock.

Institutional Trading of Martin Marietta Materials

Institutional investors have recently modified their holdings of the company. Wayfinding Financial LLC acquired a new stake in shares of Martin Marietta Materials in the first quarter valued at $29,000. Chilton Capital Management LLC acquired a new stake in shares of Martin Marietta Materials in the first quarter valued at $30,000. Zions Bancorporation National Association UT acquired a new stake in shares of Martin Marietta Materials in the first quarter valued at $30,000. NewSquare Capital LLC lifted its holdings in shares of Martin Marietta Materials by 62.2% in the second quarter. NewSquare Capital LLC now owns 60 shares of the construction company’s stock valued at $33,000 after buying an additional 23 shares during the period. Finally, Clearstead Trust LLC lifted its holdings in shares of Martin Marietta Materials by 93.8% in the second quarter. Clearstead Trust LLC now owns 62 shares of the construction company’s stock valued at $34,000 after buying an additional 30 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.