Martin Marietta Materials, Inc. (NYSE:MLM) Forecasted to Earn Q2 2024 Earnings of $6.48 Per Share

Martin Marietta Materials, Inc. (NYSE:MLM) – Seaport Res Ptn dropped their Q2 2024 earnings per share estimates for shares of Martin Marietta Materials in a research report issued to clients and investors on Thursday, April 25th. Seaport Res Ptn analyst R. Seth now forecasts that the construction company will post earnings per share of $6.48 for the quarter, down from their previous estimate of $6.60. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $21.30 per share. Seaport Res Ptn also issued estimates for Martin Marietta Materials’ Q3 2024 earnings at $8.29 EPS, Q4 2024 earnings at $5.46 EPS, FY2024 earnings at $22.11 EPS and Q3 2025 earnings at $9.13 EPS.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings results on Wednesday, February 14th. The construction company reported $4.63 EPS for the quarter, beating the consensus estimate of $3.96 by $0.67. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.62 billion. Martin Marietta Materials had a net margin of 17.25% and a return on equity of 15.77%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.04 earnings per share.

Several other equities analysts have also issued reports on the company. Stifel Nicolaus raised their price objective on Martin Marietta Materials from $621.00 to $650.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Citigroup lifted their price target on Martin Marietta Materials from $635.00 to $708.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Raymond James increased their price objective on Martin Marietta Materials from $505.00 to $555.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $600.00 target price (up from $530.00) on shares of Martin Marietta Materials in a report on Friday, March 22nd. Finally, The Goldman Sachs Group increased their price target on shares of Martin Marietta Materials from $642.00 to $737.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Four investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Martin Marietta Materials presently has a consensus rating of “Moderate Buy” and a consensus target price of $588.69.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $604.99 on Friday. Martin Marietta Materials has a 12 month low of $345.03 and a 12 month high of $626.67. The firm has a market capitalization of $37.34 billion, a P/E ratio of 32.13, a P/E/G ratio of 2.89 and a beta of 0.96. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.35 and a quick ratio of 2.50. The company’s fifty day moving average price is $593.37 and its 200 day moving average price is $516.59.

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 MLM. CWM LLC grew its holdings in Martin Marietta Materials by 2.1% in the 3rd quarter. CWM LLC now owns 1,478 shares of the construction company’s stock valued at $607,000 after buying an additional 31 shares during the period. Flagship Harbor Advisors LLC purchased a new stake in Martin Marietta Materials in the third quarter valued at approximately $287,000. Caprock Group LLC increased its position in Martin Marietta Materials by 3.3% during the third quarter. Caprock Group LLC now owns 1,751 shares of the construction company’s stock worth $719,000 after purchasing an additional 56 shares during the last quarter. Czech National Bank raised its stake in Martin Marietta Materials by 47.3% during the third quarter. Czech National Bank now owns 10,802 shares of the construction company’s stock worth $4,434,000 after purchasing an additional 3,467 shares during the period. Finally, Handelsbanken Fonder AB boosted its holdings in shares of Martin Marietta Materials by 1.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 33,368 shares of the construction company’s stock valued at $13,697,000 after purchasing an additional 350 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Buying and Selling

In other news, EVP Roselyn R. Bar sold 10,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $603.29, for a total transaction of $6,032,900.00. Following the completion of the transaction, the executive vice president now directly owns 59,970 shares of the company’s stock, valued at approximately $36,179,301.30. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Roselyn R. Bar sold 10,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $603.29, for a total transaction of $6,032,900.00. Following the sale, the executive vice president now owns 59,970 shares of the company’s stock, valued at $36,179,301.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sue W. Cole sold 1,724 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $543.48, for a total value of $936,959.52. Following the sale, the director now directly owns 19,793 shares in the company, valued at approximately $10,757,099.64. The disclosure for this sale can be found here. Insiders sold 26,724 shares of company stock valued at $16,033,760 over the last ninety days. Corporate insiders own 0.61% of the company’s stock.

Martin Marietta Materials Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 4th were paid a dividend of $0.74 per share. The ex-dividend date was Friday, March 1st. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.49%. Martin Marietta Materials’s dividend payout ratio (DPR) is 15.72%.

About Martin Marietta Materials

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.