Wells Fargo & Company Lowers Martin Marietta Materials (NYSE:MLM) Price Target to $585.00

Martin Marietta Materials (NYSE:MLM) had its price objective reduced by research analysts at Wells Fargo & Company from $609.00 to $585.00 in a report released on Monday, MarketBeat.com reports. The firm presently has an “overweight” rating on the construction company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 17.20% from the stock’s previous close.

A number of other brokerages also recently issued reports on MLM. Stephens reduced their price objective on shares of Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Berenberg Bank set a $556.00 target price on shares of Martin Marietta Materials and gave the company a “hold” rating in a research note on Tuesday, June 2nd. DA Davidson assumed coverage on shares of Martin Marietta Materials in a research report on Monday, August 24th. They set a “neutral” rating and a $625.00 price target on the stock. UBS Group decreased their price target on shares of Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a research note on Monday, August 3rd. Finally, Wall Street Zen lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Tuesday, July 28th. Twelve investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $666.12.

Martin Marietta Materials Stock Down 0.1%

Shares of NYSE:MLM opened at $499.15 on Monday. The stock’s 50-day moving average is $533.39 and its 200 day moving average is $570.25. The company has a market cap of $29.98 billion, a PE ratio of 12.26, a P/E/G ratio of 2.20 and a beta of 1.10. 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 1 year low of $488.74 and a 1 year high of $710.97.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The business’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same period last year, the company earned $5.43 EPS. Sell-side analysts anticipate that Martin Marietta Materials will post 18.69 EPS for the current year.

Hedge Funds Weigh In On Martin Marietta Materials

Institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Martin Marietta Materials in the 2nd quarter worth approximately $2,706,134,000. Victory Capital Management Inc. boosted its holdings in Martin Marietta Materials by 51.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock worth $1,524,853,000 after acquiring an additional 836,120 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Martin Marietta Materials in the second quarter worth $1,411,047,000. Geode Capital Management LLC grew its stake in shares of Martin Marietta Materials by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after acquiring an additional 10,743 shares during the last quarter. Finally, King Luther Capital Management Corp increased its holdings in shares of Martin Marietta Materials by 0.7% during the fourth quarter. King Luther Capital Management Corp now owns 690,128 shares of the construction company’s stock valued at $429,715,000 after acquiring an additional 5,025 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

About Martin Marietta Materials

Martin Marietta Materials, Inc is a U.S.-based supplier of construction aggregates and other building materials. The company produces crushed stone, sand and gravel used in infrastructure, commercial, residential and industrial construction projects.

Its products and services also include cement, ready-mixed concrete, asphalt and paving materials. Martin Marietta serves customers involved in roads, bridges, airports, buildings and other essential infrastructure, with operations concentrated across several regions of the United States.

The company was established in 1993 as an independent, publicly traded materials business formed from the construction materials operations of Martin Marietta Corporation.