Martin Marietta Materials (NYSE:MLM) Upgraded by DA Davidson to “Hold” Rating

DA Davidson upgraded shares of Martin Marietta Materials (NYSE:MLM) to a hold rating in a research report sent to investors on Monday morning,Zacks.com reports.

Several other brokerages also recently commented on MLM. Wolfe Research set a $648.00 price target on Martin Marietta Materials in a report on Tuesday, August 4th. Truist Financial raised their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a research note on Monday, May 4th. UBS Group cut their target price on shares of Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. JPMorgan Chase & Co. lowered their price target on Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Finally, Stephens dropped their price objective on Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating on the stock in a research note on Friday, July 31st. Ten investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $665.29.

Martin Marietta Materials Stock Down 0.1%

MLM stock opened at $532.58 on Monday. The firm has a market cap of $31.99 billion, a PE ratio of 13.09, a PEG ratio of 2.30 and a beta of 1.11. Martin Marietta Materials has a 1 year low of $522.19 and a 1 year high of $710.97. The company has a fifty day simple moving average of $567.14 and a 200 day simple moving average of $593.72. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44.

Martin Marietta Materials (NYSE:MLM) last posted its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, beating the consensus estimate of $4.76 by $0.24. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The business’s revenue was up 21.0% compared to the same quarter last year. During the same period last year, the company earned $5.43 earnings per share. Sell-side analysts anticipate that Martin Marietta Materials will post 19.07 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a yield of 0.6%. The ex-dividend date is Tuesday, September 1st. Martin Marietta Materials’s dividend payout ratio is presently 8.16%.

Institutional Trading of Martin Marietta Materials

A number of institutional investors and hedge funds have recently modified their holdings of the company. CoreCap Advisors LLC increased its holdings in Martin Marietta Materials by 370.0% in the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company’s stock valued at $27,000 after buying an additional 37 shares during the period. Meeder Asset Management Inc. grew its stake in shares of Martin Marietta Materials by 67.9% in the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company’s stock valued at $28,000 after purchasing an additional 19 shares during the period. Garton & Associates Financial Advisors LLC bought a new stake in shares of Martin Marietta Materials in the 4th quarter valued at approximately $31,000. Reflection Asset Management acquired a new position in shares of Martin Marietta Materials in the 4th quarter worth approximately $35,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Martin Marietta Materials in the 2nd quarter worth approximately $37,000. 95.04% of the stock is currently owned by 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.