Martin Marietta Materials (NYSE:MLM) Upgraded to Outperform at BNP Paribas

BNP Paribas upgraded shares of Martin Marietta Materials (NYSE:MLMGet Rating) from a neutral rating to an outperform rating in a research note published on Tuesday, MarketBeat.com reports. The brokerage currently has $407.00 target price on the construction company’s stock.

A number of other research firms have also recently weighed in on MLM. Wolfe Research raised shares of Martin Marietta Materials from a peer perform rating to an outperform rating and cut their price objective for the stock from $406.00 to $384.00 in a report on Thursday, July 14th. Citigroup boosted their target price on shares of Martin Marietta Materials to $410.00 in a research report on Tuesday, August 9th. Morgan Stanley lifted their price target on Martin Marietta Materials from $394.00 to $420.00 and gave the stock an overweight rating in a research note on Monday, August 1st. JPMorgan Chase & Co. raised shares of Martin Marietta Materials from a neutral rating to an overweight rating and cut their target price for the company from $420.00 to $410.00 in a research note on Friday, June 3rd. Finally, Exane BNP Paribas raised shares of Martin Marietta Materials from a neutral rating to an outperform rating in a research note on Tuesday. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Martin Marietta Materials currently has a consensus rating of Moderate Buy and an average target price of $411.18.

Martin Marietta Materials Trading Down 0.4 %

Shares of MLM opened at $334.57 on Tuesday. The company has a current ratio of 3.63, a quick ratio of 2.53 and a debt-to-equity ratio of 0.74. Martin Marietta Materials has a 12-month low of $284.99 and a 12-month high of $446.46. The firm has a 50-day moving average price of $345.81 and a 200 day moving average price of $346.32. The firm has a market capitalization of $20.87 billion, a P/E ratio of 26.20, a P/E/G ratio of 1.63 and a beta of 0.87.

Martin Marietta Materials (NYSE:MLMGet Rating) last issued its quarterly earnings results on Thursday, July 28th. The construction company reported $3.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.09 by ($0.13). The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.59 billion. Martin Marietta Materials had a return on equity of 11.28% and a net margin of 13.49%. The firm’s revenue for the quarter was up 19.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.81 EPS. Sell-side analysts forecast that Martin Marietta Materials will post 13.27 EPS for the current year.

Martin Marietta Materials Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 0.79%. The ex-dividend date of this dividend is Wednesday, August 31st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.61. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 20.67%.

Hedge Funds Weigh In On Martin Marietta Materials

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in shares of Martin Marietta Materials by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 6,850,912 shares of the construction company’s stock valued at $2,636,848,000 after buying an additional 105,535 shares during the period. BlackRock Inc. grew its stake in shares of Martin Marietta Materials by 1.0% during the first quarter. BlackRock Inc. now owns 4,116,762 shares of the construction company’s stock worth $1,584,501,000 after purchasing an additional 39,408 shares during the period. Select Equity Group L.P. grew its stake in shares of Martin Marietta Materials by 8.9% during the first quarter. Select Equity Group L.P. now owns 3,816,405 shares of the construction company’s stock worth $1,468,896,000 after purchasing an additional 310,451 shares during the period. State Street Corp grew its stake in Martin Marietta Materials by 0.5% in the fourth quarter. State Street Corp now owns 2,781,701 shares of the construction company’s stock valued at $1,225,395,000 after acquiring an additional 13,649 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Martin Marietta Materials by 25.5% in the second quarter. JPMorgan Chase & Co. now owns 2,483,093 shares of the construction company’s stock valued at $743,040,000 after acquiring an additional 504,794 shares during the period. Institutional investors own 93.51% of the company’s stock.

About Martin Marietta Materials

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Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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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Analyst Recommendations for Martin Marietta Materials (NYSE:MLM)

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