Martin Marietta Materials (NYSE:MLM) Posts Earnings Results, Beats Expectations By $0.05 EPS

Martin Marietta Materials (NYSE:MLM) issued its quarterly earnings results on Tuesday. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.05, Briefing.com reports. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.31 billion. Martin Marietta Materials had a return on equity of 15.77% and a net margin of 17.25%. The business’s revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.16 earnings per share. Martin Marietta Materials updated its FY 2024 guidance to EPS.

Martin Marietta Materials Trading Down 0.6 %

Shares of NYSE MLM traded down $3.67 during mid-day trading on Wednesday, reaching $583.40. 208,998 shares of the company’s stock were exchanged, compared to its average volume of 411,447. The firm has a market capitalization of $36.01 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 2.91 and a beta of 0.96. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.50 and a current ratio of 3.35. Martin Marietta Materials has a 52-week low of $361.33 and a 52-week high of $626.67. The company’s 50-day moving average is $595.70 and its 200-day moving average is $519.51.

Martin Marietta Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 4th were issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Friday, March 1st. Martin Marietta Materials’s dividend payout ratio is presently 15.72%.

Insider Buying and Selling

In related news, CEO C Howard Nye sold 15,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total transaction of $9,063,900.00. Following the transaction, the chief executive officer now owns 134,640 shares of the company’s stock, valued at approximately $81,357,566.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO C Howard Nye sold 15,000 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total transaction of $9,063,900.00. Following the transaction, the chief executive officer now owns 134,640 shares of the company’s stock, valued at approximately $81,357,566.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Sue W. Cole sold 1,724 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $543.48, for a total value of $936,959.52. Following the transaction, the director now directly owns 19,793 shares in the company, valued at approximately $10,757,099.64. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,724 shares of company stock valued at $16,033,760. Corporate insiders own 0.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $600.00 price objective (up previously from $530.00) on shares of Martin Marietta Materials in a research note on Friday, March 22nd. Citigroup boosted their price objective on Martin Marietta Materials from $635.00 to $708.00 and gave the stock a “buy” rating in a research note on Friday, April 5th. Wolfe Research lowered Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 8th. Raymond James boosted their price objective on Martin Marietta Materials from $505.00 to $555.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Finally, The Goldman Sachs Group boosted their price objective on Martin Marietta Materials from $642.00 to $737.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $588.69.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.