Zacks Investment Research Lowers Martin Marietta Materials Inc. (MLM) to Sell
Martin Marietta Materials Inc. (NYSE:MLM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Robust pricing gains, its stable cost structure, synergies from the Texas Industries acquisition and higher infrastructure volumes bode well for growth at Martin Marietta, However, after strong first quarter results, Martin Marietta delivered lower than expected results in the second quarter – missing the Zacks Consensus Estimate for both earnings and sales. The company’s volumes in the quarter, chiefly Cement and Aggregates, were hurt by bad weather and project delays in key markets particularly Texas, North Carolina and Colorado. Though the company looks convinced to deliver solid results in the second half of the year, we await better visibility. The softening pricing trends in the Cement segment concerns us.”
Other research analysts have also issued reports about the stock. DA Davidson raised their price objective on shares of Martin Marietta Materials from $190.00 to $210.00 and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Alembic Global Advisors initiated coverage on shares of Martin Marietta Materials in a research note on Thursday, June 9th. They issued an “overweight” rating and a $220.00 price objective on the stock. Jefferies Group reissued a “hold” rating on shares of Martin Marietta Materials in a research report on Monday, August 1st. Bank of America Corp. reissued a “buy” rating on shares of Martin Marietta Materials in a research report on Friday, June 17th. Finally, Goldman Sachs Group Inc. reissued a “buy” rating and set a $209.00 price target (up from $191.00) on shares of Martin Marietta Materials in a research report on Wednesday, June 8th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $204.17.
Martin Marietta Materials (NYSE:MLM) traded down 0.57% during mid-day trading on Tuesday, reaching $175.90. 480,975 shares of the company’s stock were exchanged. The stock has a market cap of $11.16 billion, a price-to-earnings ratio of 31.34 and a beta of 1.36. The company has a 50-day moving average of $184.52 and a 200-day moving average of $182.91. Martin Marietta Materials has a 52-week low of $108.31 and a 52-week high of $206.36.
Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.02 by $0.12. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The business earned $915.40 million during the quarter, compared to the consensus estimate of $953.30 million. During the same period last year, the business posted $1.22 earnings per share. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts anticipate that Martin Marietta Materials will post $7.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 1st were given a dividend of $0.42 per share. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date was Tuesday, August 30th. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 30.05%.
In related news, EVP Roselyn R. Bar sold 5,830 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the completion of the sale, the executive vice president now owns 42,588 shares in the company, valued at $8,516,748.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David G. Maffucci sold 6,779 shares of the firm’s stock in a transaction dated Thursday, August 11th. The stock was sold at an average price of $199.90, for a total transaction of $1,355,122.10. Following the sale, the director now owns 20,326 shares of the company’s stock, valued at approximately $4,063,167.40. The disclosure for this sale can be found here. Corporate insiders own 1.06% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its stake in Martin Marietta Materials by 1.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 530 shares of the company’s stock worth $101,000 after buying an additional 5 shares during the period. Checchi Capital Advisers LLC increased its stake in Martin Marietta Materials by 5.9% in the second quarter. Checchi Capital Advisers LLC now owns 686 shares of the company’s stock worth $132,000 after buying an additional 38 shares during the period. BlueMountain Capital Management LLC increased its stake in Martin Marietta Materials by 1,196.3% in the second quarter. BlueMountain Capital Management LLC now owns 700 shares of the company’s stock worth $134,000 after buying an additional 646 shares during the period. Bessemer Group Inc. bought a new stake in Martin Marietta Materials during the second quarter worth about $134,000. Finally, Mizuho Asset Management Co. Ltd. increased its stake in Martin Marietta Materials by 133.8% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 809 shares of the company’s stock worth $155,000 after buying an additional 463 shares during the period. Institutional investors and hedge funds own 97.18% of the company’s stock.
Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand and gravel) for the construction industry, used for the construction of infrastructure, non-residential, and residential projects. The Company operates through three businesses: Aggregates Business, Cement Business and Magnesia Specialties Business.
Receive News & Stock Ratings for Martin Marietta Materials Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Martin Marietta Materials Inc. and related stocks with our FREE daily email newsletter.