FY2023 EPS Estimates for Martin Marietta Materials, Inc. Raised by Zacks Research (NYSE:MLM)

Martin Marietta Materials, Inc. (NYSE:MLM) – Analysts at Zacks Research raised their FY2023 earnings estimates for shares of Martin Marietta Materials in a report issued on Monday, August 28th. Zacks Research analyst A. Gupta now expects that the construction company will post earnings per share of $17.25 for the year, up from their previous estimate of $17.22. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $17.37 per share. Zacks Research also issued estimates for Martin Marietta Materials’ Q4 2023 earnings at $3.89 EPS, Q2 2024 earnings at $5.85 EPS, Q3 2024 earnings at $6.38 EPS, Q4 2024 earnings at $5.29 EPS, FY2024 earnings at $19.38 EPS and FY2025 earnings at $19.18 EPS.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, July 27th. The construction company reported $5.60 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.77. Martin Marietta Materials had a net margin of 14.68% and a return on equity of 13.42%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same quarter last year, the firm posted $3.96 EPS. The business’s revenue for the quarter was up 10.9% on a year-over-year basis.

Other equities analysts have also issued research reports about the stock. Raymond James raised their price objective on shares of Martin Marietta Materials from $416.00 to $484.00 in a research report on Friday, July 28th. JPMorgan Chase & Co. raised their target price on shares of Martin Marietta Materials from $470.00 to $490.00 and gave the stock a “neutral” rating in a report on Thursday, August 24th. Truist Financial raised their target price on shares of Martin Marietta Materials from $446.00 to $550.00 and gave the stock a “buy” rating in a report on Friday, July 28th. Citigroup raised their target price on shares of Martin Marietta Materials from $460.00 to $527.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Finally, Jefferies Financial Group raised their target price on shares of Martin Marietta Materials from $460.00 to $530.00 and gave the stock a “buy” rating in a report on Thursday, July 13th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Martin Marietta Materials has an average rating of “Moderate Buy” and an average price target of $471.43.

Martin Marietta Materials Stock Performance

NYSE:MLM opened at $445.85 on Tuesday. Martin Marietta Materials has a twelve month low of $298.32 and a twelve month high of $463.41. The company has a current ratio of 2.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.59. The company has a 50-day moving average of $449.59 and a 200-day moving average of $399.99. The firm has a market cap of $27.63 billion, a price-to-earnings ratio of 29.26, a price-to-earnings-growth ratio of 1.32 and a beta of 0.90.

Institutional Investors Weigh In On Martin Marietta Materials

Several hedge funds and other institutional investors have recently modified their holdings of MLM. CIBC Private Wealth Group LLC grew its stake in shares of Martin Marietta Materials by 107.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 2,262,083 shares of the construction company’s stock worth $764,516,000 after acquiring an additional 1,170,464 shares during the last quarter. Norges Bank acquired a new stake in shares of Martin Marietta Materials in the fourth quarter worth $197,591,000. Fred Alger Management LLC acquired a new stake in shares of Martin Marietta Materials in the first quarter worth $184,478,000. Amundi grew its stake in shares of Martin Marietta Materials by 25.0% in the fourth quarter. Amundi now owns 1,436,140 shares of the construction company’s stock worth $509,753,000 after acquiring an additional 287,139 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Martin Marietta Materials by 51.6% in the fourth quarter. Morgan Stanley now owns 737,821 shares of the construction company’s stock worth $249,362,000 after acquiring an additional 251,047 shares during the last quarter. Institutional investors and hedge funds own 93.22% of the company’s stock.

Insider Activity at Martin Marietta Materials

In related news, VP Craig M. Latorre sold 1,934 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $431.68, for a total transaction of $834,869.12. Following the transaction, the vice president now owns 9,731 shares of the company’s stock, valued at $4,200,678.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Craig M. Latorre sold 1,934 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $431.68, for a total transaction of $834,869.12. Following the transaction, the vice president now owns 9,731 shares of the company’s stock, valued at $4,200,678.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Craig M. Latorre sold 500 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $447.09, for a total transaction of $223,545.00. Following the transaction, the vice president now directly owns 11,665 shares in the company, valued at approximately $5,215,304.85. The disclosure for this sale can be found here. Insiders own 0.59% of the company’s stock.

Martin Marietta Materials Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 1st will be issued a dividend of $0.74 per share. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.66. This represents a $2.96 annualized dividend and a dividend yield of 0.66%. The ex-dividend date is Thursday, August 31st. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 17.32%.

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.