Martin Marietta Materials (NYSE:MLM) Shares Gap Down on Disappointing Earnings

Martin Marietta Materials, Inc. (NYSE:MLM)’s stock price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $708.11, but opened at $679.80. Martin Marietta Materials shares last traded at $676.9220, with a volume of 242,717 shares traded.

The construction company reported $4.62 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($0.19). The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. Martin Marietta Materials had a net margin of 17.34% and a return on equity of 11.68%. Martin Marietta Materials’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.79 EPS.

Martin Marietta Materials Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st were given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, December 1st. Martin Marietta Materials’s dividend payout ratio is currently 17.50%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on MLM shares. B. Riley Financial initiated coverage on shares of Martin Marietta Materials in a research report on Thursday, January 15th. They set a “neutral” rating and a $700.00 target price on the stock. Wall Street Zen cut Martin Marietta Materials from a “hold” rating to a “strong sell” rating in a research report on Saturday, November 8th. Loop Capital downgraded Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 price objective on the stock. in a report on Wednesday, January 28th. DA Davidson restated a “neutral” rating and issued a $690.00 target price on shares of Martin Marietta Materials in a research note on Wednesday, January 14th. Finally, Morgan Stanley upped their price objective on shares of Martin Marietta Materials from $660.00 to $690.00 and gave the stock an “overweight” rating in a research note on Monday, December 22nd. Ten research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Martin Marietta Materials currently has an average rating of “Moderate Buy” and a consensus price target of $676.63.

Institutional Investors Weigh In On Martin Marietta Materials

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLM. Optima Capital LLC acquired a new stake in shares of Martin Marietta Materials in the fourth quarter valued at approximately $25,000. Quent Capital LLC bought a new position in Martin Marietta Materials in the 3rd quarter valued at $26,000. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Martin Marietta Materials in the 3rd quarter valued at $27,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Martin Marietta Materials in the 2nd quarter valued at $28,000. Finally, Redmont Wealth Advisors LLC bought a new stake in shares of Martin Marietta Materials during the third quarter worth $32,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Trading Down 4.2%

The company has a quick ratio of 2.07, a current ratio of 2.97 and a debt-to-equity ratio of 0.54. The company has a market cap of $40.89 billion, a P/E ratio of 35.89 and a beta of 1.16. The business has a 50-day moving average price of $643.76 and a two-hundred day moving average price of $624.46.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.