Martin Marietta Materials (NYSE:MLM) Price Target Raised to $605.00 at Morgan Stanley

Key Points

• Morgan Stanley raised the price target for Martin Marietta Materials from $576.00 to $605.00 and maintains an "overweight" rating, indicating a potential upside of 3.24% from the current stock price.
• Other analysts have mixed opinions, with Loop Capital lowering its price objective to $615.00 while UBS upgraded their target to $634.00, reflecting varied confidence in the company's performance.
• Martin Marietta reported a quarterly EPS of $1.90, surpassing estimates slightly, and noted an 8.2% year-over-year revenue increase, indicating stable growth in its core business.

Martin Marietta Materials (NYSE:MLM - Get Free Report) had its price target increased by analysts at Morgan Stanley from $576.00 to $605.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the construction company's stock. Morgan Stanley's price target indicates a potential upside of 3.24% from the stock's current price.

Several other equities analysts have also commented on MLM. Loop Capital lowered their price objective on Martin Marietta Materials from $645.00 to $615.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Royal Bank Of Canada initiated coverage on Martin Marietta Materials in a research note on Monday, June 16th. They issued a "sector perform" rating and a $515.00 target price on the stock. Raymond James Financial cut their target price on Martin Marietta Materials from $600.00 to $597.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 29th. UBS Group upgraded shares of Martin Marietta Materials from a "neutral" rating to a "buy" rating and upped their target price for the stock from $548.00 to $634.00 in a research note on Friday, May 16th. Finally, Wall Street Zen downgraded shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research note on Saturday, May 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $605.93.

Martin Marietta Materials Stock Performance

Shares of Martin Marietta Materials stock opened at $586.01 on Monday. The company has a current ratio of 2.25, a quick ratio of 0.99 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $35.32 billion, a P/E ratio of 33.76, a P/E/G ratio of 5.35 and a beta of 0.87. The business has a fifty day simple moving average of $555.14 and a two-hundred day simple moving average of $524.31. 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 announced its quarterly earnings data on Wednesday, April 30th. The construction company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.88 by $0.02. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.36 billion. Martin Marietta Materials had a return on equity of 12.01% and a net margin of 16.07%. The company's revenue for the quarter was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.93 earnings per share. On average, equities analysts forecast that Martin Marietta Materials will post 19.53 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 modified their holdings of MLM. GAMMA Investing LLC increased its holdings in Martin Marietta Materials by 58,570.5% during the first quarter. GAMMA Investing LLC now owns 697,592 shares of the construction company's stock valued at $333,540,000 after buying an additional 696,403 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Martin Marietta Materials by 1,880.3% in the 1st quarter. American Century Companies Inc. now owns 369,382 shares of the construction company's stock worth $176,613,000 after purchasing an additional 350,729 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Martin Marietta Materials by 10.1% in the 1st quarter. JPMorgan Chase & Co. now owns 2,944,694 shares of the construction company's stock worth $1,407,947,000 after purchasing an additional 268,928 shares in the last quarter. Alkeon Capital Management LLC increased its stake in shares of 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 in the last quarter. Finally, Diamond Hill Capital Management Inc. increased its stake in shares of 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 in the last quarter. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

About Martin Marietta Materials

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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