Martin Marietta Materials (NYSE:MLM) Hits New 12-Month Low – Here’s Why

Martin Marietta Materials, Inc. (NYSE:MLM) shares hit a new 52-week low on Wednesday . The company traded as low as $502.36 and last traded at $503.20, with a volume of 912665 shares trading hands. The stock had previously closed at $511.98.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wells Fargo & Company raised shares of Martin Marietta Materials from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $581.00 to $609.00 in a research note on Wednesday. Weiss Ratings downgraded shares of Martin Marietta Materials from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, September 3rd. Citigroup cut their target price on shares of Martin Marietta Materials from $737.00 to $690.00 and set a “buy” rating for the company in a research report on Monday, August 3rd. Stephens reduced their target price 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. Finally, Raymond James Financial set a $660.00 price target on Martin Marietta Materials in a research note on Friday, July 31st. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $667.53.

Martin Marietta Materials Trading Down 1.7%

The stock has a market capitalization of $30.23 billion, a P/E ratio of 12.36, a price-to-earnings-growth ratio of 2.22 and a beta of 1.10. The stock’s fifty day moving average price is $550.13 and its two-hundred day moving average price is $582.57. 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 issued its earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. The company had revenue of $1.95 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The firm’s revenue was up 21.0% compared to the same quarter last year. During the same quarter last year, the company earned $5.43 EPS. Equities research analysts forecast that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a $0.84 dividend. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.7%. Martin Marietta Materials’s dividend payout ratio is presently 8.26%.

Hedge Funds Weigh In On Martin Marietta Materials

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Edge Capital LLC purchased a new position in Martin Marietta Materials in the 2nd quarter worth approximately $452,000. Sequoia Financial Advisors LLC boosted its stake in shares of Martin Marietta Materials by 19.0% during the second quarter. Sequoia Financial Advisors LLC now owns 12,292 shares of the construction company’s stock valued at $7,089,000 after purchasing an additional 1,966 shares during the period. National Pension Service grew its holdings in shares of Martin Marietta Materials by 6.4% in the second quarter. National Pension Service now owns 95,221 shares of the construction company’s stock worth $54,914,000 after purchasing an additional 5,739 shares during the last quarter. SailingStone Capital Partners LLC grew its holdings in shares of Martin Marietta Materials by 203.8% in the second quarter. SailingStone Capital Partners LLC now owns 23,147 shares of the construction company’s stock worth $13,349,000 after purchasing an additional 15,527 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in shares of Martin Marietta Materials in the second quarter worth $284,000. 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.