Martin Marietta Materials (NYSE:MLM) Given New $640.00 Price Target at Barclays

Key Points

• Barclays cut its price target for Martin Marietta Materials to $640 (from $675) and kept an Overweight rating, implying roughly a 9.5% upside from the prior close.
• Analyst sentiment is mixed: the stock's average rating is Hold with an average price target of $694.69 (8 Buys, 8 Holds, 1 Sell).
• Martin Marietta recently missed quarterly expectations—EPS of $4.62 vs. $4.81 expected and revenue of $1.53B vs. $1.66B expected—although revenue rose 9.3% year-over-year.

Martin Marietta Materials (NYSE:MLM - Get Free Report) had its price objective lowered by investment analysts at Barclays from $675.00 to $640.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the construction company's stock. Barclays's price target suggests a potential upside of 9.54% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Loop Capital downgraded shares of Martin Marietta Materials from a "buy" rating to a "hold" rating and set a $690.00 price objective on the stock. in a report on Wednesday, January 28th. B. Riley Financial assumed coverage on shares of Martin Marietta Materials in a research note on Thursday, January 15th. They issued a "neutral" rating and a $700.00 target price for the company. Stephens dropped their price target on shares of Martin Marietta Materials from $740.00 to $735.00 and set an "overweight" rating on the stock in a research note on Friday, February 13th. Zacks Research downgraded shares of Martin Marietta Materials from a "hold" rating to a "strong sell" rating in a report on Friday, February 13th. Finally, Truist Financial set a $710.00 price objective on shares of Martin Marietta Materials in a research note on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Martin Marietta Materials presently has an average rating of "Hold" and an average price target of $694.69.

Martin Marietta Materials Stock Performance

NYSE:MLM traded up $10.70 during trading hours on Tuesday, reaching $584.27. The stock had a trading volume of 114,373 shares, compared to its average volume of 533,522. The company has a debt-to-equity ratio of 0.53, a quick ratio of 2.36 and a current ratio of 3.57. The stock has a 50 day simple moving average of $638.32 and a 200 day simple moving average of $629.44. Martin Marietta Materials has a 12-month low of $441.95 and a 12-month high of $710.97. The stock has a market cap of $35.24 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 2.24 and a beta of 1.13.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The construction company reported $4.62 EPS for the quarter, missing analysts' consensus estimates of $4.81 by ($0.19). The firm had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.66 billion. Martin Marietta Materials had a net margin of 17.38% and a return on equity of 10.86%. The firm's quarterly revenue was up 9.3% on a year-over-year basis. During the same period in the prior year, the company earned $4.79 EPS. On average, research analysts forecast that Martin Marietta Materials will post 19.53 EPS for the current fiscal year.

Hedge Funds Weigh In On Martin Marietta Materials

Large investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC lifted its position in Martin Marietta Materials by 6.6% during the first quarter. Integrated Wealth Concepts LLC now owns 794 shares of the construction company's stock valued at $379,000 after purchasing an additional 49 shares during the last quarter. Empowered Funds LLC raised its position in shares of Martin Marietta Materials by 11.4% during the 1st quarter. Empowered Funds LLC now owns 1,408 shares of the construction company's stock valued at $673,000 after buying an additional 144 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in shares of Martin Marietta Materials by 11.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 510 shares of the construction company's stock worth $280,000 after acquiring an additional 51 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Martin Marietta Materials during the 2nd quarter worth $332,000. Finally, Norges Bank purchased a new position in Martin Marietta Materials in the second quarter worth $233,811,000. 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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