Martin Marietta Materials (NYSE:MLM) Upgraded at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded Martin Marietta Materials from “neutral” to “overweight” and set a $680 price target, implying 34.69% upside from the prior close.
• Analyst opinion remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $665.88, despite several recent target reductions and one sell rating.
• Martin Marietta exceeded quarterly expectations, reporting $5.00 in EPS versus $4.76 expected and $1.95 billion in revenue, up 21% year over year.

Martin Marietta Materials (NYSE:MLM - Get Free Report) was upgraded by equities research analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research note issued to investors on Wednesday, Briefing.com reports. The firm currently has a $680.00 price objective on the construction company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 34.69% from the company's previous close.

MLM has been the topic of a number of other reports. Sanford C. Bernstein lowered Martin Marietta Materials to an "underweight" rating in a research note on Wednesday. Citigroup lowered their target price on shares of Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating on the stock in a research note on Monday, August 3rd. Morgan Stanley dropped their price objective on Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Wall Street Zen cut shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research note on Tuesday, July 28th. Finally, Royal Bank Of Canada upped their price target on shares of Martin Marietta Materials from $610.00 to $620.00 and gave the stock a "sector perform" rating in a research report on Friday, August 28th. Eleven research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $665.88.

Martin Marietta Materials Price Performance

NYSE MLM opened at $504.85 on Wednesday. The stock has a market capitalization of $30.33 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 2.24 and a beta of 1.10. The company has a 50 day moving average price of $558.97 and a two-hundred day moving average price of $588.02. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. Martin Marietta Materials has a 12-month low of $502.56 and a 12-month high of $710.97.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.76 by $0.24. The firm had revenue of $1.95 billion during the quarter, compared to analysts' expectations of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. Martin Marietta Materials's revenue for the quarter was up 21.0% on a year-over-year basis. During the same period in the prior year, the company posted $5.43 earnings per share. As a group, equities analysts predict that Martin Marietta Materials will post 19.07 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Martin Marietta Materials

A number of large investors have recently added to or reduced their stakes in MLM. California State Teachers Retirement System lifted its holdings in shares of Martin Marietta Materials by 72,704.3% in the second quarter. California State Teachers Retirement System now owns 51,073,705 shares of the construction company's stock valued at $29,454,206,000 after purchasing an additional 51,003,553 shares in the last quarter. BlackRock Inc. acquired a new stake in Martin Marietta Materials in the 2nd quarter valued at approximately $2,706,134,000. Bank of America Corp DE acquired a new stake in Martin Marietta Materials in the 2nd quarter valued at approximately $1,411,047,000. Victory Capital Management Inc. lifted its stake in Martin Marietta Materials by 51.8% in the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock valued at $1,524,853,000 after acquiring an additional 836,120 shares in the last quarter. Finally, Norges Bank bought a new stake in Martin Marietta Materials in the 4th quarter valued at approximately $354,681,000. Institutional investors own 95.04% of the company's stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc NYSE: MLM is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source