Raymond James Lowers Martin Marietta Materials (NYSE:MLM) Price Target to $600.00

Martin Marietta Materials (NYSE:MLM) had its price objective lowered by Raymond James from $630.00 to $600.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the construction company’s stock. Raymond James’ price objective suggests a potential upside of 13.75% from the company’s previous close.

A number of other equities analysts have also recently commented on the company. Hsbc Global Res raised Martin Marietta Materials from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 11th. Truist Financial reduced their target price on Martin Marietta Materials from $670.00 to $610.00 and set a “buy” rating for the company in a report on Thursday. Barclays reduced their target price on Martin Marietta Materials from $645.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday. Citigroup reduced their target price on Martin Marietta Materials from $701.00 to $600.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Wolfe Research raised Martin Marietta Materials from a “peer perform” rating to an “outperform” rating and set a $563.00 target price for the company in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $639.43.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $527.47 on Thursday. The company has a market capitalization of $32.24 billion, a P/E ratio of 16.44, a P/E/G ratio of 4.62 and a beta of 0.91. The business’s 50 day moving average is $535.77 and its two-hundred day moving average is $549.52. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43. Martin Marietta Materials has a 12-month low of $482.72 and a 12-month high of $633.23.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Wednesday, February 12th. The construction company reported $4.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.62 by $0.17. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. Analysts expect that Martin Marietta Materials will post 17.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MLM. Proficio Capital Partners LLC boosted its position in shares of Martin Marietta Materials by 54,277.3% during the fourth quarter. Proficio Capital Partners LLC now owns 918,432 shares of the construction company’s stock worth $474,370,000 after buying an additional 916,743 shares during the period. Principal Financial Group Inc. boosted its position in shares of Martin Marietta Materials by 76.2% during the third quarter. Principal Financial Group Inc. now owns 1,628,701 shares of the construction company’s stock worth $876,648,000 after buying an additional 704,460 shares during the period. Norges Bank purchased a new position in shares of Martin Marietta Materials during the fourth quarter worth $306,863,000. JPMorgan Chase & Co. boosted its position in shares of Martin Marietta Materials by 23.3% during the third quarter. JPMorgan Chase & Co. now owns 2,678,425 shares of the construction company’s stock worth $1,441,663,000 after buying an additional 506,705 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Martin Marietta Materials during the fourth quarter worth $196,374,000. 95.04% of the stock is currently owned by hedge funds and other 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.