Martin Marietta Materials (NYSE:MLM) Upgraded at DA Davidson

DA Davidson upgraded shares of Martin Marietta Materials (NYSE:MLM) from a neutral rating to a buy rating in a research report report published on Friday morning, Marketbeat reports. DA Davidson currently has $610.00 price objective on the construction company’s stock.

MLM has been the subject of a number of other research reports. Raymond James Financial set a $660.00 price objective on Martin Marietta Materials in a research 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 research report on Thursday, August 13th. Weiss Ratings cut Martin Marietta Materials from a “hold (c+)” rating to a “hold (c)” rating in a research note on Thursday, September 3rd. UBS Group decreased their price target on Martin Marietta Materials from $715.00 to $662.00 and set a “buy” rating for the company in a research note on Thursday, October 8th. Finally, Wells Fargo & Company lowered their price target on Martin Marietta Materials from $585.00 to $579.00 and set an “overweight” rating for the company in a report on Monday, October 5th. Thirteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $642.65.

Martin Marietta Materials Price Performance

Shares of MLM stock opened at $499.97 on Friday. The stock’s 50-day moving average is $507.17 and its 200 day moving average is $557.06. Martin Marietta Materials has a 1-year low of $464.92 and a 1-year high of $710.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The company has a market cap of $30.03 billion, a P/E ratio of 12.28, a PEG ratio of 2.35 and a beta of 1.08.

Martin Marietta Materials (NYSE:MLM) last announced 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 business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the company posted $5.43 earnings per share. The firm’s revenue was up 21.0% on a year-over-year basis. Research analysts predict that Martin Marietta Materials will post 18.04 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were given a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s payout ratio is currently 8.26%.

Hedge Funds Weigh In On Martin Marietta Materials

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of Nova Scotia acquired a new stake in shares of Martin Marietta Materials in the second quarter worth $3,650,000. Hsbc Holdings PLC raised its holdings in shares of Martin Marietta Materials by 6.6% during the second quarter. Hsbc Holdings PLC now owns 118,981 shares of the construction company’s stock worth $68,541,000 after purchasing an additional 7,361 shares during the last quarter. National Pension Service lifted its position in Martin Marietta Materials by 6.4% during the second quarter. National Pension Service now owns 95,221 shares of the construction company’s stock valued at $54,914,000 after purchasing an additional 5,739 shares during the period. Montanova Capital LLC acquired a new position in Martin Marietta Materials during the second quarter valued at $14,994,000. Finally, Bank of America Corp DE acquired a new position in Martin Marietta Materials during the second quarter valued at $1,411,047,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a supplier of construction materials serving the infrastructure, commercial, residential and industrial markets. The company’s primary business is aggregates, including crushed stone, sand and gravel used in roads, bridges, buildings and other construction projects.

Martin Marietta also produces cement, ready-mixed concrete and asphalt products, and provides paving and related construction services in selected markets. Through its Magnesia Specialties business, the company manufactures magnesium-based and dolomitic lime products used in industrial, environmental and agricultural applications.

Headquartered in Raleigh, North Carolina, Martin Marietta Materials became an independent publicly traded company in 1993 following a spin-off from Martin Marietta Corporation.