Martin Marietta Materials (NYSE:MLM) Given New $737.00 Price Target at The Goldman Sachs Group

Martin Marietta Materials (NYSE:MLM) had its price target upped by analysts at The Goldman Sachs Group from $642.00 to $737.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the construction company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 24.40% from the stock’s current price.

Several other equities analysts also recently weighed in on MLM. Morgan Stanley started coverage on shares of Martin Marietta Materials in a research note on Monday, January 8th. They issued an “overweight” rating and a $595.00 target price for the company. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $600.00 price objective (up previously from $530.00) on shares of Martin Marietta Materials in a research note on Friday, March 22nd. Stifel Nicolaus boosted their price objective on shares of Martin Marietta Materials from $621.00 to $650.00 and gave the company a “buy” rating in a research note on Monday. Truist Financial boosted their price objective on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the company a “buy” rating in a research note on Tuesday, April 2nd. Finally, Wolfe Research cut shares of Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 8th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $588.69.

Martin Marietta Materials Price Performance

MLM opened at $592.46 on Tuesday. The company has a market capitalization of $36.63 billion, a price-to-earnings ratio of 31.46, a PEG ratio of 2.93 and a beta of 0.96. The company has a quick ratio of 2.50, a current ratio of 3.35 and a debt-to-equity ratio of 0.49. The firm has a 50-day moving average price of $583.81 and a 200-day moving average price of $507.61. Martin Marietta Materials has a twelve month low of $343.79 and a twelve month high of $626.67.

Martin Marietta Materials (NYSE:MLM) last posted its earnings results on Wednesday, February 14th. The construction company reported $4.63 earnings per share for the quarter, topping the consensus estimate of $3.96 by $0.67. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.62 billion. Martin Marietta Materials had a net margin of 17.25% and a return on equity of 15.77%. The company’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company earned $3.04 earnings per share. Equities analysts expect that Martin Marietta Materials will post 21.09 EPS for the current year.

Insider Transactions at Martin Marietta Materials

In other news, Director Sue W. Cole sold 1,724 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $543.48, for a total value of $936,959.52. Following the completion of the sale, the director now directly owns 19,793 shares in the company, valued at approximately $10,757,099.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Sue W. Cole sold 1,724 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $543.48, for a total value of $936,959.52. Following the completion of the sale, the director now directly owns 19,793 shares in the company, valued at approximately $10,757,099.64. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO C Howard Nye sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total transaction of $9,063,900.00. Following the completion of the sale, the chief executive officer now owns 134,640 shares of the company’s stock, valued at $81,357,566.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 26,724 shares of company stock worth $16,033,760. 0.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MLM. FMR LLC increased its stake in shares of Martin Marietta Materials by 225.3% in the third quarter. FMR LLC now owns 1,833,959 shares of the construction company’s stock worth $752,803,000 after buying an additional 1,270,116 shares during the period. Norges Bank purchased a new position in shares of Martin Marietta Materials in the fourth quarter worth $308,705,000. Balyasny Asset Management L.P. increased its stake in shares of Martin Marietta Materials by 4,244.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 277,182 shares of the construction company’s stock worth $138,289,000 after buying an additional 270,802 shares during the period. Morgan Stanley increased its stake in shares of Martin Marietta Materials by 51.6% in the fourth quarter. Morgan Stanley now owns 737,821 shares of the construction company’s stock worth $249,362,000 after buying an additional 251,047 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Martin Marietta Materials by 9.7% in the third quarter. JPMorgan Chase & Co. now owns 2,042,537 shares of the construction company’s stock worth $838,421,000 after buying an additional 181,136 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. 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 the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.