What is Zacks Research’s Forecast for MLM FY2024 Earnings?

Martin Marietta Materials, Inc. (NYSE:MLM) – Equities research analysts at Zacks Research dropped their FY2024 EPS estimates for shares of Martin Marietta Materials in a note issued to investors on Wednesday, November 20th. Zacks Research analyst R. Department now forecasts that the construction company will post earnings of $17.57 per share for the year, down from their previous estimate of $18.87. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $17.84 per share. Zacks Research also issued estimates for Martin Marietta Materials’ FY2025 earnings at $20.61 EPS and FY2026 earnings at $21.67 EPS.

Other equities analysts also recently issued reports about the company. Morgan Stanley raised their price objective on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research report on Monday, August 26th. Loop Capital increased their target price on shares of Martin Marietta Materials from $600.00 to $680.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Jefferies Financial Group reduced their price target on shares of Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating for the company in a research report on Wednesday, October 9th. Barclays boosted their price objective on Martin Marietta Materials from $595.00 to $645.00 and gave the stock an “overweight” rating in a report on Tuesday, October 29th. Finally, UBS Group assumed coverage on shares of Martin Marietta Materials in a report on Thursday, November 7th. They issued a “buy” rating and a $730.00 target price for the company. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $634.85.

Martin Marietta Materials Price Performance

MLM stock opened at $597.81 on Monday. The company has a market capitalization of $36.54 billion, a P/E ratio of 18.63, a PEG ratio of 3.95 and a beta of 0.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.24 and a current ratio of 2.34. Martin Marietta Materials has a 52-week low of $456.83 and a 52-week high of $633.23. The company has a fifty day moving average price of $565.21 and a 200-day moving average price of $556.45.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data on Wednesday, October 30th. The construction company reported $5.91 EPS for the quarter, missing the consensus estimate of $6.41 by ($0.50). Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.94 billion. During the same quarter in the prior year, the firm earned $6.94 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis.

Martin Marietta Materials Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a dividend yield of 0.53%. The ex-dividend date of this dividend is Monday, December 2nd. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 9.85%.

Institutional Investors Weigh In On Martin Marietta Materials

Hedge funds and other institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new position in shares of Martin Marietta Materials in the third quarter valued at $2,975,000. Coldstream Capital Management Inc. boosted its stake in Martin Marietta Materials by 10.7% in the 3rd quarter. Coldstream Capital Management Inc. now owns 1,734 shares of the construction company’s stock worth $939,000 after purchasing an additional 168 shares during the period. Groupama Asset Managment grew its holdings in Martin Marietta Materials by 39.8% during the 3rd quarter. Groupama Asset Managment now owns 2,038 shares of the construction company’s stock valued at $1,097,000 after buying an additional 580 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its position in shares of Martin Marietta Materials by 5.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 18,266 shares of the construction company’s stock valued at $9,832,000 after buying an additional 968 shares during the period. Finally, National Bank of Canada FI increased its position in shares of Martin Marietta Materials by 158.2% during the third quarter. National Bank of Canada FI now owns 43,952 shares of the construction company’s stock valued at $23,657,000 after buying an additional 26,929 shares during the period. Institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

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.