Martin Marietta Materials (NYSE:MLM) Sets New 12-Month High – Here’s What Happened

Martin Marietta Materials, Inc. (NYSE:MLM)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $627.93 and last traded at $619.28, with a volume of 99243 shares traded. The stock had previously closed at $582.52.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Jefferies Financial Group decreased their price target on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Morgan Stanley raised their target price on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Truist Financial cut their price target on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Barclays raised their price objective on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 29th. Finally, UBS Group initiated coverage on shares of Martin Marietta Materials in a research note on Thursday. They set a “buy” rating and a $730.00 target price on the stock. One analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Martin Marietta Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $634.85.

Martin Marietta Materials Price Performance

The company has a market cap of $37.87 billion, a P/E ratio of 19.23, a P/E/G ratio of 3.86 and a beta of 0.90. The stock has a 50-day simple moving average of $547.35 and a 200 day simple moving average of $556.58. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing the consensus estimate of $6.41 by ($0.50). The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.94 billion. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The firm’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period last year, the business earned $6.94 earnings per share. On average, equities analysts expect that Martin Marietta Materials, Inc. will post 17.95 EPS for the current year.

Martin Marietta Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be paid a $0.79 dividend. The ex-dividend date is Monday, December 2nd. This represents a $3.16 dividend on an annualized basis and a yield of 0.51%. Martin Marietta Materials’s payout ratio is currently 9.85%.

Institutional Investors Weigh In On Martin Marietta Materials

A number of institutional investors have recently added to or reduced their stakes in MLM. Ameritas Advisory Services LLC boosted its stake in Martin Marietta Materials by 2.8% in the 2nd quarter. Ameritas Advisory Services LLC now owns 664 shares of the construction company’s stock valued at $360,000 after buying an additional 18 shares in the last quarter. Inspire Investing LLC boosted its stake in shares of Martin Marietta Materials by 0.9% in the 3rd quarter. Inspire Investing LLC now owns 2,126 shares of the construction company’s stock valued at $1,144,000 after purchasing an additional 19 shares in the last quarter. Mather Group LLC. grew its holdings in shares of Martin Marietta Materials by 13.6% in the 2nd quarter. Mather Group LLC. now owns 167 shares of the construction company’s stock worth $90,000 after purchasing an additional 20 shares during the last quarter. TFG Advisers LLC increased its position in shares of Martin Marietta Materials by 3.7% during the 2nd quarter. TFG Advisers LLC now owns 555 shares of the construction company’s stock worth $300,000 after purchasing an additional 20 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co lifted its holdings in Martin Marietta Materials by 3.0% during the 2nd quarter. Meiji Yasuda Life Insurance Co now owns 680 shares of the construction company’s stock valued at $368,000 after purchasing an additional 20 shares during the last quarter. 95.04% of the stock is owned by institutional investors and hedge funds.

Martin Marietta Materials Company Profile

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.