Zacks Research Has Bearish Forecast for MLM FY2024 Earnings

Martin Marietta Materials, Inc. (NYSE:MLM) – Investment analysts at Zacks Research dropped their FY2024 EPS estimates for shares of Martin Marietta Materials in a research note issued to investors on Wednesday, November 20th. Zacks Research analyst R. Department now expects that the construction company will earn $17.57 per share for the year, down from their previous estimate of $18.87. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $17.58 per share. Zacks Research also issued estimates for Martin Marietta Materials’ FY2025 earnings at $20.61 EPS and FY2026 earnings at $21.67 EPS.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share for the quarter, missing analysts’ consensus estimates of $6.41 by ($0.50). The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.94 billion. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $6.94 earnings per share.

MLM has been the topic of several other reports. Barclays boosted their price objective on Martin Marietta Materials from $595.00 to $645.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Morgan Stanley boosted their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a report on Monday, August 26th. Loop Capital increased their price objective on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Jefferies Financial Group lowered their target price on shares of Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Finally, BNP Paribas raised shares of Martin Marietta Materials to a “strong-buy” rating in a research note on Thursday, September 19th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $634.85.

Martin Marietta Materials Trading Down 1.2 %

Shares of Martin Marietta Materials stock opened at $596.93 on Monday. Martin Marietta Materials has a fifty-two week low of $456.83 and a fifty-two week high of $633.23. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34. The company has a market capitalization of $36.48 billion, a P/E ratio of 18.82, a P/E/G ratio of 4.05 and a beta of 0.90. The company has a fifty day moving average of $566.69 and a 200 day moving average of $556.18.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. lifted its stake in shares of Martin Marietta Materials by 411.1% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock valued at $25,000 after purchasing an additional 37 shares during the last quarter. Asset Dedication LLC lifted its position in Martin Marietta Materials by 1,300.0% in the third quarter. Asset Dedication LLC now owns 56 shares of the construction company’s stock worth $30,000 after buying an additional 52 shares during the last quarter. First Personal Financial Services purchased a new position in Martin Marietta Materials during the third quarter worth $33,000. Fortitude Family Office LLC boosted its stake in Martin Marietta Materials by 186.4% during the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock worth $34,000 after buying an additional 41 shares during the period. Finally, Pathway Financial Advisers LLC bought a new position in Martin Marietta Materials during the first quarter valued at $41,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 0.53%. The ex-dividend date is Monday, December 2nd. Martin Marietta Materials’s dividend payout ratio is 9.85%.

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.