DA Davidson Forecasts Strong Price Appreciation for Martin Marietta Materials (NYSE:MLM) Stock

Key Points

• DA Davidson has increased its price target for Martin Marietta Materials from $625 to $700, indicating a potential upside of 16.51% from the current stock price.
• Martin Marietta reported earnings of $5.43 per share, slightly missing the consensus estimate, with revenue totaling $1.81 billion for the quarter.
• A significant majority of analysts rate Martin Marietta's stock as a 'buy', contributing to a consensus price target of approximately $620.88.

Martin Marietta Materials (NYSE:MLM - Get Free Report) had its price objective upped by equities research analysts at DA Davidson from $625.00 to $700.00 in a research report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. DA Davidson's target price suggests a potential upside of 16.51% from the stock's current price.

Several other research firms have also recently issued reports on MLM. Stifel Nicolaus raised their price objective on shares of Martin Marietta Materials from $559.00 to $609.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. UBS Group upgraded shares of Martin Marietta Materials from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $548.00 to $634.00 in a research note on Friday, May 16th. Stephens restated an "overweight" rating and set a $700.00 price objective on shares of Martin Marietta Materials in a research report on Monday, August 4th. Wall Street Zen upgraded shares of Martin Marietta Materials from a "sell" rating to a "hold" rating in a research report on Saturday. Finally, Morgan Stanley lifted their target price on shares of Martin Marietta Materials from $576.00 to $605.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Martin Marietta Materials currently has an average rating of "Moderate Buy" and a consensus price target of $620.88.

Martin Marietta Materials Trading Down 1.7%

Shares of MLM traded down $10.13 during trading hours on Monday, reaching $600.79. 114,737 shares of the company traded hands, compared to its average volume of 482,995. The company's fifty day moving average price is $561.39 and its two-hundred day moving average price is $528.28. The company has a market capitalization of $36.23 billion, a price-to-earnings ratio of 33.36, a price-to-earnings-growth ratio of 5.58 and a beta of 0.89. The company has a quick ratio of 1.21, a current ratio of 2.35 and a debt-to-equity ratio of 0.56. Martin Marietta Materials has a 12 month low of $441.95 and a 12 month high of $633.23.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The construction company reported $5.43 earnings per share for the quarter, missing the consensus estimate of $5.44 by ($0.01). The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.88 billion. Martin Marietta Materials had a return on equity of 11.88% and a net margin of 16.47%. The firm's revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.76 earnings per share. Equities research analysts predict that Martin Marietta Materials will post 19.53 earnings per share for the current fiscal year.

Institutional Trading of Martin Marietta Materials

Several large investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in Martin Marietta Materials by 58,570.5% in the 1st quarter. GAMMA Investing LLC now owns 697,592 shares of the construction company's stock worth $333,540,000 after buying an additional 696,403 shares during the period. American Century Companies Inc. boosted its holdings in shares of Martin Marietta Materials by 1,880.3% during the 1st quarter. American Century Companies Inc. now owns 369,382 shares of the construction company's stock valued at $176,613,000 after purchasing an additional 350,729 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Martin Marietta Materials by 10.1% during the 1st quarter. JPMorgan Chase & Co. now owns 2,944,694 shares of the construction company's stock valued at $1,407,947,000 after buying an additional 268,928 shares in the last quarter. Alkeon Capital Management LLC raised its position in Martin Marietta Materials by 46.6% in the 4th quarter. Alkeon Capital Management LLC now owns 771,198 shares of the construction company's stock worth $398,324,000 after purchasing an additional 245,000 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its position in Martin Marietta Materials by 39.2% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 659,363 shares of the construction company's stock worth $315,261,000 after purchasing an additional 185,731 shares during the period. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Company Profile

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.

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