Martin Marietta Materials (NYSE:MLM) Price Target Raised to $620.00

Martin Marietta Materials (NYSE:MLM) had its price objective raised by Royal Bank Of Canada from $610.00 to $620.00 in a research report report published on Friday morning, MarketBeat.com reports. The firm currently has a sector perform rating on the construction company’s stock.

Other equities research analysts have also recently issued research reports about the stock. UBS Group lowered their price target on shares of Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Truist Financial boosted their price target on Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Weiss Ratings cut Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, August 17th. Raymond James Financial set a $660.00 price objective on Martin Marietta Materials in a research report on Friday, July 31st. Finally, Morgan Stanley reduced their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Ten research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Martin Marietta Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $665.88.

Martin Marietta Materials Stock Performance

Shares of Martin Marietta Materials stock opened at $531.11 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The stock’s fifty day moving average price is $562.81 and its 200-day moving average price is $590.46. The firm has a market cap of $31.90 billion, a P/E ratio of 13.05, a P/E/G ratio of 2.29 and a beta of 1.11. Martin Marietta Materials has a 12 month low of $522.19 and a 12 month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.43 earnings per share. On average, equities research analysts expect that Martin Marietta Materials will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s payout ratio is 8.16%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CoreCap Advisors LLC boosted its holdings in Martin Marietta Materials by 370.0% in the second quarter. CoreCap Advisors LLC now owns 47 shares of the construction company’s stock worth $27,000 after acquiring an additional 37 shares in the last quarter. Meeder Asset Management Inc. increased its holdings in shares of Martin Marietta Materials by 67.9% during the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock valued at $28,000 after acquiring an additional 19 shares in the last quarter. Garton & Associates Financial Advisors LLC purchased a new position in shares of Martin Marietta Materials in the 4th quarter valued at approximately $31,000. Reflection Asset Management purchased a new position in shares of Martin Marietta Materials in the 4th quarter valued at approximately $35,000. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Martin Marietta Materials in the 2nd quarter valued at approximately $37,000. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.