Martin Marietta Materials (NYSE:MLM) Shares Gap Down – Here’s Why

Martin Marietta Materials, Inc. (NYSE:MLM)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $616.06, but opened at $582.07. Martin Marietta Materials shares last traded at $584.04, with a volume of 169,106 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the company a “hold” rating in a research note on Tuesday, June 2nd. B. Riley Financial raised Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $700.00 price target on the stock in a research note on Thursday, April 2nd. Wall Street Zen downgraded shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Saturday, June 6th. Royal Bank Of Canada dropped their price objective on Martin Marietta Materials from $630.00 to $615.00 and set a “sector perform” rating for the company in a report on Monday, May 4th. Finally, Citigroup cut their target price on Martin Marietta Materials from $804.00 to $731.00 and set a “buy” rating on the stock in a research report on Monday, May 4th. Eleven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $681.94.

Martin Marietta Materials Price Performance

The stock’s fifty day moving average is $587.99 and its 200-day moving average is $618.17. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. The stock has a market capitalization of $34.57 billion, a P/E ratio of 13.77, a PEG ratio of 2.61 and a beta of 1.10.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.15. Martin Marietta Materials had a return on equity of 10.27% and a net margin of 38.67%.The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company posted $1.90 EPS. The firm’s revenue was up 17.2% on a year-over-year basis. On average, equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.41 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be paid a $0.83 dividend. The ex-dividend date is Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 7.91%.

Institutional Trading of Martin Marietta Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Optima Capital LLC acquired a new position in shares of Martin Marietta Materials during the fourth quarter worth approximately $25,000. KERR FINANCIAL PLANNING Corp bought a new position in Martin Marietta Materials during the third quarter worth $27,000. Meeder Asset Management Inc. raised its stake in Martin Marietta Materials by 67.9% during the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock valued at $28,000 after purchasing an additional 19 shares during the last quarter. Garton & Associates Financial Advisors LLC bought a new stake in Martin Marietta Materials in the 4th quarter valued at $31,000. Finally, Union Bancaire Privee UBP SA bought a new stake in Martin Marietta Materials in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.