Martin Marietta Materials (NYSE:MLM) Reaches New 52-Week High - What's Next?

Key Points

• Martin Marietta Materials reached a new 52-week high during trading, hitting $638.26 before last trading at $637.74, with a significant volume of 259,586 shares.
• Analysts have shown confidence in the stock, with two giving it a Strong Buy rating, and an average price target of $622.63 after recent ratings adjustments.
• Martin Marietta announced a quarterly dividend increase to $0.83, marking a rise from the previous $0.79, which reflects a 0.5% dividend yield.

Shares of Martin Marietta Materials, Inc. (NYSE:MLM - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $638.26 and last traded at $637.74, with a volume of 259586 shares changing hands. The stock had previously closed at $634.77.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Martin Marietta Materials in a research note on Saturday, September 27th. Morgan Stanley raised their price target 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. Stephens reaffirmed an "overweight" rating and set a $700.00 price target on shares of Martin Marietta Materials in a research note on Monday, August 4th. Royal Bank Of Canada reissued a "sector perform" rating and set a $525.00 price objective (up from $515.00) on shares of Martin Marietta Materials in a report on Friday, August 8th. Finally, Bank of America increased their price objective on shares of Martin Marietta Materials from $577.00 to $643.00 and gave the company a "neutral" rating in a report on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $622.63.

Martin Marietta Materials Stock Up 0.5%

The company has a current ratio of 2.35, a quick ratio of 1.21 and a debt-to-equity ratio of 0.56. The firm's fifty day moving average price is $611.41 and its 200-day moving average price is $559.80. The company has a market cap of $38.46 billion, a price-to-earnings ratio of 35.37, a price-to-earnings-growth ratio of 5.75 and a beta of 1.01.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last posted its earnings results on Thursday, August 7th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.44 by ($0.01). The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.88 billion. Martin Marietta Materials had a net margin of 16.47% and a return on equity of 11.88%. The firm's revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $4.76 earnings per share. Martin Marietta Materials has set its FY 2025 guidance at EPS. Sell-side analysts predict that Martin Marietta Materials, Inc. will post 19.53 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.5%. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.79. The ex-dividend date was Tuesday, September 2nd. Martin Marietta Materials's dividend payout ratio is presently 18.41%.

Insider Buying and Selling at Martin Marietta Materials

In related news, Director Laree E. Perez sold 1,038 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $613.32, for a total transaction of $636,626.16. Following the completion of the transaction, the director directly owned 15,417 shares in the company, valued at approximately $9,455,554.44. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.68% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Martin Marietta Materials

A number of large investors have recently modified their holdings of the business. Bank of America Corp DE lifted its position in shares of Martin Marietta Materials by 31.9% in the second 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 buying an additional 565,856 shares during the last quarter. Norges Bank acquired a new position in shares of Martin Marietta Materials during the 2nd quarter worth approximately $233,811,000. American Century Companies Inc. increased its holdings in shares of Martin Marietta Materials by 1,880.3% during the first 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 during the period. JPMorgan Chase & Co. lifted 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 acquiring an additional 268,928 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its holdings 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 valued at $315,261,000 after buying an additional 185,731 shares during the period. 95.04% of the stock is currently owned by institutional investors and hedge funds.

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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