SunTrust Banks Trims Martin Marietta Materials (MLM) Target Price to $205.00
Martin Marietta Materials (NYSE:MLM) had its price objective decreased by SunTrust Banks to $205.00 in a research report released on Thursday morning, The Fly reports. SunTrust Banks currently has a buy rating on the construction company’s stock. SunTrust Banks also issued estimates for Martin Marietta Materials’ FY2018 earnings at $7.88 EPS, Q3 2019 earnings at $3.16 EPS, Q4 2019 earnings at $2.33 EPS, Q1 2020 earnings at $0.54 EPS, Q3 2020 earnings at $3.71 EPS and FY2020 earnings at $10.21 EPS.
Several other equities research analysts have also issued reports on MLM. Bank of America lowered their price objective on Martin Marietta Materials to $247.00 and set a buy rating for the company in a research note on Wednesday, July 25th. Stifel Nicolaus raised their price objective on Martin Marietta Materials from $256.00 to $260.00 and gave the company a buy rating in a research note on Friday, July 27th. ValuEngine lowered Martin Marietta Materials from a hold rating to a sell rating in a research note on Saturday, July 28th. Citigroup lowered their price objective on Martin Marietta Materials from $262.00 to $250.00 and set a buy rating for the company in a research note on Monday, July 30th. Finally, Stephens reaffirmed a hold rating and issued a $233.00 price objective on shares of Martin Marietta Materials in a research note on Wednesday, August 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $219.11.
NYSE:MLM opened at $188.97 on Thursday. The company has a market capitalization of $11.85 billion, a PE ratio of 23.22, a P/E/G ratio of 1.89 and a beta of 1.09. Martin Marietta Materials has a 1 year low of $150.75 and a 1 year high of $241.33. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.88 and a quick ratio of 1.04.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 3rd will be issued a $0.48 dividend. The ex-dividend date is Friday, November 30th. This represents a $1.92 annualized dividend and a dividend yield of 1.02%. Martin Marietta Materials’s payout ratio is 26.74%.
In other news, SVP Donald A. Mccunniff sold 1,476 shares of the stock in a transaction that occurred on Friday, November 9th. The stock was sold at an average price of $185.50, for a total value of $273,798.00. Following the sale, the senior vice president now directly owns 14,467 shares in the company, valued at $2,683,628.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Donald A. Mccunniff sold 2,250 shares of the stock in a transaction that occurred on Wednesday, August 22nd. The stock was sold at an average price of $204.33, for a total value of $459,742.50. Following the completion of the sale, the senior vice president now owns 12,649 shares in the company, valued at $2,584,570.17. The disclosure for this sale can be found here. Corporate insiders own 0.75% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. purchased a new position in Martin Marietta Materials during the 3rd quarter worth $110,000. Flagship Harbor Advisors LLC purchased a new position in Martin Marietta Materials during the 2nd quarter worth $128,000. Piedmont Investment Advisors LLC purchased a new position in Martin Marietta Materials during the 2nd quarter worth $160,000. Point72 Hong Kong Ltd purchased a new position in Martin Marietta Materials during the 3rd quarter worth $161,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd purchased a new position in Martin Marietta Materials during the 3rd quarter worth $181,000.
About Martin Marietta Materials
Martin Marietta Materials, Inc, a natural-resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company provides crushed stone, sand, and gravel products; ready mixed concrete, and asphalt and paving products; 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.
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