Martin Marietta Materials Inc. (MLM) Shares Down 3.3%
Martin Marietta Materials Inc. (NYSE:MLM) dropped 3.3% on Wednesday . The company traded as low as $181.97 and last traded at $182.67, with a volume of 550,642 shares trading hands. The stock had previously closed at $188.83.
MLM has been the topic of a number of recent research reports. Stifel Nicolaus raised their price objective on Martin Marietta Materials from $181.00 to $193.00 and gave the company a “buy” rating in a research report on Monday, May 9th. Zacks Investment Research raised Martin Marietta Materials from a “hold” rating to a “strong-buy” rating and set a $210.00 price objective on the stock in a research report on Tuesday, May 10th. Jefferies Group reaffirmed a “hold” rating and set a $166.00 price objective on shares of Martin Marietta Materials in a research report on Tuesday, May 10th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $209.00 price objective (up previously from $191.00) on shares of Martin Marietta Materials in a research report on Wednesday, June 8th. Finally, Alembic Global Advisors started coverage on Martin Marietta Materials in a research report on Thursday, June 9th. They set an “overweight” rating and a $220.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $201.86.
The stock has a market capitalization of $11.61 billion and a PE ratio of 32.61. The stock has a 50-day moving average of $196.79 and a 200 day moving average of $177.42.
Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.90 EPS for the quarter, missing the Zacks’ consensus estimate of $2.02 by $0.12. The company earned $915.40 million during the quarter, compared to analyst estimates of $953.30 million. During the same period last year, the business earned $1.22 EPS. The business’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities analysts anticipate that Martin Marietta Materials Inc. will post $7.26 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be paid a $0.42 dividend. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $1.68 dividend on an annualized basis and a yield of 0.92%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.40.
In other Martin Marietta Materials news, Director David G. Maffucci sold 6,779 shares of Martin Marietta Materials stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $199.90, for a total value of $1,355,122.10. Following the completion of the transaction, the director now directly owns 20,326 shares in the company, valued at $4,063,167.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Roselyn R. Bar sold 5,830 shares of Martin Marietta Materials stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $199.98, for a total value of $1,165,883.40. Following the completion of the transaction, the executive vice president now owns 42,588 shares of the company’s stock, valued at $8,516,748.24. The disclosure for this sale can be found here.
A hedge fund recently bought a new stake in Martin Marietta Materials stock. Airain ltd bought a new position in shares of Martin Marietta Materials Inc. (NYSE:MLM) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 8,797 shares of the company’s stock, valued at approximately $1,201,000.
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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