Martin Marietta Materials (NYSE:MLM) Hits New 12-Month Low – Here’s What Happened

Martin Marietta Materials, Inc. (NYSE:MLM) shares hit a new 52-week low on Tuesday . The stock traded as low as $525.38 and last traded at $537.3740, with a volume of 147875 shares trading hands. The stock had previously closed at $555.78.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Truist Financial raised their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the company a “buy” rating in a research note on Monday, May 4th. UBS Group set a $739.00 price objective on shares of Martin Marietta Materials in a research note on Sunday, May 10th. DA Davidson set a $680.00 price objective on shares of Martin Marietta Materials in a research note on Thursday, February 12th. Jefferies Financial Group reiterated a “buy” rating and set a $785.00 price objective on shares of Martin Marietta Materials in a research note on Thursday, February 26th. Finally, Stephens lowered their price objective on shares of Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating for the company in a research note on Friday, February 13th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $689.81.

Martin Marietta Materials Trading Down 3.7%

The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. The company’s fifty day moving average is $598.01 and its 200-day moving average is $625.02. The stock has a market cap of $32.13 billion, a PE ratio of 12.75, a PEG ratio of 2.02 and a beta of 1.13.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Thursday, April 30th. The construction company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.15. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The company had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the previous year, the company earned $1.90 earnings per share. The firm’s revenue for the quarter was up 17.2% on a year-over-year basis. On average, analysts predict that Martin Marietta Materials, Inc. will post 19.32 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be given a $0.83 dividend. The ex-dividend date is Monday, June 1st. This represents a $3.32 annualized dividend and a dividend yield of 0.6%. Martin Marietta Materials’s dividend payout ratio (DPR) is 7.91%.

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors and hedge funds have recently bought and sold shares of MLM. Victory Capital Management Inc. boosted its position in 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 during the last quarter. Norges Bank acquired a new position in Martin Marietta Materials during the fourth quarter worth about $354,681,000. Bank of America Corp DE boosted its position in Martin Marietta Materials by 31.9% during the second quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock worth $1,284,938,000 after acquiring an additional 565,856 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Martin Marietta Materials by 241.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 303,031 shares of the construction company’s stock worth $188,686,000 after acquiring an additional 214,270 shares during the last quarter. Finally, Interval Partners LP acquired a new position in Martin Marietta Materials during the fourth quarter worth about $128,996,000. 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.