Martin Marietta Materials (NYSE:MLM) Price Target Cut to $630.00

Martin Marietta Materials (NYSE:MLM) had its price target cut by Stifel Nicolaus from $650.00 to $630.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 18.13% from the stock’s previous close.

MLM has been the topic of several other reports. Wolfe Research downgraded Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a report on Friday, March 8th. Citigroup increased their target price 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. JPMorgan Chase & Co. reissued a “neutral” rating and set a $600.00 target price (up from $530.00) on shares of Martin Marietta Materials in a research note on Friday, March 22nd. StockNews.com downgraded shares of Martin Marietta Materials from a “buy” rating to a “hold” rating in a research note on Thursday, May 9th. Finally, Truist Financial boosted their price objective on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the company a “buy” rating in a research report on Tuesday, April 2nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average target price of $610.25.

Martin Marietta Materials Stock Down 0.3 %

Shares of MLM opened at $533.32 on Wednesday. The company has a quick ratio of 2.41, a current ratio of 3.16 and a debt-to-equity ratio of 0.44. The business has a fifty day moving average of $569.49 and a 200 day moving average of $557.45. The company has a market cap of $32.87 billion, a PE ratio of 15.80, a P/E/G ratio of 2.37 and a beta of 0.91. Martin Marietta Materials has a 52-week low of $389.90 and a 52-week high of $626.67.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Tuesday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.88 by $0.05. Martin Marietta Materials had a net margin of 31.35% and a return on equity of 14.74%. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter last year, the business earned $2.16 EPS. The business’s revenue was down 7.6% on a year-over-year basis. On average, sell-side analysts expect that Martin Marietta Materials will post 23.1 EPS for the current year.

Hedge Funds Weigh In On Martin Marietta Materials

Large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in shares of Martin Marietta Materials by 167.1% during the 3rd quarter. AQR Capital Management LLC now owns 22,701 shares of the construction company’s stock worth $9,319,000 after acquiring an additional 14,203 shares in the last quarter. Lido Advisors LLC purchased a new stake in shares of Martin Marietta Materials during the 3rd quarter valued at $230,000. JPMorgan Chase & Co. lifted its holdings in shares of Martin Marietta Materials by 9.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,042,537 shares of the construction company’s stock valued at $838,421,000 after purchasing an additional 181,136 shares during the last quarter. Sei Investments Co. boosted its position in shares of Martin Marietta Materials by 8.0% in the 3rd quarter. Sei Investments Co. now owns 146,581 shares of the construction company’s stock worth $60,165,000 after purchasing an additional 10,875 shares in the last quarter. Finally, Royal London Asset Management Ltd. increased its position in Martin Marietta Materials by 5.2% during the 3rd quarter. Royal London Asset Management Ltd. now owns 11,550 shares of the construction company’s stock valued at $4,741,000 after buying an additional 571 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

About Martin Marietta Materials

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.