Citigroup Issues Positive Forecast for Martin Marietta Materials (NYSE:MLM) Stock Price

Martin Marietta Materials (NYSE:MLM) had its price target lifted by investment analysts at Citigroup from $610.00 to $641.00 in a research report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup‘s price objective would indicate a potential upside of 23.90% from the company’s current price.

A number of other equities research analysts have also recently commented on the company. Sanford C. Bernstein cut Martin Marietta Materials to an “underweight” rating in a research note on Wednesday, September 2nd. Weiss Ratings lowered Martin Marietta Materials from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, September 3rd. Truist Financial cut their target price on Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Wells Fargo & Company lifted their price target on shares of Martin Marietta Materials from $579.00 to $589.00 and gave the company an “overweight” rating in a research report on Thursday. Finally, Jefferies Financial Group decreased their price target on shares of Martin Marietta Materials from $720.00 to $670.00 and set a “buy” rating for the company in a research note on Wednesday, September 23rd. Fifteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $642.60.

Martin Marietta Materials Stock Down 2.0%

Shares of NYSE MLM traded down $10.47 during trading on Friday, hitting $517.36. 1,002,984 shares of the company traded hands, compared to its average volume of 627,721. The firm has a market capitalization of $31.08 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 2.89 and a beta of 1.02. The business’s fifty day moving average is $503.24 and its 200 day moving average is $573.99. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.73 and a current ratio of 1.63. Martin Marietta Materials has a fifty-two week low of $464.92 and a fifty-two week high of $710.97.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Wednesday, November 4th. The construction company reported $5.47 EPS for the quarter, missing the consensus estimate of $5.99 by ($0.52). Martin Marietta Materials had a net margin of 31.88% and a return on equity of 7.96%. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the business earned $6.85 earnings per share. The business’s quarterly revenue was up 28.3% on a year-over-year basis. Equities research analysts predict that Martin Marietta Materials will post 16.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Bank of Nova Scotia bought a new position in Martin Marietta Materials during the 2nd quarter valued at $3,650,000. Hsbc Holdings PLC grew its stake in shares of Martin Marietta Materials by 6.6% in the 2nd quarter. Hsbc Holdings PLC now owns 118,981 shares of the construction company’s stock worth $68,541,000 after acquiring an additional 7,361 shares in the last quarter. Montanova Capital LLC bought a new stake in shares of Martin Marietta Materials in the 2nd quarter worth $14,994,000. National Pension Service grew its stake in shares of Martin Marietta Materials by 6.4% in the 2nd quarter. National Pension Service now owns 95,221 shares of the construction company’s stock worth $54,914,000 after acquiring an additional 5,739 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in shares of Martin Marietta Materials in the second quarter valued at about $1,411,047,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a supplier of construction materials serving the infrastructure, commercial, residential and industrial markets. The company’s primary business is aggregates, including crushed stone, sand and gravel used in roads, bridges, buildings and other construction projects.

Martin Marietta also produces cement, ready-mixed concrete and asphalt products, and provides paving and related construction services in selected markets. Through its Magnesia Specialties business, the company manufactures magnesium-based and dolomitic lime products used in industrial, environmental and agricultural applications.

Headquartered in Raleigh, North Carolina, Martin Marietta Materials became an independent publicly traded company in 1993 following a spin-off from Martin Marietta Corporation.