Martin Marietta Materials (NYSE:MLM) Price Target Lowered to $630.00 at Loop Capital

Martin Marietta Materials (NYSE:MLM) had its target price lowered by Loop Capital from $710.00 to $630.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the construction company’s stock.

A number of other equities research analysts have also recently issued reports on the stock. Truist Financial upped their price objective on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the company a buy rating in a research note on Tuesday, April 2nd. Stifel Nicolaus cut their price objective on shares of Martin Marietta Materials from $650.00 to $630.00 and set a buy rating for the company in a research note on Wednesday. The Goldman Sachs Group increased 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. Citigroup increased their price target on shares of Martin Marietta Materials from $635.00 to $708.00 and gave the company a buy rating in a research report on Friday, April 5th. Finally, JPMorgan Chase & Co. reissued 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 investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Martin Marietta Materials presently has an average rating of Moderate Buy and an average target price of $610.25.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $533.27 on Wednesday. The company’s fifty day moving average price is $570.77 and its 200-day moving average price is $557.62. The firm has a market capitalization of $32.87 billion, a price-to-earnings ratio of 15.80, a PEG ratio of 2.40 and a beta of 0.91. Martin Marietta Materials has a one year low of $389.90 and a one year high of $626.67. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.16 and a quick ratio of 2.41.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Tuesday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.88 by $0.05. Martin Marietta Materials had a net margin of 31.35% and a return on equity of 14.74%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the company earned $2.16 EPS. The firm’s revenue was down 7.6% on a year-over-year basis. On average, equities research analysts anticipate that Martin Marietta Materials will post 23.1 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a $0.74 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.96 annualized dividend and a dividend yield of 0.56%. Martin Marietta Materials’s payout ratio is 8.77%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Ables Iannone Moore & Associates Inc. bought a new position in shares of Martin Marietta Materials in the 4th quarter worth about $25,000. Pinnacle Bancorp Inc. bought a new position in shares of Martin Marietta Materials in the 4th quarter worth about $26,000. Riverview Trust Co bought a new stake in Martin Marietta Materials during the 1st quarter valued at about $26,000. Exchange Traded Concepts LLC bought a new stake in Martin Marietta Materials during the 4th quarter valued at about $27,000. Finally, Benjamin Edwards Inc. increased its stake in Martin Marietta Materials by 78.8% during the 4th quarter. Benjamin Edwards Inc. now owns 59 shares of the construction company’s stock valued at $29,000 after purchasing an additional 26 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

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.