Martin Marietta Materials (NYSE:MLM – Get Rating) released its quarterly results on Thursday. The construction company reported earnings per share of $3.96 for the quarter, missing analyst consensus estimates of $4.09 per ($0.13), Briefing.com reports. Martin Marietta Materials achieved a net margin of 11.63% and a return on equity of 11.42%. The company posted revenue of $1.64 billion for the quarter, versus $1.59 billion for analysts. In the same quarter of the previous year, the company achieved EPS of $3.81. The company’s revenue for the quarter increased 19.1% year over year. Martin Marietta Materials has updated its guidance for fiscal year 2022 to EPS.
Martin Marietta Materials trades up 2.5%
NYSE: MLM traded at $8.63 during Friday’s midday session, reaching $352.08. 540,637 shares of the company were traded, compared to its average volume of 471,936. Martin Marietta Materials has a 12-month low of $284.99 and a 12-month high of $446.46. The company has a market capitalization of $21.96 billion, a price/earnings ratio of 33.47, a PEG ratio of 1.66 and a beta of 0.82. The company has a debt ratio of 0.79, a current ratio of 2.79 and a quick ratio of 1.69. The company has a 50-day moving average price of $321.08 and a 200-day moving average price of $354.42.
Martin Marietta Materials Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30. Investors of record on Wednesday, June 1 received a dividend of $0.61 per share. The ex-dividend date was Tuesday, May 31. This represents a dividend of $2.44 on an annualized basis and a yield of 0.69%. Martin Marietta Materials’ dividend payout ratio is currently 23.19%.
Martin Marietta Materials Institutional Trading
Several large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company increased its position in Martin Marietta Materials by 4.3% during the first quarter. The Manufacturers Life Insurance Company now owns 49,464 shares of the construction company valued at $19,038,000 after acquiring 2,047 more shares last quarter. BNP Paribas Arbitrage SA strengthened its position in Martin Marietta Materials by 41.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 17,909 shares in the construction company valued at $6,893,000 after acquiring an additional 5,214 shares last quarter. Walleye Capital LLC increased its position in Martin Marietta Materials by 4.9% during the 1st quarter. Walleye Capital LLC now owns 1,805 shares of the construction company valued at $695,000 after acquiring 84 additional shares last quarter. Wealthfront Advisers LLC increased its position in Martin Marietta Materials by 11.1% in the 1st quarter. Wealthfront Advisers LLC now owns 3,523 shares of the construction company valued at $1,356,000 after acquiring 353 additional shares last quarter. Finally, Weiss Multi Strategy Advisers LLC strengthened its position in Martin Marietta Materials by 219.5% in the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 6,959 shares of the construction company valued at $2,678,000 after acquiring 4,781 additional shares last quarter. 93.49% of the shares are held by institutional investors.
Wall Street analysts predict growth
A number of equity research analysts have weighed in on the company. Morgan Stanley lowered its price target on Martin Marietta Materials from $408.00 to $394.00 and set an “overweight” rating on the stock in a Monday, July 18 research report. TheStreet downgraded Martin Marietta Materials from a “b” rating to a “c+” rating in a Tuesday, May 10 research report. Wolfe Research upgraded Martin Marietta Materials from a ‘peer performer’ rating to an ‘outperformer’ rating and lowered its price target for the stock from $406.00 to $384.00 in a report Thursday, July 14. DA Davidson cut its price target on Martin Marietta Materials from $450.00 to $375.00 and set a “buy” rating on the stock in a Friday July 1 report. Finally, Truist Financial cut its price target on Martin Marietta Materials to $392.00 in a Tuesday, July 5 report. One equity research analyst gave the stock a sell rating and ten gave the stock a buy rating. According to MarketBeat, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and an average target price of $415.50.
About Martin Marietta Materials
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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 around the world. 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 infrastructure projects and the non-residential and residential construction markets, as well as the railroad, agricultural, utility and environmental industries.
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