Martin Marietta Materials (NYSE:MLM) Reaches New 1-Year High – Here’s Why

Martin Marietta Materials, Inc. (NYSE:MLM) reached a new 52-week high on Tuesday . The stock traded as high as $676.74 and last traded at $666.6270, with a volume of 98927 shares changing hands. The stock had previously closed at $654.33.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MLM shares. JPMorgan Chase & Co. increased their price objective on shares of Martin Marietta Materials from $670.00 to $700.00 and gave the company a “neutral” rating in a report on Tuesday, November 11th. Raymond James Financial raised their target price on Martin Marietta Materials from $645.00 to $680.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 21st. Loop Capital cut shares of Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 price target on the stock. in a research report on Wednesday, January 28th. Barclays lifted their target price on shares of Martin Marietta Materials from $600.00 to $675.00 and gave the stock an “overweight” rating in a research note on Monday, October 20th. Finally, Jefferies Financial Group increased their price target on shares of Martin Marietta Materials from $725.00 to $730.00 and gave the company a “buy” rating in a research note on Monday, December 15th. Ten research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $676.63.

Martin Marietta Materials Stock Performance

The stock has a market capitalization of $40.04 billion, a PE ratio of 35.00 and a beta of 1.15. The company has a quick ratio of 2.07, a current ratio of 2.97 and a debt-to-equity ratio of 0.54. The stock has a fifty day moving average of $635.99 and a 200-day moving average of $619.83.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Tuesday, November 4th. The construction company reported $5.97 earnings per share for the quarter, missing analysts’ consensus estimates of $6.62 by ($0.65). The firm had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Martin Marietta Materials had a return on equity of 11.68% and a net margin of 17.34%. Equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current fiscal year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 1st were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, December 1st. Martin Marietta Materials’s dividend payout ratio (DPR) is 17.50%.

Hedge Funds Weigh In On Martin Marietta Materials

Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE boosted its holdings in shares of Martin Marietta Materials by 31.9% in the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock valued at $1,284,938,000 after acquiring an additional 565,856 shares during the period. Norges Bank acquired a new position in shares of Martin Marietta Materials during the second quarter worth about $233,811,000. Principal Financial Group Inc. raised its stake in shares of Martin Marietta Materials by 9.6% during the 3rd quarter. Principal Financial Group Inc. now owns 2,204,425 shares of the construction company’s stock worth $1,389,428,000 after buying an additional 192,637 shares in the last quarter. Millennium Management LLC raised its position in Martin Marietta Materials by 1,570.3% in the third quarter. Millennium Management LLC now owns 108,167 shares of the construction company’s stock worth $68,175,000 after acquiring an additional 115,524 shares in the last quarter. Finally, Freestone Grove Partners LP lifted its position in shares of Martin Marietta Materials by 748.5% during the 3rd quarter. Freestone Grove Partners LP now owns 124,963 shares of the construction company’s stock valued at $78,762,000 after acquiring an additional 110,236 shares during the period. Hedge funds and other institutional investors 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.