Martin Marietta Materials (NYSE:MLM) Announces Earnings Results

Martin Marietta Materials (NYSE:MLM) issued its earnings results on Tuesday. The construction company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.05, Briefing.com reports. Martin Marietta Materials had a return on equity of 15.77% and a net margin of 17.25%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the previous year, the firm earned $2.16 EPS. Martin Marietta Materials’s revenue was down 7.6% on a year-over-year basis. Martin Marietta Materials updated its FY 2024 guidance to EPS.

Martin Marietta Materials Stock Performance

Shares of NYSE:MLM traded down $3.67 during mid-day trading on Wednesday, reaching $583.40. 208,998 shares of the company traded hands, compared to its average volume of 411,447. The company’s 50 day moving average price is $595.70 and its 200-day moving average price is $519.51. The firm has a market cap of $36.01 billion, a PE ratio of 30.89, a PEG ratio of 2.91 and a beta of 0.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.35 and a quick ratio of 2.50. Martin Marietta Materials has a 52 week low of $361.33 and a 52 week high of $626.67.

Martin Marietta Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Monday, March 4th were paid a dividend of $0.74 per share. The ex-dividend date was Friday, March 1st. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.51%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 15.72%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MLM. HSBC raised Martin Marietta Materials from a “reduce” rating to a “hold” rating and boosted their target price for the stock from $376.00 to $543.00 in a research report on Thursday, February 22nd. Stephens upped their price target on shares of Martin Marietta Materials from $575.00 to $605.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Stifel Nicolaus upped their price target on shares of Martin Marietta Materials from $621.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, April 15th. The Goldman Sachs Group upped their price target on shares of Martin Marietta Materials from $642.00 to $737.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $600.00 price target (up previously from $530.00) on shares of Martin Marietta Materials in a research report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $588.69.

Insiders Place Their Bets

In other Martin Marietta Materials news, EVP Roselyn R. Bar sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $603.29, for a total value of $6,032,900.00. Following the completion of the transaction, the executive vice president now directly owns 59,970 shares in the company, valued at approximately $36,179,301.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Martin Marietta Materials news, EVP Roselyn R. Bar sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $603.29, for a total value of $6,032,900.00. Following the completion of the transaction, the executive vice president now directly owns 59,970 shares in the company, valued at approximately $36,179,301.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO C Howard Nye sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total value of $9,063,900.00. Following the completion of the transaction, the chief executive officer now owns 134,640 shares of the company’s stock, valued at $81,357,566.40. The disclosure for this sale can be found here. Insiders sold 26,724 shares of company stock worth $16,033,760 in the last three months. 0.59% of the stock is owned by company insiders.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.