Royal Bank Of Canada Forecasts Strong Price Appreciation for Martin Marietta Materials (NYSE:MLM) Stock

Key Points

• Royal Bank of Canada raised Martin Marietta Materials’ price target to $620 from $610 while maintaining a “sector perform” rating, implying 17.62% upside from the previous close.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $665.88; ten analysts rate the stock a Buy versus nine Holds.
• Martin Marietta exceeded quarterly expectations, reporting $5.00 in EPS and $1.95 billion in revenue, with revenue up 21% year over year. Shares recently traded at $527.13, near their 12-month low of $522.19.

Martin Marietta Materials (NYSE:MLM - Get Free Report) had its target price raised by research analysts at Royal Bank Of Canada from $610.00 to $620.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "sector perform" rating on the construction company's stock. Royal Bank Of Canada's price objective points to a potential upside of 17.62% from the company's previous close.

Several other research analysts also recently commented on the company. Truist Financial raised their target price on Martin Marietta Materials from $710.00 to $730.00 and gave the stock a "buy" rating in a research note on Monday, May 4th. Wolfe Research set a $648.00 price target on Martin Marietta Materials in a research report on Tuesday, August 4th. UBS Group lowered their price target on shares of Martin Marietta Materials from $739.00 to $715.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the company a "hold" rating in a research report on Tuesday, June 2nd. Finally, Raymond James Financial set a $660.00 price objective on shares of Martin Marietta Materials in a research note on Friday, July 31st. Ten analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $665.88.

Martin Marietta Materials Stock Performance

MLM traded down $1.46 on Friday, hitting $527.13. The company's stock had a trading volume of 59,998 shares, compared to its average volume of 546,102. Martin Marietta Materials has a 12 month low of $522.19 and a 12 month high of $710.97. The firm has a market cap of $31.66 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 2.30 and a beta of 1.11. The company has a quick ratio of 0.73, a current ratio of 1.41 and a debt-to-equity ratio of 0.44. The company's 50 day simple moving average is $564.37 and its 200-day simple moving average is $591.62.

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

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors have recently added to or reduced their stakes in MLM. Integrated Wealth Concepts LLC grew its holdings in shares of Martin Marietta Materials by 6.6% during the first quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock worth $379,000 after purchasing an additional 49 shares in the last quarter. Empowered Funds LLC raised its stake in Martin Marietta Materials by 11.4% in the first quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock valued at $673,000 after purchasing an additional 144 shares in the last quarter. Sivia Capital Partners LLC lifted its position in Martin Marietta Materials by 11.1% during the second quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock valued at $280,000 after purchasing an additional 51 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in Martin Marietta Materials by 205.9% during the second quarter. EverSource Wealth Advisors LLC now owns 260 shares of the construction company's stock valued at $143,000 after purchasing an additional 175 shares during the last quarter. Finally, Cresset Asset Management LLC grew its stake in Martin Marietta Materials by 22.6% in the 2nd quarter. Cresset Asset Management LLC now owns 777 shares of the construction company's stock worth $427,000 after buying an additional 143 shares in the last quarter. 95.04% of the stock is currently owned by institutional investors.

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.

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