Martin Marietta Materials Inc. (NYSE:MLM) – Analysts at DA Davidson cut their FY2016 earnings per share estimates for shares of Martin Marietta Materials in a note issued to investors on Thursday. DA Davidson analyst B. Thielman now anticipates that the firm will post earnings per share of $7.27 for the year, down from their prior estimate of $7.50. DA Davidson currently has a “Hold” rating and a $210.00 price objective on the stock.
A number of other equities research analysts have also commented on MLM. Zacks Investment Research lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Bank of America Corp. reissued a “buy” rating on shares of Martin Marietta Materials in a report on Friday, June 17th. Finally, Jefferies Group reissued a “hold” rating on shares of Martin Marietta Materials in a report on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. Martin Marietta Materials currently has an average rating of “Buy” and a consensus price target of $204.17.
Martin Marietta Materials (NYSE:MLM) opened at 171.25 on Monday. The stock has a market capitalization of $10.86 billion, a P/E ratio of 30.51 and a beta of 1.36. The company’s 50-day moving average is $181.51 and its 200-day moving average is $183.60. Martin Marietta Materials has a 12 month low of $108.31 and a 12 month high of $206.36.
Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $1.90 EPS for the quarter, missing the Zacks’ 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 company had revenue of $915.40 million for the quarter, compared to analysts’ expectations of $953.30 million. During the same period in the previous year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was up 7.7% on a year-over-year basis.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 1st were paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 0.98%. The ex-dividend date was Tuesday, August 30th. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.40. Martin Marietta Materials’s dividend payout ratio (DPR) is 30.05%.
In other news, Director David G. Maffucci sold 6,779 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 20,326 shares of the company’s stock, valued at approximately $4,063,167.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Roselyn R. Bar sold 5,830 shares of the firm’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $199.98, for a total transaction of $1,165,883.40. Following the completion of the transaction, the executive vice president now directly owns 42,588 shares in the company, valued at approximately $8,516,748.24. The disclosure for this sale can be found here. 1.06% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of MLM. Adage Capital Partners GP L.L.C. raised its position in shares of Martin Marietta Materials by 513.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 685,002 shares of the company’s stock valued at $131,520,000 after buying an additional 573,300 shares during the period. Egerton Capital UK LLP raised its position in shares of 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 period. FMR LLC raised its position in shares of 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 period. Capital Growth Management LP acquired a new position in shares of Martin Marietta Materials during the first quarter valued at about $53,436,000. Finally, Bank of New York Mellon Corp raised its position in shares of Martin Marietta Materials by 38.6% in the second quarter. Bank of New York Mellon Corp now owns 813,382 shares of the company’s stock valued at $156,170,000 after buying an additional 226,403 shares during the period. 97.18% of the stock is currently 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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