Martin Marietta Materials (NYSE:MLM) Price Target Lowered to $630.00 at Loop Capital

Martin Marietta Materials (NYSE:MLM) had its target price cut by Loop Capital from $710.00 to $630.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the construction company’s stock.

A number of other research firms have also weighed in on MLM. Stifel Nicolaus lowered their price objective on shares of Martin Marietta Materials from $650.00 to $630.00 and set a buy rating for the company in a research note on Wednesday. StockNews.com lowered shares of Martin Marietta Materials from a buy rating to a hold rating in a research note on Thursday, May 9th. Citigroup upped their price objective on shares of Martin Marietta Materials from $635.00 to $708.00 and gave the stock a buy rating in a research note on Friday, April 5th. Wolfe Research downgraded shares of Martin Marietta Materials from an outperform rating to a peer perform rating in a report on Friday, March 8th. Finally, Truist Financial boosted their target price on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the stock a buy rating in a report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $610.25.

Martin Marietta Materials Stock Down 0.3 %

Shares of MLM opened at $533.27 on Wednesday. The firm has a market capitalization of $32.87 billion, a P/E ratio of 15.80, a P/E/G ratio of 2.40 and a beta of 0.91. Martin Marietta Materials has a 12-month low of $389.90 and a 12-month high of $626.67. The company has a current ratio of 3.16, a quick ratio of 2.41 and a debt-to-equity ratio of 0.44. The firm has a fifty day moving average price of $570.77 and a 200-day moving average price of $557.62.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Tuesday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.05. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.31 billion. Martin Marietta Materials had a net margin of 31.35% and a return on equity of 14.74%. The business’s revenue was down 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.16 earnings per share. Equities research analysts expect that Martin Marietta Materials will post 23.1 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were issued a dividend of $0.74 per share. The ex-dividend date was Monday, June 3rd. This represents a $2.96 annualized dividend and a dividend yield of 0.56%. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 8.77%.

Hedge Funds Weigh In On Martin Marietta Materials

Several hedge funds have recently modified their holdings of MLM. AQR Capital Management LLC increased its holdings in shares of Martin Marietta Materials by 167.1% during the third quarter. AQR Capital Management LLC now owns 22,701 shares of the construction company’s stock valued at $9,319,000 after acquiring an additional 14,203 shares in the last quarter. Lido Advisors LLC acquired a new position in Martin Marietta Materials in the 3rd quarter worth approximately $230,000. JPMorgan Chase & Co. increased its holdings in Martin Marietta Materials by 9.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,042,537 shares of the construction company’s stock worth $838,421,000 after buying an additional 181,136 shares during the period. Sei Investments Co. increased its holdings in Martin Marietta Materials by 8.0% in the 3rd quarter. Sei Investments Co. now owns 146,581 shares of the construction company’s stock worth $60,165,000 after buying an additional 10,875 shares during the period. Finally, Royal London Asset Management Ltd. increased its holdings in Martin Marietta Materials by 5.2% in the 3rd quarter. Royal London Asset Management Ltd. now owns 11,550 shares of the construction company’s stock worth $4,741,000 after buying an additional 571 shares during the period. Institutional investors and hedge funds own 95.04% of the company’s stock.

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.