Martin Marietta Materials, Inc. (NYSE:MLM) was the recipient of a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 2,651,600 shares, a drop of 9.4% from the May 30th total of 2,927,100 shares. Approximately 4.3% of the shares of the stock are short sold. Based on an average daily volume of 542,200 shares, the short-interest ratio is presently 4.9 days.
Several research analysts have commented on MLM shares. Berenberg Bank reissued a “buy” rating and issued a GBX 3,620 ($47.30) price target on shares of Bellway in a report on Wednesday, April 3rd. Citigroup raised their price objective on shares of Martin Marietta Materials from $239.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Goldman Sachs Group upgraded shares of Martin Marietta Materials from a “neutral” rating to a “buy” rating and raised their price objective for the company from $207.00 to $232.00 in a research report on Thursday, April 11th. Zacks Investment Research cut shares of GALP ENERGIA SG/ADR from a “hold” rating to a “sell” rating in a research report on Monday, May 6th. Finally, JPMorgan Chase & Co. cut shares of VESTAS WIND SYS/ADR from a “neutral” rating to an “underweight” rating in a research report on Thursday, March 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $221.87.
Shares of Martin Marietta Materials stock traded down $1.51 on Monday, hitting $224.99. 653,975 shares of the company traded hands, compared to its average volume of 631,513. The company has a market capitalization of $14.18 billion, a P/E ratio of 27.81, a P/E/G ratio of 2.21 and a beta of 1.14. The company’s 50-day simple moving average is $223.00. Martin Marietta Materials has a 12-month low of $150.75 and a 12-month high of $232.81. The company has a current ratio of 1.81, a quick ratio of 0.96 and a debt-to-equity ratio of 0.65.
Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Tuesday, April 30th. The construction company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.39. The company had revenue of $938.96 million for the quarter, compared to analysts’ expectations of $881.82 million. Martin Marietta Materials had a net margin of 11.48% and a return on equity of 10.82%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.16 EPS. Research analysts forecast that Martin Marietta Materials will post 9.27 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 0.85%. The ex-dividend date was Friday, May 31st. Martin Marietta Materials’s payout ratio is presently 23.73%.
In other Martin Marietta Materials news, Chairman C Howard Nye sold 14,668 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $220.48, for a total value of $3,234,000.64. Following the completion of the transaction, the chairman now directly owns 167,019 shares of the company’s stock, valued at approximately $36,824,349.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Donald A. Mccunniff sold 3,183 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $220.19, for a total transaction of $700,864.77. Following the completion of the transaction, the senior vice president now directly owns 16,724 shares of the company’s stock, valued at $3,682,457.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,675 shares of company stock valued at $4,125,869. Insiders own 0.73% of the company’s stock.
Large investors have recently modified their holdings of the stock. Shine Investment Advisory Services Inc. boosted its stake in shares of Martin Marietta Materials by 191.8% during the 1st quarter. Shine Investment Advisory Services Inc. now owns 143 shares of the construction company’s stock valued at $29,000 after purchasing an additional 94 shares in the last quarter. Bronfman E.L. Rothschild L.P. boosted its stake in shares of Martin Marietta Materials by 397.4% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 189 shares of the construction company’s stock valued at $32,000 after purchasing an additional 151 shares in the last quarter. Global Retirement Partners LLC boosted its stake in Martin Marietta Materials by 82.9% during the first quarter. Global Retirement Partners LLC now owns 192 shares of the construction company’s stock worth $39,000 after acquiring an additional 87 shares in the last quarter. Avestar Capital LLC boosted its stake in Martin Marietta Materials by 3,800.0% during the first quarter. Avestar Capital LLC now owns 234 shares of the construction company’s stock worth $46,000 after acquiring an additional 228 shares in the last quarter. Finally, Gemmer Asset Management LLC boosted its stake in Martin Marietta Materials by 69.0% during the first quarter. Gemmer Asset Management LLC now owns 245 shares of the construction company’s stock worth $49,000 after acquiring an additional 100 shares in the last quarter.
About Martin Marietta Materials
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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.
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