Martin Marietta Materials, Inc. (NYSE:MLM) Stock Has Average Target Price of $644.71

Shares of Martin Marietta Materials, Inc. (NYSE:MLM) have been assigned a consensus recommendation of “Moderate Buy” from the twenty analysts that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $642.65.

A number of equities research analysts have recently issued reports on MLM shares. UBS Group dropped their price objective on Martin Marietta Materials from $715.00 to $662.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. Morgan Stanley cut their price objective on Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Truist Financial decreased their target price on shares of Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Raymond James Financial lowered their target price on shares of Martin Marietta Materials from $660.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Weiss Ratings downgraded shares of Martin Marietta Materials from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 3rd.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in Martin Marietta Materials in the 2nd quarter valued at $2,706,134,000. Bank of America Corp DE bought a new stake in shares of Martin Marietta Materials during the 2nd quarter valued at $1,411,047,000. Bank of New York Mellon Corp acquired a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $199,321,000. Legal & General Group Plc acquired a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $143,897,000. Finally, Deutsche Bank AG acquired a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $130,292,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Martin Marietta Materials Stock Performance

MLM opened at $508.10 on Wednesday. Martin Marietta Materials has a 52-week low of $464.92 and a 52-week high of $710.97. The firm has a market capitalization of $30.52 billion, a PE ratio of 29.95, a PEG ratio of 2.35 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. The business’s 50-day simple moving average is $505.33 and its 200 day simple moving average is $555.80.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, beating the consensus estimate of $4.76 by $0.24. The firm had revenue of $1.95 billion during the quarter, compared to analysts’ expectations 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 in the prior year, the firm posted $5.43 earnings per share. As a group, sell-side analysts expect that Martin Marietta Materials will post 18.04 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were paid a $0.84 dividend. 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 0.7%. The ex-dividend date was Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio is 8.26%.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a supplier of construction materials serving the infrastructure, commercial, residential and industrial markets. The company’s primary business is aggregates, including crushed stone, sand and gravel used in roads, bridges, buildings and other construction projects.

Martin Marietta also produces cement, ready-mixed concrete and asphalt products, and provides paving and related construction services in selected markets. Through its Magnesia Specialties business, the company manufactures magnesium-based and dolomitic lime products used in industrial, environmental and agricultural applications.

Headquartered in Raleigh, North Carolina, Martin Marietta Materials became an independent publicly traded company in 1993 following a spin-off from Martin Marietta Corporation.