Seaport Res Ptn Has Bearish Forecast for MLM Q3 Earnings

Martin Marietta Materials, Inc. (NYSE:MLM) – Equities research analysts at Seaport Res Ptn reduced their Q3 2024 earnings estimates for Martin Marietta Materials in a research note issued on Monday, October 28th. Seaport Res Ptn analyst R. Seth now expects that the construction company will earn $6.07 per share for the quarter, down from their previous estimate of $7.48. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $19.07 per share. Seaport Res Ptn also issued estimates for Martin Marietta Materials’ Q4 2024 earnings at $4.93 EPS, Q1 2025 earnings at $2.31 EPS, Q2 2025 earnings at $5.91 EPS, Q3 2025 earnings at $7.48 EPS, FY2025 earnings at $20.99 EPS and FY2026 earnings at $24.14 EPS.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing the consensus estimate of $6.41 by ($0.50). The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.94 billion. Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The business’s revenue was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $6.94 earnings per share.

Several other equities research analysts also recently weighed in on MLM. BNP Paribas raised Martin Marietta Materials to a “strong-buy” rating in a research report on Thursday, September 19th. Truist Financial reduced their target price on 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. Barclays upped their price target on Martin Marietta Materials from $595.00 to $645.00 and gave the company an “overweight” rating in a research report on Tuesday. JPMorgan Chase & Co. dropped their target price on shares of Martin Marietta Materials from $560.00 to $515.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, StockNews.com lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and an average target price of $626.92.

Martin Marietta Materials Trading Down 2.1 %

NYSE MLM opened at $592.34 on Wednesday. The firm has a market capitalization of $36.20 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 4.62 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 one year low of $404.93 and a one year high of $626.67. The company’s 50 day moving average price is $539.92 and its 200 day moving average price is $556.12.

Institutional Investors Weigh In On Martin Marietta Materials

Several hedge funds have recently made changes to their positions in MLM. Principal Financial Group Inc. boosted its stake in Martin Marietta Materials by 76.2% during the third quarter. Principal Financial Group Inc. now owns 1,628,701 shares of the construction company’s stock worth $876,648,000 after buying an additional 704,460 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Martin Marietta Materials by 114.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 980,699 shares of the construction company’s stock valued at $602,092,000 after purchasing an additional 523,038 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Martin Marietta Materials by 2.1% during the second quarter. Dimensional Fund Advisors LP now owns 623,681 shares of the construction company’s stock worth $337,903,000 after buying an additional 12,759 shares during the last quarter. Bank of New York Mellon Corp grew its position in Martin Marietta Materials by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 465,703 shares of the construction company’s stock worth $252,318,000 after acquiring an additional 11,749 shares during the last quarter. Finally, William Blair Investment Management LLC increased its stake in shares of Martin Marietta Materials by 1.0% in the second quarter. William Blair Investment Management LLC now owns 374,811 shares of the construction company’s stock valued at $203,073,000 after buying an additional 3,598 shares in the last quarter. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 0.53%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. The ex-dividend date of this dividend was Tuesday, September 3rd. Martin Marietta Materials’s dividend payout ratio is currently 9.60%.

Martin Marietta Materials Company Profile

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.