Martin Marietta Materials (NYSE:MLM) Price Target Cut to $658.00

Martin Marietta Materials (NYSE:MLM) had its price target reduced by research analysts at Citigroup from $696.00 to $658.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price objective would indicate a potential upside of 18.79% from the company’s current price.

A number of other research analysts also recently commented on the stock. StockNews.com downgraded shares of Martin Marietta Materials from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. Stifel Nicolaus cut their target price 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, July 3rd. The Goldman Sachs Group raised their target price on shares of Martin Marietta Materials from $642.00 to $737.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. restated a “neutral” rating and set a $600.00 target price (up previously from $530.00) on shares of Martin Marietta Materials in a research note on Friday, March 22nd. Finally, Loop Capital cut their target price on shares of Martin Marietta Materials from $710.00 to $630.00 and set a “buy” rating for the company in a research note on Wednesday, July 3rd. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.08.

Martin Marietta Materials Stock Performance

Shares of MLM traded up $8.78 during midday trading on Thursday, reaching $553.90. The stock had a trading volume of 382,086 shares, compared to its average volume of 427,681. The firm has a 50 day simple moving average of $564.63 and a 200-day simple moving average of $559.12. Martin Marietta Materials has a one year low of $389.90 and a one year high of $626.67. The firm has a market cap of $34.14 billion, a PE ratio of 16.42, a P/E/G ratio of 2.36 and a beta of 0.91. The company has a current ratio of 3.16, a quick ratio of 2.41 and a debt-to-equity ratio of 0.44.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Tuesday, April 30th. The construction company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.88 by $0.05. Martin Marietta Materials had a net margin of 31.35% and a return on equity of 14.74%. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter last year, the firm posted $2.16 EPS. The company’s quarterly revenue was down 7.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Martin Marietta Materials will post 23.03 EPS for the current year.

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors have recently added to or reduced their stakes in MLM. Schear Investment Advisers LLC lifted its position in shares of Martin Marietta Materials by 1.2% during the fourth quarter. Schear Investment Advisers LLC now owns 1,647 shares of the construction company’s stock valued at $822,000 after purchasing an additional 20 shares in the last quarter. Mather Group LLC. lifted its position in shares of Martin Marietta Materials by 13.6% during the second quarter. Mather Group LLC. now owns 167 shares of the construction company’s stock valued at $90,000 after purchasing an additional 20 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Martin Marietta Materials by 1.8% during the fourth quarter. Parallel Advisors LLC now owns 1,170 shares of the construction company’s stock valued at $584,000 after purchasing an additional 21 shares in the last quarter. Pitcairn Co. lifted its position in shares of Martin Marietta Materials by 5.0% during the first quarter. Pitcairn Co. now owns 442 shares of the construction company’s stock valued at $271,000 after purchasing an additional 21 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings in Martin Marietta Materials by 5.0% during the fourth quarter. Global Retirement Partners LLC now owns 460 shares of the construction company’s stock worth $228,000 after buying an additional 22 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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.