Martin Marietta Materials (NYSE:MLM) Given New $610.00 Price Target at Citigroup

Martin Marietta Materials (NYSE:MLM) had its price target cut by stock analysts at Citigroup from $690.00 to $610.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. Citigroup’s target price points to a potential upside of 26.10% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Morgan Stanley decreased their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Wells Fargo & Company reduced their price objective on shares of Martin Marietta Materials from $609.00 to $585.00 and set an “overweight” rating for the company in a research note on Monday, September 21st. Wolfe Research set a $648.00 price objective on Martin Marietta Materials in a report on Tuesday, August 4th. UBS Group lowered their target price on Martin Marietta Materials from $739.00 to $715.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Finally, DA Davidson started coverage on Martin Marietta Materials in a research report on Monday, August 24th. They set a “neutral” rating and a $625.00 price target for the company. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average price target of $661.41.

Martin Marietta Materials Trading Up 1.0%

MLM traded up $4.57 during mid-day trading on Friday, reaching $483.74. The stock had a trading volume of 333,165 shares, compared to its average volume of 589,921. Martin Marietta Materials has a 52 week low of $470.19 and a 52 week high of $710.97. The firm’s fifty day simple moving average is $522.88 and its two-hundred day simple moving average is $564.29. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. The stock has a market capitalization of $29.06 billion, a P/E ratio of 11.88, a P/E/G ratio of 2.28 and a beta of 1.08.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the business earned $5.43 EPS. The firm’s revenue was up 21.0% on a year-over-year basis. On average, equities analysts predict that Martin Marietta Materials will post 17.77 EPS for the current year.

Institutional Trading of Martin Marietta Materials

Institutional investors have recently bought and sold shares of the business. Burkett Financial Services LLC increased its holdings in shares of Martin Marietta Materials by 292.6% during the third quarter. Burkett Financial Services LLC now owns 106 shares of the construction company’s stock worth $51,000 after purchasing an additional 79 shares during the period. QRG Capital Management Inc. raised its holdings in Martin Marietta Materials by 10.9% in the 2nd quarter. QRG Capital Management Inc. now owns 3,432 shares of the construction company’s stock valued at $1,979,000 after acquiring an additional 336 shares in the last quarter. Junto Capital Management LP bought a new stake in shares of Martin Marietta Materials during the 2nd quarter valued at $71,249,000. Blue Edge Capital LLC acquired a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $452,000. Finally, Sequoia Financial Advisors LLC increased its position in shares of Martin Marietta Materials by 19.0% in the second quarter. Sequoia Financial Advisors LLC now owns 12,292 shares of the construction company’s stock worth $7,089,000 after purchasing an additional 1,966 shares during the period. Institutional investors own 95.04% of the company’s stock.

About Martin Marietta Materials

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company’s principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.