Q2 2024 Earnings Estimate for Martin Marietta Materials, Inc. Issued By Seaport Res Ptn (NYSE:MLM)

Martin Marietta Materials, Inc. (NYSE:MLM) – Stock analysts at Seaport Res Ptn cut their Q2 2024 earnings per share estimates for Martin Marietta Materials in a report released on Wednesday, June 12th. Seaport Res Ptn analyst R. Seth now forecasts that the construction company will earn $5.54 per share for the quarter, down from their previous estimate of $6.48. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $23.29 per share. Seaport Res Ptn also issued estimates for Martin Marietta Materials’ Q3 2024 earnings at $7.95 EPS, FY2024 earnings at $21.23 EPS, FY2025 earnings at $24.32 EPS and FY2026 earnings at $27.74 EPS.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings data on Tuesday, April 30th. The construction company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.88 by $0.05. Martin Marietta Materials had a return on equity of 14.74% and a net margin of 31.35%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the company posted $2.16 EPS. The business’s revenue for the quarter was down 7.6% compared to the same quarter last year.

A number of other brokerages have also issued reports on MLM. Truist Financial increased their price objective on Martin Marietta Materials from $610.00 to $700.00 and gave the stock a “buy” rating in a report on Tuesday, April 2nd. Wolfe Research downgraded Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a research report on Friday, March 8th. HSBC upgraded Martin Marietta Materials from a “reduce” rating to a “hold” rating and upped their target price for the stock from $376.00 to $543.00 in a research report on Thursday, February 22nd. Stifel Nicolaus upped their target price on Martin Marietta Materials from $621.00 to $650.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, The Goldman Sachs Group upped their target price on Martin Marietta Materials from $642.00 to $737.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Martin Marietta Materials has an average rating of “Moderate Buy” and an average target price of $610.27.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $566.85 on Friday. Martin Marietta Materials has a 12-month low of $389.90 and a 12-month high of $626.67. The firm has a market capitalization of $34.94 billion, a price-to-earnings ratio of 16.80, a price-to-earnings-growth ratio of 2.50 and a beta of 0.93. The business has a 50 day simple moving average of $584.81 and a 200 day simple moving average of $551.12. The company has a debt-to-equity ratio of 0.44, a current ratio of 3.16 and a quick ratio of 2.41.

Institutional Trading of Martin Marietta Materials

Hedge funds have recently modified their holdings of the business. FMR LLC increased its stake in shares of Martin Marietta Materials by 225.3% in the third quarter. FMR LLC now owns 1,833,959 shares of the construction company’s stock worth $752,803,000 after acquiring an additional 1,270,116 shares during the last quarter. Norges Bank acquired a new position in shares of Martin Marietta Materials in the fourth quarter worth $308,705,000. Price T Rowe Associates Inc. MD increased its stake in shares of Martin Marietta Materials by 114.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 980,699 shares of the construction company’s stock worth $602,092,000 after acquiring an additional 523,038 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in shares of Martin Marietta Materials by 4,244.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 277,182 shares of the construction company’s stock worth $138,289,000 after acquiring an additional 270,802 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Martin Marietta Materials by 9.7% in the third quarter. JPMorgan Chase & Co. now owns 2,042,537 shares of the construction company’s stock worth $838,421,000 after acquiring an additional 181,136 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Martin Marietta Materials Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be issued a $0.74 dividend. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.52%. Martin Marietta Materials’s payout ratio is currently 8.77%.

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.