Martin Marietta Materials, Inc. (NYSE:MLM) declared a quarterly dividend on Thursday, May 9th, Zacks reports. Shareholders of record on Monday, June 3rd will be paid a dividend of 0.48 per share by the construction company on Friday, June 28th. This represents a $1.92 dividend on an annualized basis and a yield of 0.91%. The ex-dividend date of this dividend is Friday, May 31st.
Martin Marietta Materials has increased its dividend by an average of 4.8% per year over the last three years and has raised its dividend annually for the last 2 consecutive years. Martin Marietta Materials has a payout ratio of 20.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Martin Marietta Materials to earn $10.61 per share next year, which means the company should continue to be able to cover its $1.92 annual dividend with an expected future payout ratio of 18.1%.
Shares of NYSE:MLM opened at $212.12 on Friday. The firm has a market capitalization of $13.28 billion, a price-to-earnings ratio of 26.22, a price-to-earnings-growth ratio of 2.17 and a beta of 1.15. The company has a quick ratio of 0.96, a current ratio of 1.81 and a debt-to-equity ratio of 0.65. Martin Marietta Materials has a 1 year low of $150.75 and a 1 year high of $232.88.
In related news, Chairman C Howard Nye sold 14,668 shares of the stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $220.48, for a total transaction of $3,234,000.64. Following the sale, the chairman now owns 167,019 shares of the company’s stock, valued at approximately $36,824,349.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Donald A. Mccunniff sold 660 shares of the stock in a transaction dated Wednesday, February 27th. The stock was sold at an average price of $190.90, for a total value of $125,994.00. Following the sale, the senior vice president now directly owns 15,349 shares in the company, valued at approximately $2,930,124.10. The disclosure for this sale can be found here. Insiders have sold a total of 20,011 shares of company stock worth $4,353,464 in the last ninety days. Insiders own 0.73% of the company’s stock.
A number of brokerages have issued reports on MLM. Goldman Sachs Group upgraded Martin Marietta Materials from a “neutral” rating to a “buy” rating and upped their price objective for the company from $207.00 to $232.00 in a research note on Thursday, April 11th. JPMorgan Chase & Co. began coverage on Martin Marietta Materials in a research report on Thursday, March 21st. They set an “overweight” rating and a $225.00 price target on the stock. Deutsche Bank upped their price target on Martin Marietta Materials from $198.00 to $207.00 and gave the company a “buy” rating in a research report on Wednesday, February 13th. Berenberg Bank began coverage on Martin Marietta Materials in a research report on Wednesday, April 3rd. They set a “hold” rating and a $194.00 price target on the stock. Finally, Stephens raised Martin Marietta Materials from an “equal” rating to an “overweight” rating in a research report on Friday, February 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $219.93.
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Martin Marietta Materials Company Profile
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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.
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