Martin Marietta Materials (NYSE:MLM) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, May 2nd, Marketbeat.com reports. The brokerage presently has a $229.00 target price on the construction company’s stock. Bank of America’s target price points to a potential upside of 7.25% from the stock’s current price.
A number of other brokerages have also issued reports on MLM. Citigroup increased their target price on shares of Martin Marietta Materials from $245.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Zacks Investment Research upgraded shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. Stephens restated a “hold” rating and set a $250.00 target price on shares of Martin Marietta Materials in a research report on Wednesday, January 3rd. Alembic Global Advisors restated a “buy” rating on shares of Martin Marietta Materials in a research report on Wednesday, February 14th. Finally, SunTrust Banks restated a “buy” rating and set a $245.00 target price on shares of Martin Marietta Materials in a research report on Tuesday, February 13th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $234.57.
Martin Marietta Materials stock opened at $213.51 on Wednesday. The stock has a market capitalization of $13.74 billion, a price-to-earnings ratio of 29.74, a P/E/G ratio of 1.69 and a beta of 1.15. The company has a current ratio of 4.00, a quick ratio of 3.06 and a debt-to-equity ratio of 0.58. Martin Marietta Materials has a twelve month low of $217.55 and a twelve month high of $220.51.
Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Tuesday, May 8th. The construction company reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.09). Martin Marietta Materials had a net margin of 17.36% and a return on equity of 9.47%. The company had revenue of $802.00 million during the quarter, compared to the consensus estimate of $822.23 million. During the same period in the prior year, the company earned $0.67 earnings per share. The firm’s revenue was down 5.0% compared to the same quarter last year. equities analysts forecast that Martin Marietta Materials will post 8.97 earnings per share for the current fiscal year.
In related news, Director Sue W. Cole sold 3,000 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $210.06, for a total value of $630,180.00. Following the completion of the transaction, the director now owns 24,145 shares of the company’s stock, valued at approximately $5,071,898.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman C Howard Nye sold 8,409 shares of the stock in a transaction that occurred on Wednesday, May 9th. The shares were sold at an average price of $212.66, for a total transaction of $1,788,257.94. Following the completion of the transaction, the chairman now directly owns 146,977 shares of the company’s stock, valued at approximately $31,256,128.82. The disclosure for this sale can be found here. Insiders have sold a total of 20,407 shares of company stock worth $4,337,531 in the last quarter. 0.75% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of MLM. Epoch Investment Partners Inc. lifted its stake in Martin Marietta Materials by 99.2% in the 1st quarter. Epoch Investment Partners Inc. now owns 1,500,533 shares of the construction company’s stock valued at $311,061,000 after purchasing an additional 747,383 shares during the last quarter. Ceredex Value Advisors LLC bought a new position in shares of Martin Marietta Materials during the first quarter valued at $106,465,000. Carillon Tower Advisers Inc. bought a new position in shares of Martin Marietta Materials during the fourth quarter valued at $97,745,000. Iridian Asset Management LLC CT raised its stake in shares of Martin Marietta Materials by 22.0% during the fourth quarter. Iridian Asset Management LLC CT now owns 2,177,847 shares of the construction company’s stock valued at $481,391,000 after acquiring an additional 392,445 shares during the last quarter. Finally, Millennium Management LLC raised its stake in shares of Martin Marietta Materials by 4,255.7% during the first quarter. Millennium Management LLC now owns 364,225 shares of the construction company’s stock valued at $75,504,000 after acquiring an additional 355,863 shares during the last quarter. 99.55% of the stock is owned by institutional investors and hedge funds.
About Martin Marietta Materials
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 provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; 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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