Martin Marietta Materials (NYSE:MLM) Reaches New 52-Week Low – Here’s Why

Martin Marietta Materials, Inc. (NYSE:MLM)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $522.25 and last traded at $522.9960, with a volume of 276449 shares. The stock had previously closed at $538.66.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MLM. Truist Financial lifted their price objective on Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a report on Monday, May 4th. Morgan Stanley reduced their target price on Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. UBS Group decreased their price target on Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Wall Street Zen downgraded Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, July 28th. Finally, Oppenheimer initiated coverage on shares of Martin Marietta Materials in a report on Thursday, May 28th. They issued a “market perform” rating on the stock. Ten analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $668.53.

Martin Marietta Materials Stock Performance

The company’s 50-day simple moving average is $571.26 and its 200-day simple moving average is $597.35. The stock has a market capitalization of $32.18 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 2.26 and a beta of 1.11. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the company earned $5.43 earnings per share. The firm’s revenue was up 21.0% compared to the same quarter last year. On average, analysts expect that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be issued a $0.84 dividend. The ex-dividend date is Tuesday, September 1st. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 0.6%. Martin Marietta Materials’s dividend payout ratio is presently 8.16%.

Institutional Investors Weigh In On Martin Marietta Materials

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Martin Marietta Materials in the second quarter valued at approximately $2,706,134,000. Victory Capital Management Inc. increased its position in shares of Martin Marietta Materials by 51.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock worth $1,524,853,000 after acquiring an additional 836,120 shares in the last quarter. Bank of America Corp DE bought a new position in Martin Marietta Materials in the 2nd quarter valued at about $1,411,047,000. Geode Capital Management LLC increased its holdings in Martin Marietta Materials by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after purchasing an additional 10,743 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Martin Marietta Materials by 5.3% in the fourth quarter. Morgan Stanley now owns 1,367,016 shares of the construction company’s stock valued at $851,188,000 after purchasing an additional 68,382 shares in the last quarter. 95.04% of the stock is owned by 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.