DA Davidson Analysts Lower Earnings Estimates for Martin Marietta Materials Inc. (MLM)
Martin Marietta Materials Inc. (NYSE:MLM) – Research analysts at DA Davidson dropped their FY2016 earnings estimates for shares of Martin Marietta Materials in a research report issued on Thursday. DA Davidson analyst B. Thielman now anticipates that the brokerage will post earnings of $7.27 per share for the year, down from their previous estimate of $7.50. DA Davidson currently has a “Hold” rating and a $210.00 target price on the stock.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.90 EPS 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 firm had revenue of $915.40 million for the quarter, compared to the consensus estimate of $953.30 million. During the same period in the previous year, the company posted $1.22 earnings per share. Martin Marietta Materials’s quarterly revenue was up 7.7% on a year-over-year basis.
Other equities analysts have also issued research reports about the company. Zacks Investment Research upgraded Martin Marietta Materials from a “hold” rating to a “buy” rating and set a $201.00 target price for the company in a research note on Tuesday, June 28th. Bank of America Corp. restated a “buy” rating on shares of Martin Marietta Materials in a research note on Friday, June 17th. Finally, Jefferies Group restated a “hold” rating on shares of Martin Marietta Materials in a research note on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $204.17.
Martin Marietta Materials (NYSE:MLM) opened at 171.25 on Monday. Martin Marietta Materials has a 52 week low of $108.31 and a 52 week high of $206.36. The company’s 50-day moving average price is $181.51 and its 200-day moving average price is $183.60. The company has a market capitalization of $10.86 billion, a price-to-earnings ratio of 30.51 and a beta of 1.36.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 1st were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 0.98%. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 30.05%.
In other Martin Marietta Materials news, Director David G. Maffucci sold 6,779 shares of Martin Marietta Materials 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 completion of the transaction, the director now owns 20,326 shares in the company, valued at approximately $4,063,167.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Roselyn R. Bar sold 5,830 shares of Martin Marietta Materials stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $199.98, for a total value of $1,165,883.40. Following the transaction, the executive vice president now owns 42,588 shares of the company’s stock, valued at approximately $8,516,748.24. The disclosure for this sale can be found here. Company insiders own 1.06% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. First American Bank raised its position in Martin Marietta Materials by 0.5% in the third quarter. First American Bank now owns 10,655 shares of the company’s stock worth $1,908,000 after buying an additional 50 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Martin Marietta Materials during the second quarter worth $492,000. Kentucky Retirement Systems bought a new position in Martin Marietta Materials during the second quarter worth $1,037,000. Mason Street Advisors LLC bought a new position in Martin Marietta Materials during the second quarter worth $1,643,000. Finally, Northwestern Mutual Wealth Management Co. raised its position 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 last quarter. 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.
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