Seaport Res Ptn Weighs in on Martin Marietta Materials, Inc.’s Q2 2024 Earnings (NYSE:MLM)

Martin Marietta Materials, Inc. (NYSE:MLM) – Stock analysts at Seaport Res Ptn cut their Q2 2024 earnings estimates for Martin Marietta Materials in a research note issued to investors on Thursday, April 25th. Seaport Res Ptn analyst R. Seth now anticipates that the construction company will post earnings of $6.48 per share for the quarter, down from their prior estimate of $6.60. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $21.24 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.

A number of other equities analysts have also recently issued reports on MLM. Citigroup lifted their target price on shares of Martin Marietta Materials from $635.00 to $708.00 and gave the stock a “buy” rating in a research report on Friday, April 5th. Stifel Nicolaus lifted their target price on shares of Martin Marietta Materials from $621.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. HSBC upgraded shares of Martin Marietta Materials from a “reduce” rating to a “hold” rating and lifted their target price for the stock from $376.00 to $543.00 in a research report on Thursday, February 22nd. Stephens lifted their target price on shares of Martin Marietta Materials from $575.00 to $605.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $600.00 target price (up previously from $530.00) on shares of Martin Marietta Materials in a research report on Friday, March 22nd. Four analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $588.69.

Martin Marietta Materials Stock Up 1.4 %

MLM stock opened at $605.17 on Friday. The company has a market cap of $37.35 billion, a P/E ratio of 32.14, a P/E/G ratio of 2.87 and a beta of 0.96. Martin Marietta Materials has a 52 week low of $345.03 and a 52 week high of $626.67. The company’s 50-day moving average price is $593.37 and its 200 day moving average price is $515.98. The company has a current ratio of 3.35, a quick ratio of 2.50 and a debt-to-equity ratio of 0.49.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings data on Wednesday, February 14th. The construction company reported $4.63 EPS for the quarter, topping analysts’ consensus estimates of $3.96 by $0.67. The firm had revenue of $1.61 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm earned $3.04 earnings per share.

Hedge Funds Weigh In On Martin Marietta Materials

Several institutional investors and hedge funds have recently bought and sold shares of MLM. Pavion Blue Capital LLC purchased a new stake in Martin Marietta Materials during the first quarter worth approximately $205,000. YHB Investment Advisors Inc. purchased a new stake in Martin Marietta Materials during the first quarter worth approximately $193,000. Summit Financial LLC purchased a new stake in Martin Marietta Materials during the first quarter worth approximately $222,000. Cambridge Investment Research Advisors Inc. grew its stake in Martin Marietta Materials by 11.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 9,547 shares of the construction company’s stock worth $5,861,000 after buying an additional 985 shares during the period. Finally, Zullo Investment Group Inc. purchased a new stake in Martin Marietta Materials during the first quarter worth approximately $217,000. Institutional investors and hedge funds own 95.04% of the company’s stock.

Insider Activity

In related news, EVP Roselyn R. Bar sold 10,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 59,970 shares of the company’s stock, valued at $36,179,301.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Roselyn R. Bar sold 10,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 59,970 shares of the company’s stock, valued at $36,179,301.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO C Howard Nye sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total transaction of $9,063,900.00. Following the transaction, the chief executive officer now directly owns 134,640 shares of the company’s stock, valued at approximately $81,357,566.40. The disclosure for this sale can be found here. Insiders sold a total of 26,724 shares of company stock valued at $16,033,760 over the last 90 days. Insiders own 0.61% of the company’s stock.

Martin Marietta Materials Dividend Announcement

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

Martin Marietta Materials Company Profile

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.