Martin Marietta Materials (MLM) Trading 8.4% Higher Following Strong Earnings

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Martin Marietta Materials, Inc. (NYSE:MLM) shares traded up 8.4% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $190.00 and last traded at $189.55. 2,347,877 shares changed hands during mid-day trading, an increase of 220% from the average session volume of 732,692 shares. The stock had previously closed at $174.83.

The construction company reported $2.85 EPS for the quarter, beating the Zacks’ consensus estimate of $2.64 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.20 billion. Martin Marietta Materials had a net margin of 17.82% and a return on equity of 10.52%. Martin Marietta Materials’s quarterly revenue was up 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.39 EPS.

A number of analysts have commented on the stock. Nomura assumed coverage on shares of Martin Marietta Materials in a report on Monday, October 29th. They issued a “buy” rating and a $220.00 price objective for the company. Stephens set a $187.00 price objective on shares of Martin Marietta Materials and gave the company a “hold” rating in a report on Wednesday, October 17th. Bank of America downgraded shares of Martin Marietta Materials from a “buy” rating to a “neutral” rating and cut their price objective for the company from $225.00 to $179.00 in a report on Wednesday, October 17th. DA Davidson set a $200.00 price objective on shares of Martin Marietta Materials and gave the company a “hold” rating in a report on Thursday, October 11th. Finally, Barclays set a $215.00 price target on shares of Martin Marietta Materials and gave the company a “hold” rating in a research note on Friday, September 28th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $221.67.

In other news, SVP Donald A. Mccunniff sold 2,250 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The shares were sold at an average price of $204.33, for a total value of $459,742.50. Following the completion of the sale, the senior vice president now owns 12,649 shares of the company’s stock, valued at approximately $2,584,570.17. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.75% of the company’s stock.

Institutional investors have recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Martin Marietta Materials in the 3rd quarter valued at approximately $110,000. Flagship Harbor Advisors LLC purchased a new position in shares of Martin Marietta Materials during the 2nd quarter worth approximately $128,000. Piedmont Investment Advisors LLC purchased a new position in shares of Martin Marietta Materials during the 2nd quarter worth approximately $160,000. MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in shares of Martin Marietta Materials during the 3rd quarter worth approximately $181,000. Finally, NuWave Investment Management LLC boosted its position in shares of Martin Marietta Materials by 18,400.0% during the 3rd quarter. NuWave Investment Management LLC now owns 1,110 shares of the construction company’s stock worth $202,000 after purchasing an additional 1,104 shares during the period.

The company has a current ratio of 2.05, a quick ratio of 1.14 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $11.18 billion, a price-to-earnings ratio of 26.40, a P/E/G ratio of 1.46 and a beta of 1.09.

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About Martin Marietta Materials (NYSE:MLM)

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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