Martin Marietta Materials (NYSE:MLM) Reaches New 12-Month Low - Here's What Happened

Key Points

• Martin Marietta Materials shares hit a new 52-week low, falling to $522.25 and trading well below their 50-day and 200-day moving averages.
• Analysts maintain a generally positive outlook, with an overall “Moderate Buy” rating and a consensus price target of $668.53, despite several recent target reductions.
• The company beat quarterly earnings and revenue expectations, while increasing its quarterly dividend to $0.84 per share; institutional investors own approximately 95% of the stock.

Martin Marietta Materials, Inc. (NYSE:MLM - Get Free Report)'s stock price reached a new 52-week low during trading on Tuesday . The stock traded as low as $522.25 and last traded at $522.9960, with a volume of 276449 shares changing hands. The stock had previously closed at $538.66.

Analysts Set New Price Targets

A number of equities analysts have weighed in on MLM shares. Stephens lowered their price objective on Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Truist Financial lifted their price target on Martin Marietta Materials from $710.00 to $730.00 and gave the stock a "buy" rating in a report on Monday, May 4th. JPMorgan Chase & Co. lowered their price target on shares of Martin Marietta Materials from $700.00 to $680.00 and set a "neutral" rating on the stock in a research report on Friday, July 31st. Wells Fargo & Company dropped their price objective on shares of Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating for the company in a report on Friday, July 31st. Finally, Raymond James Financial set a $660.00 price objective on shares of Martin Marietta Materials in a research report on Friday, July 31st. Eleven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat.com, Martin Marietta Materials has an average rating of "Moderate Buy" and a consensus target price of $668.53.

Martin Marietta Materials Stock Performance

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.41 and a quick ratio of 0.73. The company has a market cap of $31.50 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 2.37 and a beta of 1.11. The firm has a 50 day simple moving average of $572.58 and a 200-day simple moving average of $599.05.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 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 analyst estimates of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company's quarterly revenue was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.43 EPS. As a group, analysts predict that Martin Marietta Materials, Inc. will post 19.07 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 0.6%. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials's payout ratio is 8.26%.

Institutional Investors Weigh In On Martin Marietta Materials

Institutional investors and hedge funds have recently made changes to their positions in the stock. CoreCap Advisors LLC increased its holdings in Martin Marietta Materials by 370.0% in the 2nd quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock valued at $27,000 after purchasing an additional 37 shares during the last quarter. Meeder Asset Management Inc. lifted its stake in Martin Marietta Materials by 67.9% during the first quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company's stock worth $28,000 after purchasing an additional 19 shares in the last quarter. Garton & Associates Financial Advisors LLC purchased a new position in shares of Martin Marietta Materials during the fourth quarter worth $31,000. Reflection Asset Management purchased a new position in shares of Martin Marietta Materials during the fourth quarter worth $35,000. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Martin Marietta Materials during the second quarter worth $37,000. 95.04% of the stock is owned by hedge funds and other 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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