Martin Marietta Materials (NYSE:MLM) Posts Quarterly Earnings Results, Misses Estimates By $0.19 EPS

Martin Marietta Materials (NYSE:MLM) issued its earnings results on Wednesday. The construction company reported $4.62 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.19), FiscalAI reports. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. Martin Marietta Materials had a net margin of 17.34% and a return on equity of 11.68%. Martin Marietta Materials’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.79 EPS.

Martin Marietta Materials Trading Down 5.3%

Shares of NYSE MLM traded down $37.51 during midday trading on Wednesday, hitting $670.61. The stock had a trading volume of 427,380 shares, compared to its average volume of 421,176. The company’s 50-day simple moving average is $643.76 and its 200 day simple moving average is $624.46. The firm has a market cap of $40.44 billion, a P/E ratio of 35.42 and a beta of 1.16. Martin Marietta Materials has a fifty-two week low of $441.95 and a fifty-two week high of $710.97. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.97 and a quick ratio of 2.07.

Martin Marietta Materials Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have issued reports on MLM. B. Riley Financial assumed coverage on Martin Marietta Materials in a report on Thursday, January 15th. They issued a “neutral” rating and a $700.00 price target on the stock. Citigroup upped their target price on Martin Marietta Materials from $754.00 to $758.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Wall Street Zen lowered shares of Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a research report on Saturday, November 8th. UBS Group raised their target price on shares of Martin Marietta Materials from $705.00 to $723.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, Barclays boosted 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 report on Monday, October 20th. Ten equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $676.63.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its holdings in shares of Martin Marietta Materials by 31.9% during the 2nd 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 purchasing an additional 565,856 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Martin Marietta Materials by 1.2% during the 3rd quarter. Raymond James Financial Inc. now owns 352,294 shares of the construction company’s stock worth $222,044,000 after purchasing an additional 4,071 shares in the last quarter. Amundi boosted its stake in shares of Martin Marietta Materials by 16.2% during the 3rd quarter. Amundi now owns 134,546 shares of the construction company’s stock worth $85,586,000 after buying an additional 18,782 shares during the last quarter. Freestone Grove Partners LP increased its position in shares of Martin Marietta Materials by 748.5% in the third 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 last quarter. Finally, Progeny 3 Inc. increased its position in shares of Martin Marietta Materials by 51.7% in the second quarter. Progeny 3 Inc. now owns 113,150 shares of the construction company’s stock valued at $62,115,000 after acquiring an additional 38,570 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

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.