Martin Marietta Materials (NYSE:MLM) Price Target Cut to $600.00 by Analysts at Citigroup

Martin Marietta Materials (NYSE:MLM) had its price objective decreased by Citigroup from $701.00 to $600.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the construction company’s stock. Citigroup’s price target would suggest a potential upside of 17.74% from the company’s previous close.

Other equities analysts also recently issued reports about the company. JPMorgan Chase & Co. upgraded Martin Marietta Materials from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $515.00 to $640.00 in a research report on Wednesday, November 27th. UBS Group began coverage on Martin Marietta Materials in a report on Thursday, November 7th. They issued a “buy” rating and a $730.00 price target on the stock. Barclays increased their price objective on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the company an “overweight” rating in a report on Tuesday, October 29th. Loop Capital lifted their price objective on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Morgan Stanley dropped their target price on shares of Martin Marietta Materials from $657.00 to $622.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $649.54.

Martin Marietta Materials Trading Down 1.5 %

Martin Marietta Materials stock opened at $509.61 on Monday. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43. Martin Marietta Materials has a 12-month low of $485.31 and a 12-month high of $633.23. The firm has a market capitalization of $31.15 billion, a price-to-earnings ratio of 15.88, a P/E/G ratio of 3.74 and a beta of 0.91. The firm has a 50 day moving average of $569.75 and a 200 day moving average of $552.12.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.41 by ($0.50). Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.94 billion. During the same period last year, the company earned $6.94 earnings per share. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. As a group, research analysts predict that Martin Marietta Materials will post 17.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC lifted its stake in shares of Martin Marietta Materials by 18.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 8,220 shares of the construction company’s stock valued at $4,914,000 after purchasing an additional 1,286 shares during the last quarter. Kovack Advisors Inc. bought a new stake in Martin Marietta Materials in the third quarter worth $734,000. Benjamin Edwards Inc. lifted its position in Martin Marietta Materials by 2,448.1% in the third quarter. Benjamin Edwards Inc. now owns 1,376 shares of the construction company’s stock worth $741,000 after buying an additional 1,322 shares during the last quarter. D.A. Davidson & CO. boosted its stake in Martin Marietta Materials by 8.5% during the third quarter. D.A. Davidson & CO. now owns 12,936 shares of the construction company’s stock worth $6,963,000 after buying an additional 1,014 shares during the period. Finally, National Bank of Canada FI increased its position in Martin Marietta Materials by 158.2% during the third quarter. National Bank of Canada FI now owns 43,952 shares of the construction company’s stock valued at $23,657,000 after acquiring an additional 26,929 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.