The Goldman Sachs Group Lowers Martin Marietta Materials (NYSE:MLM) to Neutral

The Goldman Sachs Group downgraded shares of Martin Marietta Materials (NYSE:MLM) from a buy rating to a neutral rating in a research report sent to investors on Thursday morning, Analyst Ratings Network reports. The firm currently has $277.00 target price on the construction company’s stock.

A number of other research firms have also recently issued reports on MLM. Jefferies Financial Group cut Martin Marietta Materials from a buy rating to a hold rating and lowered their target price for the stock from $314.00 to $282.00 in a report on Friday, November 6th. Berenberg Bank cut Martin Marietta Materials from a buy rating to a hold rating in a report on Thursday, October 22nd. Deutsche Bank Aktiengesellschaft upgraded Martin Marietta Materials from a hold rating to a buy rating and raised their price objective for the company from $230.00 to $311.00 in a report on Wednesday, October 7th. Citigroup raised their price objective on Martin Marietta Materials from $230.00 to $263.00 and gave the company a buy rating in a report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. cut Martin Marietta Materials from an overweight rating to a neutral rating and set a $250.00 price objective for the company. in a report on Thursday, August 6th. Eleven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $243.75.

MLM stock opened at $265.60 on Thursday. The stock has a 50-day moving average price of $260.64 and a two-hundred day moving average price of $220.93. The stock has a market cap of $16.54 billion, a PE ratio of 24.82, a price-to-earnings-growth ratio of 4.95 and a beta of 0.79. The company has a current ratio of 3.27, a quick ratio of 1.85 and a debt-to-equity ratio of 0.46. Martin Marietta Materials has a 1 year low of $135.08 and a 1 year high of $281.82.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Thursday, October 29th. The construction company reported $4.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $3.76 by $0.95. The firm had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.35 billion. Martin Marietta Materials had a return on equity of 12.22% and a net margin of 14.38%. The company’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.96 EPS. On average, analysts forecast that Martin Marietta Materials will post 10.17 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.57 per share. The ex-dividend date is Monday, November 30th. This represents a $2.28 annualized dividend and a yield of 0.86%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 23.41%.

In other news, Director Sue W. Cole sold 750 shares of Martin Marietta Materials stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $209.18, for a total value of $156,885.00. Following the completion of the sale, the director now directly owns 22,364 shares in the company, valued at $4,678,101.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sue W. Cole sold 468 shares of Martin Marietta Materials stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $207.03, for a total transaction of $96,890.04. Following the completion of the sale, the director now owns 22,364 shares of the company’s stock, valued at $4,630,018.92. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Freestone Capital Holdings LLC acquired a new stake in shares of Martin Marietta Materials in the third quarter valued at approximately $28,000. Sageworth Trust Co acquired a new stake in shares of Martin Marietta Materials in the third quarter valued at approximately $28,000. Rockbridge Investment Management LCC acquired a new stake in shares of Martin Marietta Materials in the third quarter valued at approximately $33,000. Rosenberg Matthew Hamilton acquired a new stake in shares of Martin Marietta Materials in the second quarter valued at approximately $31,000. Finally, Shine Investment Advisory Services Inc. increased its stake in Martin Marietta Materials by 43.1% in the second quarter. Shine Investment Advisory Services Inc. now owns 156 shares of the construction company’s stock valued at $32,000 after acquiring an additional 47 shares during the last quarter. Institutional investors own 95.32% of the company’s stock.

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. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; Portland and specialty cement used 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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