Morgan Stanley Cuts Martin Marietta Materials (NYSE:MLM) Price Target to $664.00

Martin Marietta Materials (NYSE:MLM) had its price objective decreased by Morgan Stanley from $702.00 to $664.00 in a report released on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the construction company’s stock.

MLM has been the topic of a number of other reports. Loop Capital lowered shares of Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 price objective on the stock. in a report on Wednesday, January 28th. DA Davidson set a $680.00 price objective on shares of Martin Marietta Materials in a report on Thursday, February 12th. Barclays lowered their price target on shares of Martin Marietta Materials from $675.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 31st. Stephens lowered their price target on shares of Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating on the stock in a research note on Friday, February 13th. Finally, Zacks Research lowered shares of Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a research note on Friday, February 13th. Nine equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $692.31.

Martin Marietta Materials Trading Up 5.1%

Shares of NYSE:MLM opened at $624.99 on Monday. Martin Marietta Materials has a 12 month low of $441.95 and a 12 month 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 company’s fifty day simple moving average is $631.85 and its 200 day simple moving average is $628.63. The firm has a market cap of $37.69 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 2.34 and a beta of 1.19.

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

Martin Marietta Materials Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, March 2nd. Martin Marietta Materials’s payout ratio is presently 17.66%.

Institutional Investors Weigh In On Martin Marietta Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC grew its position in shares of Martin Marietta Materials by 6.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company’s stock valued at $379,000 after acquiring an additional 49 shares during the period. Empowered Funds LLC grew its position in shares of Martin Marietta Materials by 11.4% in the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company’s stock valued at $673,000 after acquiring an additional 144 shares during the period. Sivia Capital Partners LLC grew its position in shares of Martin Marietta Materials by 11.1% in the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company’s stock valued at $280,000 after acquiring an additional 51 shares during the period. Beacon Pointe Advisors LLC grew its position in shares of Martin Marietta Materials by 22.2% in the 2nd quarter. Beacon Pointe Advisors LLC now owns 898 shares of the construction company’s stock valued at $493,000 after acquiring an additional 163 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Martin Marietta Materials by 205.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company’s stock valued at $143,000 after acquiring an additional 175 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

About Martin Marietta Materials

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.