JPMorgan Chase & Co. Upgrades Martin Marietta Materials (NYSE:MLM) to “Overweight”

Martin Marietta Materials (NYSE:MLM) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Wednesday, Briefing.com reports. The brokerage currently has a $680.00 price target on the construction company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 34.69% from the stock’s previous close.

Other analysts have also issued research reports about the company. UBS Group dropped their target price on Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. Raymond James Financial set a $660.00 price target on Martin Marietta Materials in a research report on Friday, July 31st. Sanford C. Bernstein cut Martin Marietta Materials to an “underweight” rating in a research note on Wednesday. Morgan Stanley cut their price objective on Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, Stephens decreased their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Eleven investment 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $665.88.

Martin Marietta Materials Trading Down 2.7%

Shares of NYSE:MLM opened at $504.85 on Wednesday. The company’s 50-day moving average price is $558.97 and its two-hundred day moving average price is $588.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. Martin Marietta Materials has a one year low of $502.56 and a one year high of $710.97. The stock has a market capitalization of $30.33 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company’s quarterly revenue was up 21.0% on a year-over-year basis. During the same period in the prior year, the business posted $5.43 EPS. On average, equities analysts forecast that Martin Marietta Materials will post 19.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors have recently bought and sold shares of MLM. Lido Advisors LLC raised its stake in Martin Marietta Materials by 0.8% in the fourth quarter. Lido Advisors LLC now owns 1,920 shares of the construction company’s stock valued at $1,209,000 after buying an additional 15 shares during the period. Harbour Investments Inc. boosted its stake in shares of Martin Marietta Materials by 31.4% during the 4th quarter. Harbour Investments Inc. now owns 67 shares of the construction company’s stock worth $42,000 after acquiring an additional 16 shares during the period. AMG National Trust Bank boosted its stake in shares of Martin Marietta Materials by 3.6% during the 1st quarter. AMG National Trust Bank now owns 495 shares of the construction company’s stock worth $291,000 after acquiring an additional 17 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Martin Marietta Materials by 0.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,186 shares of the construction company’s stock worth $1,361,000 after acquiring an additional 17 shares during the last quarter. Finally, AlTi Global Inc. increased its holdings in shares of Martin Marietta Materials by 1.2% during the 1st quarter. AlTi Global Inc. now owns 1,496 shares of the construction company’s stock worth $881,000 after acquiring an additional 18 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.