Martin Marietta Materials (NYSE:MLM) Reaches New 52-Week Low – Here’s Why

Martin Marietta Materials, Inc. (NYSE:MLM)’s stock price hit a new 52-week low during trading on Wednesday. The company traded as low as $471.88 and last traded at $479.3990, with a volume of 1056046 shares. The stock had previously closed at $490.77.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on MLM shares. Citigroup lowered their price objective on shares of Martin Marietta Materials from $737.00 to $690.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Wall Street Zen cut Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Tuesday, July 28th. Raymond James Financial set a $660.00 price target on Martin Marietta Materials in a research report on Friday, July 31st. JPMorgan Chase & Co. upgraded Martin Marietta Materials from a “neutral” rating to an “overweight” rating and set a $680.00 price target on the stock in a research report on Wednesday, September 2nd. Finally, Wolfe Research set a $648.00 price target on Martin Marietta Materials in a research note on Tuesday, August 4th. 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 company. According to data from MarketBeat, Martin Marietta Materials presently has an average rating of “Moderate Buy” and a consensus target price of $666.12.

Martin Marietta Materials Stock Performance

The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The company’s fifty day moving average is $522.88 and its 200 day moving average is $564.29. The company has a market cap of $28.79 billion, a P/E ratio of 11.78, a price-to-earnings-growth ratio of 2.28 and a beta of 1.08.

Martin Marietta Materials (NYSE:MLM) last issued its earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the company earned $5.43 EPS. The firm’s revenue was up 21.0% compared to the same quarter last year. As a group, equities analysts predict that Martin Marietta Materials, Inc. will post 17.77 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were issued a dividend of $0.84 per share. The ex-dividend date was Tuesday, September 1st. This represents a $3.36 annualized dividend and a yield of 0.7%. This is a boost from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s dividend payout ratio (DPR) is currently 8.26%.

Hedge Funds Weigh In On Martin Marietta Materials

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Martin Marietta Materials in the second quarter valued at approximately $2,706,134,000. Victory Capital Management Inc. increased its stake in shares of Martin Marietta Materials by 51.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock worth $1,524,853,000 after buying an additional 836,120 shares during the period. Bank of America Corp DE increased its stake in shares of Martin Marietta Materials by 0.9% in the first quarter. Bank of America Corp DE now owns 2,399,779 shares of the construction company’s stock worth $1,412,702,000 after buying an additional 21,310 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Martin Marietta Materials by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 546,170 shares of the construction company’s stock worth $321,442,000 after buying an additional 5,764 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Martin Marietta Materials by 13.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 386,046 shares of the construction company’s stock valued at $222,633,000 after buying an additional 46,228 shares during the last quarter. 95.04% of the stock is currently owned by institutional investors.

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.