Martin Marietta Materials (NYSE:MLM) Price Target Cut to $702.00 by Analysts at Morgan Stanley

Martin Marietta Materials (NYSE:MLM) had its target price reduced by Morgan Stanley from $706.00 to $702.00 in a report released on Monday,Benzinga reports. The firm currently has an “overweight” rating on the construction company’s stock. Morgan Stanley’s price objective indicates a potential upside of 18.20% from the company’s previous close.

MLM has been the subject of several other research reports. Truist Financial set a $710.00 price target on shares of Martin Marietta Materials in a research note on Thursday, February 12th. Jefferies Financial Group reiterated a “buy” rating and issued a $785.00 price objective on shares of Martin Marietta Materials in a research note on Thursday, February 26th. Stifel Nicolaus increased their price objective on Martin Marietta Materials from $637.00 to $681.00 and gave the company a “buy” rating in a report on Tuesday, November 11th. JPMorgan Chase & Co. boosted their target price on Martin Marietta Materials from $670.00 to $700.00 and gave the company a “neutral” rating in a research note on Tuesday, November 11th. Finally, Stephens dropped their price target on Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating on the stock in a research report on Friday, February 13th. Eight analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $696.88.

Martin Marietta Materials Stock Performance

Shares of NYSE MLM traded down $16.08 during mid-day trading on Monday, reaching $593.91. 53,075 shares of the company’s stock were exchanged, compared to its average volume of 505,194. The firm has a 50-day moving average price of $657.46 and a two-hundred day moving average price of $633.14. The company has a debt-to-equity ratio of 0.53, a current ratio of 3.57 and a quick ratio of 2.36. The firm has a market capitalization of $35.82 billion, a price-to-earnings ratio of 31.59, a price-to-earnings-growth ratio of 2.34 and a beta of 1.13. Martin Marietta Materials has a 52 week low of $441.95 and a 52 week high of $710.97.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Wednesday, February 11th. The construction company reported $4.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.19). The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Martin Marietta Materials had a return on equity of 10.86% and a net margin of 17.38%.The business’s quarterly revenue was up 9.3% on a year-over-year basis. During the same quarter last year, the business posted $4.79 EPS. Analysts predict that Martin Marietta Materials will post 19.53 EPS for the current year.

Hedge Funds Weigh In On Martin Marietta Materials

Large investors have recently made changes to their positions in the business. Lido Advisors LLC grew its stake in shares of Martin Marietta Materials by 0.8% in the 4th quarter. Lido Advisors LLC now owns 1,920 shares of the construction company’s stock worth $1,209,000 after buying an additional 15 shares during the last quarter. Schear Investment Advisers LLC boosted its holdings in Martin Marietta Materials by 0.6% in the third quarter. Schear Investment Advisers LLC now owns 2,731 shares of the construction company’s stock worth $1,721,000 after acquiring an additional 16 shares in the last quarter. Ashton Thomas Private Wealth LLC boosted its holdings in Martin Marietta Materials by 3.9% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 424 shares of the construction company’s stock worth $264,000 after acquiring an additional 16 shares in the last quarter. Harbour Investments Inc. grew its stake in shares of Martin Marietta Materials by 31.4% in the fourth quarter. Harbour Investments Inc. now owns 67 shares of the construction company’s stock worth $42,000 after acquiring an additional 16 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Martin Marietta Materials by 10.4% in the second quarter. Parkside Financial Bank & Trust now owns 181 shares of the construction company’s stock worth $99,000 after acquiring an additional 17 shares during the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.