Martin Marietta Materials, Inc. (NYSE:MLM) Declares $0.61 Quarterly Dividend

Martin Marietta Materials, Inc. (NYSE:MLMGet Rating) declared a quarterly dividend on Thursday, May 12th, RTT News reports. Shareholders of record on Wednesday, June 1st will be given a dividend of 0.61 per share by the construction company on Thursday, June 30th. This represents a $2.44 dividend on an annualized basis and a yield of 0.74%.

Martin Marietta Materials has raised its dividend payment by an average of 8.7% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Martin Marietta Materials has a payout ratio of 14.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Martin Marietta Materials to earn $17.09 per share next year, which means the company should continue to be able to cover its $2.44 annual dividend with an expected future payout ratio of 14.3%.

Shares of NYSE:MLM opened at $327.57 on Friday. The firm’s 50 day moving average price is $369.16 and its 200 day moving average price is $393.40. The stock has a market cap of $20.43 billion, a price-to-earnings ratio of 31.14, a price-to-earnings-growth ratio of 1.31 and a beta of 0.79. Martin Marietta Materials has a fifty-two week low of $316.73 and a fifty-two week high of $446.46. The company has a quick ratio of 1.69, a current ratio of 2.79 and a debt-to-equity ratio of 0.79.

Martin Marietta Materials (NYSE:MLMGet Rating) last announced its quarterly earnings results on Tuesday, May 3rd. The construction company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.83 by ($0.44). The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Martin Marietta Materials had a net margin of 11.63% and a return on equity of 11.42%. The business’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 earnings per share. On average, equities analysts anticipate that Martin Marietta Materials will post 13.42 EPS for the current year.

Hedge funds have recently bought and sold shares of the stock. Marshall Wace LLP acquired a new stake in shares of Martin Marietta Materials during the 4th quarter valued at approximately $32,000. KB Financial Partners LLC acquired a new stake in shares of Martin Marietta Materials during the 4th quarter valued at approximately $40,000. Fairfield Bush & CO. acquired a new stake in shares of Martin Marietta Materials during the 1st quarter valued at approximately $46,000. NEXT Financial Group Inc grew its stake in Martin Marietta Materials by 15.0% during the 4th quarter. NEXT Financial Group Inc now owns 230 shares of the construction company’s stock worth $101,000 after buying an additional 30 shares during the last quarter. Finally, Zullo Investment Group Inc. bought a new position in Martin Marietta Materials during the 4th quarter worth $154,000. 93.49% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have commented on the company. Morgan Stanley reduced their target price on Martin Marietta Materials from $470.00 to $441.00 and set an “overweight” rating for the company in a report on Monday, April 18th. TheStreet downgraded Martin Marietta Materials from a “b” rating to a “c+” rating in a research note on Tuesday. StockNews.com cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Thursday. Zacks Investment Research upgraded Martin Marietta Materials from a “sell” rating to a “hold” rating and set a $396.00 price objective for the company in a research report on Thursday, May 5th. Finally, DA Davidson lowered their price target on Martin Marietta Materials from $465.00 to $450.00 in a report on Monday, February 14th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $439.00.

Martin Marietta Materials Company Profile (Get Rating)

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.

Further Reading

Dividend History for Martin Marietta Materials (NYSE:MLM)

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