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

Martin Marietta Materials, Inc. (NYSE:MLM) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $676.74 and last traded at $666.6270, with a volume of 98927 shares. The stock had previously closed at $654.33.

Analyst Upgrades and Downgrades

MLM has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Martin Marietta Materials from $670.00 to $700.00 and gave the stock a “neutral” rating in a report on Tuesday, November 11th. DA Davidson reaffirmed a “neutral” rating and issued a $690.00 target price on shares of Martin Marietta Materials in a research report on Wednesday, January 14th. Stifel Nicolaus raised their target price on Martin Marietta Materials from $637.00 to $681.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. UBS Group increased their price objective on shares of Martin Marietta Materials from $705.00 to $723.00 and gave the company a “buy” rating in a research note on Friday, November 7th. Finally, B. Riley started coverage on shares of Martin Marietta Materials in a report on Thursday, January 15th. They set a “neutral” rating and a $700.00 target price on the stock. Ten investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and an average price target of $676.63.

Martin Marietta Materials Stock Performance

The company has a market cap of $40.04 billion, a P/E ratio of 35.00 and a beta of 1.15. The company has a quick ratio of 2.07, a current ratio of 2.97 and a debt-to-equity ratio of 0.54. The company has a 50 day moving average price of $635.99 and a 200-day moving average price of $619.83.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Tuesday, November 4th. The construction company reported $5.97 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $6.62 by ($0.65). The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $2.06 billion. Martin Marietta Materials had a net margin of 17.34% and a return on equity of 11.68%. Equities analysts expect that Martin Marietta Materials, Inc. will post 19.53 EPS for the current fiscal year.

Martin Marietta Materials Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date was Monday, December 1st. Martin Marietta Materials’s dividend payout ratio is 17.50%.

Institutional Trading of Martin Marietta Materials

Hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC boosted its position in shares of Martin Marietta Materials by 6.6% during the 1st quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company’s stock valued at $379,000 after purchasing an additional 49 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Martin Marietta Materials by 11.4% in the first quarter. Empowered Funds LLC now owns 1,408 shares of the construction company’s stock valued at $673,000 after buying an additional 144 shares in the last quarter. Sivia Capital Partners LLC increased its holdings in shares of Martin Marietta Materials by 11.1% in the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company’s stock valued at $280,000 after buying an additional 51 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Martin Marietta Materials by 0.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 9,576 shares of the construction company’s stock valued at $5,257,000 after acquiring an additional 33 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Martin Marietta Materials by 48.7% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,381 shares of the construction company’s stock valued at $6,797,000 after acquiring an additional 4,054 shares during the last quarter. Institutional investors own 95.04% of the company’s stock.

About Martin Marietta Materials

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.