JPMorgan Chase & Co. Cuts Martin Marietta Materials (NYSE:MLM) Price Target to $515.00

Martin Marietta Materials (NYSE:MLM) had its price target reduced by JPMorgan Chase & Co. from $560.00 to $515.00 in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the construction company’s stock. JPMorgan Chase & Co.‘s price target points to a potential downside of 3.04% from the company’s current price.

A number of other research analysts have also weighed in on MLM. Stifel Nicolaus dropped their price objective on shares of Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating on the stock in a research note on Wednesday, July 3rd. Stephens lowered their target price on Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. StockNews.com lowered Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Wednesday, September 25th. Truist Financial reduced their target price on shares of Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, BNP Paribas upgraded shares of Martin Marietta Materials to a “strong-buy” rating in a research note on Thursday, September 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $622.09.

Martin Marietta Materials Trading Up 1.4 %

Shares of Martin Marietta Materials stock traded up $7.17 on Wednesday, reaching $531.16. 277,099 shares of the company’s stock were exchanged, compared to its average volume of 446,265. The firm’s 50-day moving average is $533.08 and its two-hundred day moving average is $560.63. The company has a market capitalization of $32.74 billion, a P/E ratio of 15.74, a price-to-earnings-growth ratio of 3.78 and a beta of 0.91. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.94 and a current ratio of 1.86. Martin Marietta Materials has a 52 week low of $389.90 and a 52 week high of $626.67.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share for the quarter, missing the consensus estimate of $5.36 by ($0.60). Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same period last year, the firm posted $5.60 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. Sell-side analysts predict that Martin Marietta Materials will post 19.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Chilton Investment Co. Inc. purchased a new stake in shares of Martin Marietta Materials during the 4th quarter valued at $983,000. Brevan Howard Capital Management LP increased its stake in Martin Marietta Materials by 49.7% in the fourth quarter. Brevan Howard Capital Management LP now owns 5,672 shares of the construction company’s stock valued at $2,830,000 after acquiring an additional 1,882 shares during the last quarter. Fullerton Fund Management Co Ltd. bought a new position in Martin Marietta Materials in the fourth quarter valued at $3,301,000. Taylor Financial Group Inc. purchased a new stake in Martin Marietta Materials during the fourth quarter valued at about $237,000. Finally, V Square Quantitative Management LLC lifted its stake in Martin Marietta Materials by 32.1% during the fourth quarter. V Square Quantitative Management LLC now owns 1,133 shares of the construction company’s stock worth $565,000 after purchasing an additional 275 shares during the last quarter. Hedge funds and other institutional investors 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.