Martin Marietta Materials (NYSE:MLM) Given New $690.00 Price Target at Citigroup

Martin Marietta Materials (NYSE:MLM) had its price objective dropped by equities research analysts at Citigroup from $737.00 to $690.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the construction company’s stock. Citigroup’s target price would suggest a potential upside of 26.39% from the company’s current price.

Several other research firms have also issued reports on MLM. Royal Bank Of Canada dropped their target price on shares of Martin Marietta Materials from $615.00 to $610.00 and set a “sector perform” rating on the stock in a report on Monday. Morgan Stanley decreased their target price on shares of Martin Marietta Materials from $702.00 to $664.00 and set an “overweight” rating for the company in a research report on Monday, April 6th. Berenberg Bank set a $556.00 price objective on Martin Marietta Materials and gave the company a “hold” rating in a research note on Tuesday, June 2nd. Oppenheimer assumed coverage on shares of Martin Marietta Materials in a report on Thursday, May 28th. They set a “market perform” rating on the stock. Finally, Truist Financial lifted their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Eleven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $669.71.

Martin Marietta Materials Stock Performance

NYSE:MLM traded up $20.80 on Monday, hitting $545.94. The company’s stock had a trading volume of 368,895 shares, compared to its average volume of 548,414. The stock has a fifty day moving average of $577.73 and a two-hundred day moving average of $606.83. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $32.78 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 2.22 and a beta of 1.10. Martin Marietta Materials has a one year low of $523.48 and a one year high of $710.97.

Martin Marietta Materials (NYSE:MLM) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. The firm had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company’s revenue was up 21.0% on a year-over-year basis. During the same quarter last year, the company earned $5.43 EPS. Research analysts predict that Martin Marietta Materials will post 19.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. grew its stake in shares of 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 valued at $1,524,853,000 after buying an additional 836,120 shares during the last quarter. Norges Bank bought a new stake in shares of Martin Marietta Materials in the 4th quarter worth approximately $354,681,000. Bank of America Corp DE increased its position in Martin Marietta Materials by 31.9% during the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company’s stock valued at $1,284,938,000 after purchasing an additional 565,856 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of 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 valued at $188,686,000 after buying an additional 214,270 shares during the period. Finally, Interval Partners LP bought a new position in shares of Martin Marietta Materials in the 4th quarter worth approximately $128,996,000. 95.04% of the stock is currently owned by institutional investors.

Martin Marietta Materials Company Profile

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.