Barclays Cuts Martin Marietta Materials (NYSE:MLM) Price Target to $640.00

Martin Marietta Materials (NYSE:MLM) had its price target trimmed by Barclays from $675.00 to $640.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an overweight rating on the construction company’s stock.

MLM has been the topic of several other research reports. Morgan Stanley reduced their price target on shares of Martin Marietta Materials from $706.00 to $702.00 and set an “overweight” rating on the stock in a research report on Monday, March 9th. Truist Financial set a $710.00 target price on Martin Marietta Materials in a research note on Thursday, February 12th. B. Riley Financial started coverage on Martin Marietta Materials in a research report on Thursday, January 15th. They issued a “neutral” rating and a $700.00 target price on the stock. Weiss Ratings lowered Martin Marietta Materials from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 23rd. Finally, Wells Fargo & Company lowered their price target on Martin Marietta Materials from $631.00 to $612.00 and set an “equal weight” rating for the company in a report on Thursday, February 12th. Nine equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $694.69.

Martin Marietta Materials Stock Down 0.2%

NYSE MLM opened at $597.49 on Tuesday. The business’s fifty day simple moving average is $635.55 and its 200-day simple moving average is $628.82. The company has a quick ratio of 2.36, a current ratio of 3.57 and a debt-to-equity ratio of 0.53. The firm has a market cap of $36.03 billion, a PE ratio of 31.78, a P/E/G ratio of 2.35 and a beta of 1.19. Martin Marietta Materials has a 52 week low of $441.95 and a 52 week high of $710.97.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Wednesday, February 11th. The construction company reported $4.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($0.19). Martin Marietta Materials had a net margin of 17.38% and a return on equity of 10.86%. The firm had revenue of $1.53 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the company posted $4.79 EPS. The company’s revenue for the quarter was up 9.3% compared to the same quarter last year. As a group, equities analysts anticipate that Martin Marietta Materials will post 19.53 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd were given a $0.83 dividend. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $3.32 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials’s payout ratio is presently 17.66%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Lido Advisors LLC boosted its holdings in Martin Marietta Materials by 0.8% during the 4th quarter. Lido Advisors LLC now owns 1,920 shares of the construction company’s stock valued at $1,209,000 after acquiring an additional 15 shares during the period. Schear Investment Advisers LLC increased its stake in Martin Marietta Materials by 0.6% during the third quarter. Schear Investment Advisers LLC now owns 2,731 shares of the construction company’s stock worth $1,721,000 after purchasing an additional 16 shares during the period. Ashton Thomas Private Wealth LLC lifted its position in shares of Martin Marietta Materials by 3.9% during the fourth quarter. Ashton Thomas Private Wealth LLC now owns 424 shares of the construction company’s stock worth $264,000 after purchasing an additional 16 shares in the last quarter. Harbour Investments Inc. lifted its position in shares of Martin Marietta Materials by 31.4% during the fourth quarter. Harbour Investments Inc. now owns 67 shares of the construction company’s stock worth $42,000 after purchasing an additional 16 shares in the last quarter. Finally, Daymark Wealth Partners LLC boosted its stake in shares of Martin Marietta Materials by 3.9% in the third quarter. Daymark Wealth Partners LLC now owns 448 shares of the construction company’s stock valued at $283,000 after purchasing an additional 17 shares during the period. 95.04% of the stock is currently owned by hedge funds and other 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.