Martin Marietta Materials Inc. (MLM) Shares Down 2.1%
Martin Marietta Materials Inc. (NYSE:MLM)’s share price traded down 2.1% on Thursday . The stock traded as low as $191.16 and last traded at $191.42, with a volume of 261,782 shares changing hands. The stock had previously closed at $195.45.
Several equities analysts recently weighed in on the stock. DA Davidson raised their target price on shares of Martin Marietta Materials from $190.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Zacks Investment Research downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Alembic Global Advisors began coverage on Martin Marietta Materials in a report on Thursday, June 9th. They set an “overweight” rating and a $220.00 price target for the company. Jefferies Group reaffirmed a “hold” rating and set a $166.00 price target on shares of Martin Marietta Materials in a report on Tuesday, May 10th. Finally, Bank of America Corp. reaffirmed a “buy” rating on shares of Martin Marietta Materials in a report on Friday, June 17th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $201.86.
The firm has a 50 day moving average price of $197.59 and a 200-day moving average price of $175.87. The stock has a market capitalization of $11.94 billion and a P/E ratio of 33.54.
Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Tuesday, August 2nd. The company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by $0.12. The firm earned $915.40 million during the quarter, compared to the consensus estimate of $953.30 million. During the same quarter last year, the firm earned $1.22 earnings per share. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. On average, analysts forecast that Martin Marietta Materials Inc. will post $7.26 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.89%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Tuesday, August 30th.
In other news, Director David G. Maffucci sold 6,779 shares of the company’s stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $199.90, for a total transaction of $1,355,122.10. Following the transaction, the director now directly owns 20,326 shares of the company’s stock, valued at $4,063,167.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen P. Zelnak, Jr. sold 17,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 1st. The stock was sold at an average price of $187.75, for a total value of $3,191,750.00. Following the transaction, the director now directly owns 19,689 shares in the company, valued at $3,696,609.75. The disclosure for this sale can be found here.
Other institutional investors have recently modified their holdings of the company. Airain ltd purchased a new position in shares of Martin Marietta Materials during the fourth quarter worth $1,201,000. Utah Retirement Systems increased its stake in shares of Martin Marietta Materials by 0.8% in the fourth quarter. Utah Retirement Systems now owns 12,150 shares of the company’s stock valued at $1,659,000 after buying an additional 100 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Martin Marietta Materials by 28.7% in the fourth quarter. Wells Fargo & Company MN now owns 105,627 shares of the company’s stock valued at $14,426,000 after buying an additional 23,572 shares during the period.
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand and gravel) for the construction industry, used for the construction of infrastructure, non-residential, and residential projects. The Company operates through three businesses: Aggregates Business, Cement Business and Magnesia Specialties Business.
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