Martin Marietta Materials (NYSE:MLM) Given New $650.00 Price Target at JPMorgan Chase & Co.

Martin Marietta Materials (NYSE:MLM) had its target price lowered by JPMorgan Chase & Co. from $680.00 to $650.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 37.26% from the company’s current price.

MLM has been the subject of several other research reports. Citigroup decreased their target price on Martin Marietta Materials from $690.00 to $610.00 and set a “buy” rating for the company in a research report on Friday, October 2nd. Wells Fargo & Company dropped their target price on Martin Marietta Materials from $585.00 to $579.00 and set an “overweight” rating on the stock in a report on Monday, October 5th. Truist Financial reduced their price target on 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. Wall Street Zen downgraded shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Tuesday, July 28th. Finally, Royal Bank Of Canada lowered their price objective on shares of Martin Marietta Materials from $620.00 to $530.00 and set a “sector perform” rating for the company in a research report on Friday. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Martin Marietta Materials has an average rating of “Moderate Buy” and a consensus price target of $644.71.

Martin Marietta Materials Stock Down 0.8%

Shares of NYSE:MLM traded down $3.64 during midday trading on Tuesday, hitting $473.54. 422,089 shares of the company’s stock traded hands, compared to its average volume of 591,269. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. The company has a market cap of $28.45 billion, a PE ratio of 11.63, a P/E/G ratio of 2.27 and a beta of 1.08. The firm’s fifty day moving average price is $512.41 and its two-hundred day moving average price is $559.73. Martin Marietta Materials has a twelve month low of $470.19 and a twelve month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%. The firm had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the firm earned $5.43 EPS. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. On average, equities research analysts anticipate that Martin Marietta Materials will post 17.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MLM. Sax Wealth Advisors LLC purchased a new position in Martin Marietta Materials in the third quarter valued at about $220,000. NorthCrest Asset Manangement LLC grew its stake in Martin Marietta Materials by 0.7% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 22,831 shares of the construction company’s stock valued at $10,995,000 after purchasing an additional 156 shares in the last quarter. GK Wealth Management LLC purchased a new stake in Martin Marietta Materials during the 3rd quarter worth approximately $32,000. Wedmont Private Capital increased its holdings in Martin Marietta Materials by 92.9% during the 3rd quarter. Wedmont Private Capital now owns 1,458 shares of the construction company’s stock worth $702,000 after purchasing an additional 702 shares during the last quarter. Finally, Douglas Lane & Associates LLC raised its position in shares of Martin Marietta Materials by 27.7% in the 3rd quarter. Douglas Lane & Associates LLC now owns 55,793 shares of the construction company’s stock valued at $26,770,000 after purchasing an additional 12,089 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company’s principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.