Zacks Research Weighs in on Martin Marietta Materials, Inc.’s Q3 2023 Earnings (NYSE:MLM)

Martin Marietta Materials, Inc. (NYSE:MLM) – Equities research analysts at Zacks Research issued their Q3 2023 earnings per share estimates for shares of Martin Marietta Materials in a research report issued to clients and investors on Tuesday, October 31st. Zacks Research analyst S. Singha forecasts that the construction company will earn $5.97 per share for the quarter. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $17.84 per share. Zacks Research also issued estimates for Martin Marietta Materials’ FY2023 earnings at $17.69 EPS, Q1 2025 earnings at $3.61 EPS, Q2 2025 earnings at $5.53 EPS and Q3 2025 earnings at $5.91 EPS.

A number of other equities analysts have also recently commented on the company. Barclays lifted their price target on Martin Marietta Materials from $430.00 to $490.00 and gave the stock an “overweight” rating in a report on Friday, July 28th. Jefferies Financial Group lifted their price target on shares of Martin Marietta Materials from $460.00 to $530.00 and gave the company a “buy” rating in a research report on Thursday, July 13th. Truist Financial lifted their price target on shares of Martin Marietta Materials from $446.00 to $550.00 and gave the company a “buy” rating in a research report on Friday, July 28th. Stephens lifted their price objective on shares of Martin Marietta Materials from $475.00 to $525.00 in a research note on Wednesday, July 26th. Finally, HSBC began coverage on shares of Martin Marietta Materials in a research note on Friday, September 15th. They set a “reduce” rating and a $376.00 target price on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $469.64.

Martin Marietta Materials Price Performance

Shares of NYSE MLM opened at $440.74 on Thursday. The stock has a market capitalization of $27.31 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 1.20 and a beta of 0.91. The business has a 50-day moving average of $425.14 and a 200-day moving average of $423.61. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.21 and a quick ratio of 1.55. Martin Marietta Materials has a fifty-two week low of $317.25 and a fifty-two week high of $463.41.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Wednesday, November 1st. The construction company reported $6.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.04 by $0.90. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $1.99 billion. Martin Marietta Materials had a return on equity of 13.42% and a net margin of 14.68%. The company’s revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.69 EPS.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 1st were issued a $0.74 dividend. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.66. The ex-dividend date was Thursday, August 31st. This represents a $2.96 annualized dividend and a yield of 0.67%. Martin Marietta Materials’s payout ratio is presently 19.42%.

Insider Activity

In related news, VP Craig M. Latorre sold 1,934 shares of the company’s stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $431.68, for a total value of $834,869.12. Following the sale, the vice president now owns 9,731 shares in the company, valued at approximately $4,200,678.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Dai ichi Life Insurance Company Ltd grew its position in shares of Martin Marietta Materials by 485.4% during the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 6,638 shares of the construction company’s stock valued at $2,725,000 after acquiring an additional 5,504 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its stake in Martin Marietta Materials by 17.3% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 1,539 shares of the construction company’s stock valued at $632,000 after buying an additional 227 shares in the last quarter. Duality Advisers LP purchased a new position in Martin Marietta Materials in the 3rd quarter valued at approximately $1,417,000. Hazlett Burt & Watson Inc. grew its stake in Martin Marietta Materials by 6.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,097 shares of the construction company’s stock valued at $449,000 after buying an additional 70 shares in the last quarter. Finally, Empirical Finance LLC grew its stake in Martin Marietta Materials by 11.6% in the 3rd quarter. Empirical Finance LLC now owns 2,167 shares of the construction company’s stock valued at $890,000 after buying an additional 225 shares in the last quarter. 93.22% of the stock is 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.