Martin Marietta Materials (NYSE:MLM) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Martin Marietta Materials (NYSE:MLM - Get Free Report) announced its quarterly earnings results on Tuesday. The construction company reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.88 by $0.05, Briefing.com reports. Martin Marietta Materials had a return on equity of 15.77% and a net margin of 17.25%. The business had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same quarter last year, the business posted $2.16 earnings per share. The business's revenue for the quarter was down 7.6% on a year-over-year basis. Martin Marietta Materials updated its FY 2024 guidance to EPS.

Martin Marietta Materials Trading Up 0.6 %

Shares of NYSE:MLM traded up $3.79 during trading on Wednesday, reaching $590.86. 649,170 shares of the stock were exchanged, compared to its average volume of 416,877. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.50 and a current ratio of 3.35. Martin Marietta Materials has a 12-month low of $361.33 and a 12-month high of $626.67. The firm has a market cap of $36.47 billion, a price-to-earnings ratio of 31.38, a price-to-earnings-growth ratio of 2.91 and a beta of 0.96. The firm's 50-day moving average price is $596.80 and its 200 day moving average price is $520.00.

Martin Marietta Materials Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 4th were issued a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date of this dividend was Friday, March 1st. Martin Marietta Materials's payout ratio is currently 15.72%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MLM. Stifel Nicolaus boosted their target price on shares of Martin Marietta Materials from $621.00 to $650.00 and gave the company a "buy" rating in a research note on Monday, April 15th. Morgan Stanley started coverage on shares of Martin Marietta Materials in a research note on Monday, January 8th. They issued an "overweight" rating and a $595.00 target price for the company. Wolfe Research downgraded shares of Martin Marietta Materials from an "outperform" rating to a "peer perform" rating in a research note on Friday, March 8th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $600.00 price objective (up previously from $530.00) on shares of Martin Marietta Materials in a research note on Friday, March 22nd. Finally, Stephens upped their price objective on shares of Martin Marietta Materials from $575.00 to $605.00 and gave the company an "overweight" rating in a research note on Friday, February 16th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $588.69.

Insider Transactions at Martin Marietta Materials

In other Martin Marietta Materials news, Director Sue W. Cole sold 1,724 shares of the company's stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $543.48, for a total value of $936,959.52. Following the completion of the transaction, the director now owns 19,793 shares in the company, valued at approximately $10,757,099.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Martin Marietta Materials news, Director Sue W. Cole sold 1,724 shares of the company's stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $543.48, for a total value of $936,959.52. Following the completion of the transaction, the director now owns 19,793 shares in the company, valued at approximately $10,757,099.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Roselyn R. Bar sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $603.29, for a total value of $6,032,900.00. Following the completion of the transaction, the executive vice president now owns 59,970 shares of the company's stock, valued at approximately $36,179,301.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,724 shares of company stock worth $16,033,760. 0.59% of the stock is currently owned by company insiders.

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.