Martin Marietta Materials (NYSE:MLM) Price Target Cut to $615.00 by Analysts at B. Riley Financial

Martin Marietta Materials (NYSE:MLM) had its target price decreased by analysts at B. Riley Financial from $700.00 to $615.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. B. Riley Financial‘s price target would suggest a potential upside of 17.19% from the stock’s current price.

MLM has been the subject of a number of other reports. Wolfe Research set a $648.00 target price on shares of Martin Marietta Materials in a report on Tuesday, August 4th. Weiss Ratings cut shares of Martin Marietta Materials from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 3rd. Sanford C. Bernstein cut shares of Martin Marietta Materials to an “underweight” rating in a report on Wednesday, September 2nd. Truist Financial cut their price objective on shares of Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Finally, Stephens reduced their price objective on shares of Martin Marietta Materials from $680.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, October 2nd. Fifteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $638.35.

Martin Marietta Materials Stock Down 1.2%

Shares of NYSE:MLM traded down $6.16 on Tuesday, reaching $524.81. The company had a trading volume of 246,241 shares, compared to its average volume of 628,663. Martin Marietta Materials has a 52-week low of $464.92 and a 52-week high of $710.97. The firm’s 50 day simple moving average is $502.99 and its 200-day simple moving average is $572.87. The firm has a market capitalization of $31.53 billion, a PE ratio of 13.87, a PEG ratio of 2.89 and a beta of 1.02. The company has a current ratio of 1.63, a quick ratio of 0.73 and a debt-to-equity ratio of 0.69.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Wednesday, November 4th. The construction company reported $5.47 earnings per share for the quarter, missing analysts’ consensus estimates of $5.99 by ($0.52). Martin Marietta Materials had a return on equity of 7.96% and a net margin of 31.88%. The company had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the company earned $6.85 earnings per share. The company’s revenue for the quarter was up 28.3% compared to the same quarter last year. As a group, analysts expect that Martin Marietta Materials will post 16.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Martin Marietta Materials

Several institutional investors have recently added to or reduced their stakes in MLM. Bridges Investment Management Inc. increased its stake in Martin Marietta Materials by 115.8% during the third quarter. Bridges Investment Management Inc. now owns 1,696 shares of the construction company’s stock worth $814,000 after purchasing an additional 910 shares during the period. Edgestream Partners L.P. purchased a new position in shares of Martin Marietta Materials in the third quarter valued at approximately $599,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Martin Marietta Materials by 21.8% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 27,928 shares of the construction company’s stock valued at $13,400,000 after purchasing an additional 5,000 shares during the period. Intech Investment Management LLC grew its holdings in shares of Martin Marietta Materials by 1.8% in the third quarter. Intech Investment Management LLC now owns 2,084 shares of the construction company’s stock valued at $1,000,000 after purchasing an additional 36 shares in the last quarter. Finally, Bessemer Group Inc. grew its holdings in shares of Martin Marietta Materials by 19.3% in the third quarter. Bessemer Group Inc. now owns 6,058 shares of the construction company’s stock valued at $2,908,000 after purchasing an additional 980 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

About Martin Marietta Materials

Martin Marietta Materials, Inc. is a U.S.-based supplier of building materials used in construction and infrastructure projects. Its products include crushed stone, sand and gravel, cement, ready-mixed concrete and asphalt. The company also produces specialty products through its magnesia-based business, including lime, chemicals and products used in industrial and environmental applications. Its construction materials operations serve markets across the United States. Martin Marietta traces its roots to 1939 and has grown through acquisitions and expansion of its materials operations.