Martin Marietta Materials (NYSE:MLM) Given New $664.00 Price Target at Morgan Stanley

Martin Marietta Materials (NYSE:MLM) had its price target reduced by Morgan Stanley from $702.00 to $664.00 in a report published on Monday,Benzinga reports. Morgan Stanley currently has an overweight rating on the construction company’s stock.

A number of other research firms have also recently commented on MLM. DA Davidson set a $680.00 price objective on Martin Marietta Materials in a research report on Thursday, February 12th. Truist Financial set a $710.00 price objective on Martin Marietta Materials in a research report on Thursday, February 12th. Royal Bank Of Canada restated a “sector perform” rating and issued a $630.00 price objective on shares of Martin Marietta Materials in a research report on Thursday, February 26th. Barclays cut their price objective on Martin Marietta Materials from $675.00 to $640.00 and set an “overweight” rating for the company in a research report on Tuesday, March 31st. Finally, Loop Capital cut Martin Marietta Materials from a “buy” rating to a “hold” rating and set a $690.00 price objective for the company. in a research report on Wednesday, January 28th. Nine analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Martin Marietta Materials presently has a consensus rating of “Hold” and a consensus target price of $692.31.

Martin Marietta Materials Stock Up 0.2%

Shares of MLM stock opened at $598.09 on Monday. The stock has a 50 day moving average of $633.44 and a 200 day moving average of $628.83. The company has a current ratio of 3.57, a quick ratio of 2.36 and a debt-to-equity ratio of 0.53. The stock has a market cap of $36.07 billion, a P/E ratio of 31.81, a P/E/G ratio of 2.34 and a beta of 1.19. Martin Marietta Materials has a twelve month low of $441.95 and a twelve month high of $710.97.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Wednesday, February 11th. The construction company reported $4.62 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($0.19). The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Martin Marietta Materials had a net margin of 17.38% and a return on equity of 10.86%. The firm’s revenue was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.79 earnings per share. As a group, sell-side analysts expect that Martin Marietta Materials will post 19.53 EPS for the current year.

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials’s payout ratio is 17.66%.

Hedge Funds Weigh In On Martin Marietta Materials

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp raised its holdings in shares of Martin Marietta Materials by 321.8% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 3,817 shares of the construction company’s stock valued at $2,406,000 after buying an additional 2,912 shares during the period. National Pension Service increased its holdings in Martin Marietta Materials by 1.0% during the 3rd quarter. National Pension Service now owns 84,820 shares of the construction company’s stock worth $53,460,000 after purchasing an additional 843 shares during the period. HB Wealth Management LLC increased its holdings in Martin Marietta Materials by 78.5% during the 3rd quarter. HB Wealth Management LLC now owns 8,008 shares of the construction company’s stock worth $5,048,000 after purchasing an additional 3,522 shares during the period. Caprock Group LLC purchased a new stake in Martin Marietta Materials during the 3rd quarter worth about $1,605,000. Finally, Fenimore Asset Management Inc increased its holdings in Martin Marietta Materials by 0.9% during the 3rd quarter. Fenimore Asset Management Inc now owns 89,657 shares of the construction company’s stock worth $56,509,000 after purchasing an additional 807 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.