Martin Marietta Materials (NYSE:MLM) Stock Price Target Raised at Citigroup

Martin Marietta Materials (NYSE:MLM) had its price objective increased by Citigroup from $610.00 to $641.00 in a research report released on Friday,Benzinga reports. They currently have a buy rating on the construction company’s stock.

MLM has been the subject of a number of other reports. Wall Street Zen downgraded shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 28th. BNP Paribas Exane lowered their price target on Martin Marietta Materials from $590.00 to $565.00 and set a “neutral” rating for the company in a research report on Wednesday, September 16th. UBS Group dropped their target price on shares of Martin Marietta Materials from $715.00 to $662.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. Truist Financial dropped their price target on Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Finally, Royal Bank Of Canada decreased their target price on shares of Martin Marietta Materials from $530.00 to $520.00 and set a “sector perform” rating for the company in a research note on Friday. Fifteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $642.60.

Martin Marietta Materials Stock Performance

NYSE:MLM traded down $10.47 on Friday, reaching $517.36. 1,003,719 shares of the company’s stock were exchanged, compared to its average volume of 849,023. The firm has a market cap of $31.08 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 2.86 and a beta of 1.02. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The stock has a fifty day simple moving average of $503.01 and a 200-day simple moving average of $573.42. Martin Marietta Materials has a 52 week low of $464.92 and a 52 week high of $710.97.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Wednesday, November 4th. The construction company reported $5.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.99 by ($0.52). Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The business had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the firm earned $6.85 EPS. The business’s revenue for the quarter was up 28.3% on a year-over-year basis. As a group, sell-side analysts predict that Martin Marietta Materials will post 16.30 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were issued a dividend of $0.84 per share. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio is currently 8.89%.

Institutional Investors Weigh In On Martin Marietta Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Martin Marietta Materials during the 2nd quarter valued at $2,706,134,000. Bank of America Corp DE purchased a new position in shares of Martin Marietta Materials in the 2nd quarter worth $1,411,047,000. Dimensional Fund Advisors LP increased its stake in Martin Marietta Materials by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 546,170 shares of the construction company’s stock worth $321,442,000 after acquiring an additional 5,764 shares during the last quarter. Aberdeen Group plc boosted its stake in Martin Marietta Materials by 1,735.1% during the third quarter. Aberdeen Group plc now owns 448,545 shares of the construction company’s stock worth $215,216,000 after buying an additional 424,103 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Martin Marietta Materials by 13.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 386,046 shares of the construction company’s stock worth $222,633,000 after purchasing an additional 46,228 shares during the period. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a U.S.-based supplier of building materials used in construction and infrastructure projects. Its products include crushed stone, sand and gravel, cement, ready-mixed concrete and asphalt.

The company also produces specialty products through its magnesia-based business, including lime, chemicals and products used in industrial and environmental applications. Its construction materials operations serve markets across the United States.

Martin Marietta traces its roots to 1939 and has grown through acquisitions and expansion of its materials operations.