Martin Marietta Materials (NYSE:MLM) Given New $520.00 Price Target at Royal Bank Of Canada

Martin Marietta Materials (NYSE:MLM) had its price objective cut by Royal Bank Of Canada from $530.00 to $520.00 in a report published on Friday morning,Benzinga reports. They currently have a sector perform rating on the construction company’s stock.

MLM has been the subject of several other reports. Raymond James Financial reissued an “outperform” rating and issued a $620.00 price target on shares of Martin Marietta Materials in a research note on Friday. HSBC decreased their price objective on Martin Marietta Materials from $750.00 to $665.00 and set a “buy” rating on the stock in a report on Tuesday, September 8th. BNP Paribas Exane dropped their target price on Martin Marietta Materials from $590.00 to $565.00 and set a “neutral” rating for the company in a report on Wednesday, September 16th. Wolfe Research set a $648.00 price target on Martin Marietta Materials in a research report on Tuesday, August 4th. Finally, UBS Group reduced their price target on Martin Marietta Materials from $715.00 to $662.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Fifteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Martin Marietta Materials has an average rating of “Moderate Buy” and an average price target of $642.60.

Martin Marietta Materials Price Performance

NYSE:MLM traded down $10.47 during midday trading on Friday, hitting $517.36. The company had a trading volume of 1,003,719 shares, compared to its average volume of 849,023. The company has a market capitalization of $31.08 billion, a PE ratio of 13.69, a P/E/G ratio of 2.86 and a beta of 1.02. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. Martin Marietta Materials has a 52-week low of $464.92 and a 52-week high of $710.97. The stock’s fifty day moving average price is $503.01 and its 200-day moving average price is $573.42.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Wednesday, November 4th. The construction company reported $5.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.99 by ($0.52). The firm had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.24 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%. The company’s revenue for the quarter was up 28.3% on a year-over-year basis. During the same period last year, the firm earned $6.85 EPS. As a group, research analysts expect that Martin Marietta Materials will post 16.30 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a dividend of $0.84 per share. The ex-dividend date was Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a yield of 0.6%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 8.89%.

Institutional Investors Weigh In On Martin Marietta Materials

Several institutional investors and hedge funds have recently bought and sold shares of MLM. Aberdeen Group plc boosted its holdings in Martin Marietta Materials by 1,735.1% in the third quarter. Aberdeen Group plc now owns 448,545 shares of the construction company’s stock valued at $215,216,000 after acquiring an additional 424,103 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of Martin Marietta Materials by 11.4% in the 3rd quarter. Moors & Cabot Inc. now owns 1,009 shares of the construction company’s stock worth $484,000 after purchasing an additional 103 shares during the period. Allworth Financial LP lifted its position in shares of Martin Marietta Materials by 29.4% in the 3rd quarter. Allworth Financial LP now owns 1,852 shares of the construction company’s stock worth $889,000 after purchasing an additional 421 shares during the period. Magnolia Group LLC bought a new stake in shares of Martin Marietta Materials during the 3rd quarter valued at about $4,414,000. Finally, Maryland State Retirement & Pension System boosted its stake in shares of Martin Marietta Materials by 12.4% during the 3rd quarter. Maryland State Retirement & Pension System now owns 3,670 shares of the construction company’s stock valued at $1,761,000 after purchasing an additional 405 shares in the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a U.S.-based supplier of building materials used in construction and infrastructure projects. Its products include crushed stone, sand and gravel, cement, ready-mixed concrete and asphalt.

The company also produces specialty products through its magnesia-based business, including lime, chemicals and products used in industrial and environmental applications. Its construction materials operations serve markets across the United States.

Martin Marietta traces its roots to 1939 and has grown through acquisitions and expansion of its materials operations.