According to Zacks, “Robust pricing gains, its stable cost structure, synergies from the Texas Industries acquisition and higher infrastructure volumes bode well for growth at Martin Marietta, However, after strong first quarter results, Martin Marietta delivered lower than expected results in the second quarter – missing the Zacks Consensus Estimate for both earnings and sales. The company’s volumes in the quarter, chiefly Cement and Aggregates, were hurt by bad weather and project delays in key markets particularly Texas, North Carolina and Colorado. Though the company looks convinced to deliver solid results in the second half of the year, we await better visibility. The softening pricing trends in the Cement segment concerns us.”
Other equities analysts also recently issued research reports about the stock. Goldman Sachs Group Inc. reissued a buy rating and set a $209.00 price objective (up previously from $191.00) on shares of Martin Marietta Materials in a research note on Wednesday, June 8th. Jefferies Group reissued a hold rating on shares of Martin Marietta Materials in a research note on Monday, August 1st. Bank of America Corp. reissued a buy rating on shares of Martin Marietta Materials in a research note on Friday, June 17th. Alembic Global Advisors assumed coverage on shares of Martin Marietta Materials in a research note on Thursday, June 9th. They set an overweight rating and a $220.00 price objective on the stock. Finally, DA Davidson upped their price objective on shares of Martin Marietta Materials from $190.00 to $210.00 and gave the company a buy rating in a research note on Wednesday, August 3rd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $204.17.
Shares of Martin Marietta Materials (NYSE:MLM) opened at 170.12 on Tuesday. Martin Marietta Materials has a 12-month low of $108.31 and a 12-month high of $206.36. The firm has a market cap of $10.79 billion, a P/E ratio of 30.31 and a beta of 1.36. The company has a 50-day moving average of $182.11 and a 200 day moving average of $183.06.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business earned $915.40 million during the quarter, compared to analysts’ expectations of $953.30 million. During the same period last year, the company earned $1.22 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. Equities research analysts anticipate that Martin Marietta Materials will post $7.14 earnings per share for the current fiscal year.
The business also recently declared 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 was Tuesday, August 30th. This represents a $1.68 dividend on an annualized basis and a yield of 0.99%. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.40. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 30.05%.
In other news, Director David G. Maffucci sold 6,779 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $199.90, for a total value of $1,355,122.10. Following the completion of the sale, the director now owns 20,326 shares of the company’s stock, valued at $4,063,167.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Roselyn R. Bar sold 5,830 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the completion of the sale, the executive vice president now directly 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.
Several large investors have recently added to or reduced their stakes in MLM. Vanguard Group Inc. raised its stake in Martin Marietta Materials by 1.5% in the second quarter. Vanguard Group Inc. now owns 5,793,679 shares of the company’s stock valued at $1,112,385,000 after buying an additional 84,814 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Martin Marietta Materials by 39.1% in the first quarter. JPMorgan Chase & Co. now owns 4,409,463 shares of the company’s stock valued at $703,352,000 after buying an additional 1,240,607 shares during the last quarter. State Street Corp raised its stake in Martin Marietta Materials by 0.7% in the second quarter. State Street Corp now owns 2,568,734 shares of the company’s stock valued at $493,188,000 after buying an additional 17,761 shares during the last quarter. FMR LLC raised its stake in Martin Marietta Materials by 16.7% in the second quarter. FMR LLC now owns 2,362,045 shares of the company’s stock valued at $453,512,000 after buying an additional 338,399 shares during the last quarter. Finally, Egerton Capital UK LLP raised its stake in Martin Marietta Materials by 53.4% in the second quarter. Egerton Capital UK LLP now owns 1,472,952 shares of the company’s stock valued at $282,807,000 after buying an additional 512,574 shares during the last quarter. 97.18% of the stock is owned by institutional investors.
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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