Martin Marietta Materials, Inc. (MLM) Given “Buy” Rating at Citigroup Inc.
Citigroup Inc. restated their buy rating on shares of Martin Marietta Materials, Inc. (NYSE:MLM) in a report issued on Monday. The brokerage currently has a $260.00 target price on the construction company’s stock, down from their prior target price of $270.00.
MLM has been the topic of several other reports. BidaskClub upgraded shares of Martin Marietta Materials from a sell rating to a hold rating in a research report on Thursday, June 15th. Zacks Investment Research upgraded shares of Martin Marietta Materials from a sell rating to a hold rating in a research report on Monday, September 4th. Finally, Jefferies Group LLC set a $166.00 target price on shares of Martin Marietta Materials and gave the stock a hold rating in a research report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $244.20.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Tuesday, August 1st. The construction company reported $2.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.38 by ($0.13). The firm had revenue of $996.30 million during the quarter, compared to analyst estimates of $1.01 billion. Martin Marietta Materials had a net margin of 11.19% and a return on equity of 10.69%. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.90 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Tuesday, September 5th were given a dividend of $0.44 per share. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.42. This represents a $1.76 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Thursday, August 31st. Martin Marietta Materials’s payout ratio is presently 25.29%.
In other Martin Marietta Materials news, Director John J. Koraleski acquired 500 shares of the firm’s stock in a transaction that occurred on Friday, August 18th. The shares were acquired at an average cost of $198.37 per share, for a total transaction of $99,185.00. Following the transaction, the director now directly owns 1,439 shares of the company’s stock, valued at $285,454.43. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 8.45% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Sun Life Financial INC boosted its position in shares of Martin Marietta Materials by 6,442.9% in the 2nd quarter. Sun Life Financial INC now owns 458 shares of the construction company’s stock worth $102,000 after buying an additional 451 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its position in shares of Martin Marietta Materials by 130.9% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 538 shares of the construction company’s stock worth $120,000 after buying an additional 305 shares in the last quarter. Dupont Capital Management Corp purchased a new stake in shares of Martin Marietta Materials in the 2nd quarter worth about $128,000. Northwest Investment Counselors LLC purchased a new stake in shares of Martin Marietta Materials in the 2nd quarter worth about $134,000. Finally, FNY Partners Fund LP purchased a new stake in shares of Martin Marietta Materials in the 1st quarter worth about $174,000. Institutional investors and hedge funds own 95.78% of the company’s stock.
About Martin Marietta Materials
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand, and gravel) used for the construction of infrastructure, nonresidential, and residential projects. Aggregates products are also used for railroad ballast and in agricultural, utility and environmental applications.
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