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Martin Marietta Materials (NYSE:MLM) Price Target Raised to $410.00 at JPMorgan Chase & Co.

kopsource ·  Sep 26, 2022 02:02

Martin Marietta Materials (NYSE:MLM – Get Rating) had its price objective hoisted by JPMorgan Chase & Co. from $370.00 to $410.00 in a research note released on Thursday, The Fly reports.

A number of other research firms also recently weighed in on MLM. DA Davidson lowered their price target on Martin Marietta Materials from $450.00 to $375.00 and set a buy rating on the stock in a research report on Friday, July 1st. Morgan Stanley upped their target price on shares of Martin Marietta Materials from $394.00 to $420.00 and gave the stock an overweight rating in a report on Monday, August 1st. Raymond James reiterated an outperform rating and issued a $410.00 price target on shares of Martin Marietta Materials in a research note on Friday, August 19th. TheStreet raised shares of Martin Marietta Materials from a c+ rating to a b- rating in a research report on Wednesday, August 10th. Finally, StockNews.com upgraded shares of Martin Marietta Materials from a sell rating to a hold rating in a research note on Monday, August 1st. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $411.18.

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Martin Marietta Materials Price Performance

Martin Marietta Materials stock opened at $320.05 on Thursday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.53 and a current ratio of 3.63. Martin Marietta Materials has a 52 week low of $284.99 and a 52 week high of $446.46. The stock has a market capitalization of $19.96 billion, a P/E ratio of 25.06, a price-to-earnings-growth ratio of 1.58 and a beta of 0.87. The stock has a fifty day moving average of $346.61 and a 200-day moving average of $345.32.

Martin Marietta Materials (NYSE:MLM – Get Rating) last released its quarterly earnings results on Thursday, July 28th. The construction company reported $3.96 EPS for the quarter, missing analysts' consensus estimates of $4.09 by ($0.13). The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.59 billion. Martin Marietta Materials had a net margin of 13.49% and a return on equity of 11.28%. The company's quarterly revenue was up 19.1% on a year-over-year basis. During the same quarter last year, the firm posted $3.81 EPS. On average, sell-side analysts expect that Martin Marietta Materials will post 13.27 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.66 per share. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, August 31st. This represents a $2.64 annualized dividend and a dividend yield of 0.82%. Martin Marietta Materials's payout ratio is 20.67%.

Institutional Investors Weigh In On Martin Marietta Materials

A number of hedge funds and other institutional investors have recently modified their holdings of MLM. Vanguard Group Inc. raised its holdings in Martin Marietta Materials by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 6,850,912 shares of the construction company's stock worth $2,636,848,000 after buying an additional 105,535 shares during the period. BlackRock Inc. grew its stake in shares of Martin Marietta Materials by 1.0% in the 1st quarter. BlackRock Inc. now owns 4,116,762 shares of the construction company's stock valued at $1,584,501,000 after buying an additional 39,408 shares in the last quarter. Select Equity Group L.P. grew its stake in shares of Martin Marietta Materials by 8.9% in the 1st quarter. Select Equity Group L.P. now owns 3,816,405 shares of the construction company's stock valued at $1,468,896,000 after buying an additional 310,451 shares in the last quarter. State Street Corp grew its stake in shares of Martin Marietta Materials by 0.5% in the 4th quarter. State Street Corp now owns 2,781,701 shares of the construction company's stock valued at $1,225,395,000 after buying an additional 13,649 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Martin Marietta Materials by 25.5% during the second quarter. JPMorgan Chase & Co. now owns 2,483,093 shares of the construction company's stock worth $743,040,000 after purchasing an additional 504,794 shares during the period. 93.51% of the stock is currently owned by institutional investors.

Martin Marietta Materials Company Profile

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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.

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