Stifel Nicolaus Issues Positive Forecast for Martin Marietta Materials (NYSE:MLM) Stock Price

Martin Marietta Materials (NYSE:MLM) had its price objective lifted by Stifel Nicolaus from $629.00 to $653.00 in a report released on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the construction company’s stock.

Other analysts have also issued reports about the stock. Wells Fargo & Company raised their price objective on shares of Martin Marietta Materials from $579.00 to $589.00 and gave the stock an “overweight” rating in a report on Thursday, November 5th. HSBC reduced their target price on Martin Marietta Materials from $750.00 to $665.00 and set a “buy” rating on the stock in a report on Tuesday, September 8th. Citigroup increased their target price on Martin Marietta Materials from $610.00 to $641.00 and gave the stock a “buy” rating in a research report on Friday, November 6th. Truist Financial decreased their target price on Martin Marietta Materials from $730.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Finally, DA Davidson upgraded Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $610.00 target price for the company in a research note on Friday, October 16th. Fifteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Martin Marietta Materials has a consensus rating of “Moderate Buy” and an average price target of $635.85.

Martin Marietta Materials Trading Down 0.9%

NYSE:MLM opened at $523.55 on Wednesday. The company has a 50-day moving average price of $503.56 and a 200-day moving average price of $571.62. Martin Marietta Materials has a 12 month low of $464.92 and a 12 month high of $710.97. The company has a current ratio of 1.63, a quick ratio of 0.91 and a debt-to-equity ratio of 0.69. The stock has a market cap of $37.23 billion, a price-to-earnings ratio of 13.85, a P/E/G ratio of 2.91 and a beta of 1.02.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Wednesday, November 4th. The construction company reported $5.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.99 by ($0.52). Martin Marietta Materials had a net margin of 31.88% and a return on equity of 7.96%. The company had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm earned $6.85 EPS. Martin Marietta Materials’s quarterly revenue was up 28.3% compared to the same quarter last year. Equities analysts predict that Martin Marietta Materials will post 15.36 EPS for the current year.

Hedge Funds Weigh In On Martin Marietta Materials

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Martin Marietta Materials during the 2nd quarter valued at about $2,706,134,000. Bank of America Corp DE purchased a new position in Martin Marietta Materials in the second quarter worth about $1,411,047,000. Aberdeen Group plc lifted its stake in shares of Martin Marietta Materials by 1,735.1% in the third quarter. Aberdeen Group plc now owns 448,545 shares of the construction company’s stock worth $215,216,000 after buying an additional 424,103 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Martin Marietta Materials in the second quarter worth approximately $199,321,000. Finally, Legal & General Group Plc bought a new position in shares of Martin Marietta Materials in the second quarter worth approximately $143,897,000. Institutional investors own 95.04% of the company’s stock.

About Martin Marietta Materials

Martin Marietta Materials, Inc. is a U.S.-based supplier of building materials used in construction and infrastructure projects. Its products include crushed stone, sand and gravel, cement, ready-mixed concrete and asphalt. The company also produces specialty products through its magnesia-based business, including lime, chemicals and products used in industrial and environmental applications. Its construction materials operations serve markets across the United States. Martin Marietta traces its roots to 1939 and has grown through acquisitions and expansion of its materials operations.