Martin Marietta Materials (NYSE:MLM) Given New $650.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered Martin Marietta Materials’ price target from $680 to $650 while maintaining an “overweight” rating, implying 37.26% upside from the prior close.
• Analyst sentiment remains broadly positive, with 12 Buy, seven Hold, and one Sell rating; MarketBeat’s consensus is “Moderate Buy” with a $644.71 target.
• Shares traded at $473.54, near their 52-week low, despite the company beating quarterly earnings and revenue estimates and reporting 21% year-over-year revenue growth.

Martin Marietta Materials (NYSE:MLM - Get Free Report) had its price target decreased by investment analysts at JPMorgan Chase & Co. from $680.00 to $650.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an "overweight" rating on the construction company's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 37.26% from the company's previous close.

A number of other equities research analysts have also recently commented on the company. Raymond James Financial set a $660.00 target price on Martin Marietta Materials in a report on Friday, July 31st. Truist Financial cut their price target on Martin Marietta Materials from $730.00 to $625.00 and set a "buy" rating for the company in a report on Monday, October 5th. Weiss Ratings downgraded Martin Marietta Materials from a "hold (c+)" rating to a "hold (c)" rating in a research report on Thursday, September 3rd. Sanford C. Bernstein lowered Martin Marietta Materials to an "underweight" rating in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada decreased their price objective on Martin Marietta Materials from $620.00 to $530.00 and set a "sector perform" rating on the stock in a research note on Friday. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Martin Marietta Materials presently has a consensus rating of "Moderate Buy" and a consensus target price of $644.71.

Martin Marietta Materials Price Performance

MLM traded down $3.64 during midday trading on Tuesday, reaching $473.54. 422,089 shares of the company's stock were exchanged, compared to its average volume of 591,269. Martin Marietta Materials has a 1-year low of $470.19 and a 1-year high of $710.97. The stock has a market capitalization of $28.45 billion, a PE ratio of 11.63, a P/E/G ratio of 2.27 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The business's 50-day moving average price is $512.41 and its 200 day moving average price is $559.73.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 EPS for the quarter, beating the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The business had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business earned $5.43 earnings per share. The company's quarterly revenue was up 21.0% on a year-over-year basis. As a group, equities analysts anticipate that Martin Marietta Materials will post 17.77 EPS for the current fiscal year.

Institutional Trading of Martin Marietta Materials

Hedge funds and other institutional investors have recently bought and sold shares of the company. Meeder Asset Management Inc. increased its stake in Martin Marietta Materials by 67.9% during the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company's stock worth $28,000 after acquiring an additional 19 shares during the last quarter. CoreCap Advisors LLC raised its holdings in shares of Martin Marietta Materials by 370.0% in the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock worth $27,000 after purchasing an additional 37 shares during the period. Reflection Asset Management acquired a new position in shares of Martin Marietta Materials in the 4th quarter valued at about $35,000. EFG International AG acquired a new position in shares of Martin Marietta Materials in the 2nd quarter valued at about $39,000. Finally, GK Wealth Management LLC acquired a new position in shares of Martin Marietta Materials in the 3rd quarter valued at about $32,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company's principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.

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