Citigroup Lowers Martin Marietta Materials (NYSE:MLM) Price Target to $690.00

Key Points

• Citigroup lowered Martin Marietta Materials’ price target to $690 from $737 while maintaining a “buy” rating, implying 26.39% potential upside from the stock’s current price.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and average price target of $669.71 based on 11 Buy and nine Hold ratings.
• Martin Marietta reported quarterly EPS of $5.00, beating estimates of $4.76, while revenue rose 21% year over year to $1.95 billion; institutional investors own approximately 95% of the stock.

Martin Marietta Materials (NYSE:MLM - Get Free Report) had its price target lowered by Citigroup from $737.00 to $690.00 in a research note issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. Citigroup's price target indicates a potential upside of 26.39% from the stock's current price.

MLM has been the topic of a number of other research reports. Truist Financial increased their price target on Martin Marietta Materials from $710.00 to $730.00 and gave the company a "buy" rating in a research report on Monday, May 4th. Berenberg Bank set a $556.00 price target on Martin Marietta Materials and gave the stock a "hold" rating in a report on Tuesday, June 2nd. Wall Street Zen lowered shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research report on Tuesday, July 28th. UBS Group set a $715.00 price target on Martin Marietta Materials in a research report on Monday. Finally, Wells Fargo & Company lowered their target price on shares of Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating for the company in a research note on Friday. Eleven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $669.71.

Martin Marietta Materials Stock Performance

MLM stock traded up $20.80 during trading on Monday, hitting $545.94. 368,895 shares of the company traded hands, compared to its average volume of 548,414. Martin Marietta Materials has a 1 year low of $523.48 and a 1 year high of $710.97. The company has a market cap of $32.78 billion, a PE ratio of 13.38, a P/E/G ratio of 2.22 and a beta of 1.10. The stock's 50-day simple moving average is $577.73 and its 200 day simple moving average is $606.83. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.76 by $0.24. The business had revenue of $1.95 billion for the quarter, compared to the consensus estimate of $1.87 billion. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The company's revenue was up 21.0% compared to the same quarter last year. During the same period last year, the firm posted $5.43 earnings per share. On average, equities analysts expect that Martin Marietta Materials will post 19.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Martin Marietta Materials

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MLM. Victory Capital Management Inc. boosted its stake in Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after acquiring an additional 836,120 shares during the last quarter. Norges Bank acquired a new stake in shares of Martin Marietta Materials during the fourth quarter worth about $354,681,000. Bank of America Corp DE lifted its holdings in shares of Martin Marietta Materials by 31.9% during the 2nd quarter. Bank of America Corp DE now owns 2,340,677 shares of the construction company's stock valued at $1,284,938,000 after purchasing an additional 565,856 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Martin Marietta Materials by 241.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 303,031 shares of the construction company's stock valued at $188,686,000 after purchasing an additional 214,270 shares during the period. Finally, Interval Partners LP bought a new stake in Martin Marietta Materials during the 4th quarter worth approximately $128,996,000. 95.04% of the stock is 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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