Martin Marietta Materials (NYSE:MLM) Hits New 12-Month Low – Here’s Why

Martin Marietta Materials, Inc. (NYSE:MLM)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $521.88 and last traded at $523.7980, with a volume of 21504 shares. The stock had previously closed at $531.05.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MLM shares. Stephens dropped their price objective on Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Morgan Stanley reduced their target price on Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Oppenheimer began coverage on Martin Marietta Materials in a research report on Thursday, May 28th. They issued a “market perform” rating on the stock. Wells Fargo & Company dropped their price target on Martin Marietta Materials from $616.00 to $581.00 and set an “equal weight” rating for the company in a research note on Friday, July 31st. Finally, Royal Bank Of Canada upped their price objective on shares of Martin Marietta Materials from $610.00 to $620.00 and gave the stock a “sector perform” rating in a research report on Friday. Ten equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, Martin Marietta Materials presently has an average rating of “Moderate Buy” and a consensus price target of $665.88.

Martin Marietta Materials Stock Down 1.2%

The firm’s fifty day moving average is $562.81 and its 200-day moving average is $590.46. The company has a market capitalization of $31.53 billion, a P/E ratio of 12.89, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, beating analysts’ consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the company earned $5.43 EPS. Martin Marietta Materials’s revenue was up 21.0% compared to the same quarter last year. As a group, equities research analysts predict that Martin Marietta Materials, Inc. will post 19.07 EPS for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be given a $0.84 dividend. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, September 1st. This represents a $3.36 annualized dividend and a yield of 0.6%. Martin Marietta Materials’s dividend payout ratio is currently 8.16%.

Institutional Investors Weigh In On Martin Marietta Materials

Institutional investors and hedge funds have recently made changes to their positions in the stock. California State Teachers Retirement System increased its position in Martin Marietta Materials by 72,704.3% during the 2nd quarter. California State Teachers Retirement System now owns 51,073,705 shares of the construction company’s stock valued at $29,454,206,000 after purchasing an additional 51,003,553 shares during the period. BlackRock Inc. acquired a new position in shares of Martin Marietta Materials in the 2nd quarter worth approximately $2,706,134,000. Victory Capital Management Inc. boosted its stake in shares of Martin Marietta Materials by 51.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock valued at $1,524,853,000 after purchasing an additional 836,120 shares during the last quarter. Bank of America Corp DE bought a new stake in Martin Marietta Materials during the second quarter valued at $1,411,047,000. Finally, Geode Capital Management LLC boosted its position in shares of Martin Marietta Materials by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock valued at $963,406,000 after purchasing an additional 10,743 shares in the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value?added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready?mixed concrete and related materials and services.