Martin Marietta Materials Inc. (MLM) Downgraded to “Neutral” at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. lowered shares of Martin Marietta Materials Inc. (NYSE:MLM) from a buy rating to a neutral rating in a research note published on Tuesday. They currently have $202.00 price target on the stock, down from their prior price target of $210.00.
Other research analysts have also issued reports about the company. Zacks Investment Research raised Martin Marietta Materials from a hold rating to a buy rating and set a $201.00 target price on the stock in a research report on Tuesday, June 28th. Bank of America Corp. reaffirmed a buy rating on shares of Martin Marietta Materials in a research report on Friday, June 17th. DA Davidson upped their target price on Martin Marietta Materials from $190.00 to $210.00 and gave the stock a buy rating in a research report on Wednesday, August 3rd. Finally, Jefferies Group reaffirmed a hold rating on shares of Martin Marietta Materials in a research report on Monday, August 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $203.00.
Martin Marietta Materials (NYSE:MLM) traded up 0.02% during midday trading on Tuesday, reaching $169.22. The company’s stock had a trading volume of 239,768 shares. Martin Marietta Materials has a 52 week low of $108.31 and a 52 week high of $206.36. The stock has a 50 day moving average of $180.77 and a 200 day moving average of $183.50. The firm has a market capitalization of $10.73 billion, a PE ratio of 30.15 and a beta of 1.36.
Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.02 by $0.12. The business had revenue of $915.40 million for the quarter, compared to analyst estimates of $953.30 million. Martin Marietta Materials had a net margin of 9.96% and a return on equity of 9.36%. The firm’s quarterly revenue was up 7.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.22 earnings per share. On average, equities research analysts predict that Martin Marietta Materials will post $7.14 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 1st were paid a dividend of $0.42 per share. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Tuesday, August 30th. This represents a $1.68 annualized dividend and a yield of 0.99%. Martin Marietta Materials’s dividend payout ratio is presently 30.05%.
In related news, Director David G. Maffucci sold 6,779 shares of the stock in a transaction that occurred on 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 sale, the director now owns 20,326 shares in the company, valued at approximately $4,063,167.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Roselyn R. Bar sold 5,830 shares of the stock in a transaction that occurred on 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 sale, 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. Corporate insiders own 1.06% of the company’s stock.
A number of hedge funds have recently made changes to their positions in MLM. Northwestern Mutual Wealth Management Co. increased its stake in shares of 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 in the last quarter. Checchi Capital Advisers LLC increased its stake in shares of 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 in the last quarter. BlueMountain Capital Management LLC increased its stake in shares of 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 in the last quarter. Bessemer Group Inc. purchased a new stake in shares of Martin Marietta Materials during the second quarter worth approximately $134,000. Finally, Carroll Financial Associates Inc. increased its stake in shares of Martin Marietta Materials by 1.4% in the third quarter. Carroll Financial Associates Inc. now owns 750 shares of the company’s stock worth $134,000 after buying an additional 10 shares in the last quarter. Hedge funds and other institutional investors own 97.18% of the company’s stock.
About Martin Marietta Materials
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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