Martin Marietta Materials (NYSE:MLM) Releases Earnings Results, Misses Estimates By $0.50 EPS

Martin Marietta Materials (NYSE:MLM) released its quarterly earnings data on Wednesday. The construction company reported $5.91 EPS for the quarter, missing the consensus estimate of $6.41 by ($0.50), Briefing.com reports. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.94 billion. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $6.94 EPS. Martin Marietta Materials updated its FY 2024 guidance to EPS.

Martin Marietta Materials Stock Down 2.1 %

Shares of NYSE MLM traded down $12.20 on Friday, reaching $580.14. 496,750 shares of the company’s stock traded hands, compared to its average volume of 444,803. The business’s 50 day simple moving average is $541.37 and its two-hundred day simple moving average is $556.24. Martin Marietta Materials has a 12 month low of $438.53 and a 12 month high of $626.67. The company has a market cap of $35.46 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 5.11 and a beta of 0.91. The company has a quick ratio of 0.94, a current ratio of 2.34 and a debt-to-equity ratio of 0.43.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend was Tuesday, September 3rd. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.74. Martin Marietta Materials’s dividend payout ratio is 9.85%.

Analysts Set New Price Targets

A number of equities analysts have commented on MLM shares. StockNews.com cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Wednesday, September 25th. Jefferies Financial Group lowered their price target on shares of Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating for the company in a report on Wednesday, October 9th. Loop Capital raised their price target on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the stock a “buy” rating in a report on Thursday. Barclays increased their target price on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Citigroup lowered their price target on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $626.92.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.