Martin Marietta Materials (NYSE:MLM) Reaches New 1-Year Low – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Raymond James Financial set a $660.00 price target on shares of Martin Marietta Materials in a research note on Friday, July 31st. Wells Fargo & Company dropped their price objective on shares of Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. JPMorgan Chase & Co. cut their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set a “neutral” rating on the stock in a research note on Friday, July 31st. Berenberg Bank set a $556.00 target price on shares of Martin Marietta Materials and gave the stock a “hold” rating in a report on Tuesday, June 2nd. Finally, Royal Bank Of Canada decreased their price target on shares of Martin Marietta Materials from $615.00 to $610.00 and set a “sector perform” rating for the company in a research report on Monday, August 3rd. Eleven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and a consensus target price of $668.53.

Martin Marietta Materials Stock Down 2.6%

The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. The company has a market cap of $31.50 billion, a price-to-earnings ratio of 12.88, a price-to-earnings-growth ratio of 2.37 and a beta of 1.11. The business has a 50-day simple moving average of $572.58 and a 200-day simple moving average of $599.05.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the business posted $5.43 EPS. The business’s quarterly revenue was up 21.0% compared to the same quarter last year. On average, equities analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be given a $0.84 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s payout ratio is currently 8.26%.

Institutional Investors Weigh In On Martin Marietta Materials

Hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC increased its position in Martin Marietta Materials by 6.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company’s stock worth $379,000 after purchasing an additional 49 shares during the period. Empowered Funds LLC grew its stake in shares of Martin Marietta Materials by 11.4% during the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company’s stock worth $673,000 after purchasing an additional 144 shares during the period. Sivia Capital Partners LLC grew its stake in shares of Martin Marietta Materials by 11.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company’s stock worth $280,000 after purchasing an additional 51 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of Martin Marietta Materials by 205.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company’s stock valued at $143,000 after purchasing an additional 175 shares in the last quarter. Finally, Cresset Asset Management LLC lifted its stake in shares of Martin Marietta Materials by 22.6% in the second quarter. Cresset Asset Management LLC now owns 777 shares of the construction company’s stock valued at $427,000 after purchasing an additional 143 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

About Martin Marietta Materials

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.