Martin Marietta Materials, Inc. (NYSE:MLM) Increases Dividend to $0.79 Per Share

Martin Marietta Materials, Inc. (NYSE:MLM) declared a quarterly dividend on Thursday, August 15th, NASDAQ reports. Stockholders of record on Tuesday, September 3rd will be paid a dividend of 0.79 per share by the construction company on Monday, September 30th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date of this dividend is Tuesday, September 3rd. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74.

Martin Marietta Materials has increased its dividend by an average of 7.7% per year over the last three years. Martin Marietta Materials has a dividend payout ratio of 14.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Martin Marietta Materials to earn $22.78 per share next year, which means the company should continue to be able to cover its $3.16 annual dividend with an expected future payout ratio of 13.9%.

Martin Marietta Materials Trading Up 1.9 %

NYSE:MLM opened at $534.16 on Monday. The stock has a market capitalization of $32.65 billion, a price-to-earnings ratio of 15.83, a PEG ratio of 3.57 and a beta of 0.91. Martin Marietta Materials has a 52 week low of $389.90 and a 52 week high of $626.67. The company has a quick ratio of 0.94, a current ratio of 1.86 and a debt-to-equity ratio of 0.45. The firm has a 50 day moving average of $545.93 and a 200 day moving average of $571.02.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Thursday, August 8th. The construction company reported $4.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.83 billion. Martin Marietta Materials had a return on equity of 13.85% and a net margin of 30.80%. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the company posted $5.60 earnings per share. As a group, sell-side analysts anticipate that Martin Marietta Materials will post 20.01 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on MLM shares. Truist Financial decreased their price target 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. Morgan Stanley lifted their target price on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Citigroup reduced their target price on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Jefferies Financial Group boosted their price target on Martin Marietta Materials from $660.00 to $665.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, StockNews.com cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $629.82.

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.