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

Martin Marietta Materials, Inc. (NYSE:MLM - Get Free Report) shares reached a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $471.88 and last traded at $479.3990, with a volume of 1056046 shares changing hands. The stock had previously closed at $490.77.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MLM. Stephens dropped their target price on Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Wells Fargo & Company lowered their price target on shares of Martin Marietta Materials from $609.00 to $585.00 and set an "overweight" rating on the stock in a research report on Monday, September 21st. Weiss Ratings downgraded shares of Martin Marietta Materials from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, September 3rd. Wall Street Zen lowered shares of Martin Marietta Materials from a "hold" rating to a "sell" rating in a research report on Tuesday, July 28th. Finally, Citigroup lowered their target price on shares of Martin Marietta Materials from $737.00 to $690.00 and set a "buy" rating on the stock in a report on Monday, August 3rd. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $666.12.

Martin Marietta Materials Trading Down 2.3%

The firm has a 50-day moving average of $525.67 and a two-hundred day moving average of $565.77. The firm has a market capitalization of $28.80 billion, a P/E ratio of 11.78, a P/E/G ratio of 2.33 and a beta of 1.10. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last released its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.76 by $0.24. The firm had revenue of $1.95 billion for the quarter, compared to analysts' expectations of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The business's revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.43 earnings per share. On average, analysts anticipate that Martin Marietta Materials, Inc. will post 17.77 EPS for the current year.

Martin Marietta Materials Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be given a dividend of $0.84 per share. The ex-dividend date is Tuesday, September 1st. This represents a $3.36 dividend on an annualized basis and a yield of 0.7%. This is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.83. Martin Marietta Materials's dividend payout ratio is currently 8.26%.

Institutional Trading of Martin Marietta Materials

A number of hedge funds have recently added to or reduced their stakes in MLM. BlackRock Inc. bought a new position in shares of Martin Marietta Materials in the 2nd quarter valued at $2,706,134,000. Bank of America Corp DE acquired a new stake in shares of Martin Marietta Materials during the 2nd quarter valued at $1,411,047,000. Victory Capital Management Inc. grew its position in Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after acquiring an additional 836,120 shares during the last quarter. Norges Bank bought a new stake in Martin Marietta Materials during the 4th quarter worth $354,681,000. Finally, Bank of New York Mellon Corp acquired a new position in Martin Marietta Materials in the 2nd quarter worth about $199,321,000. Institutional investors and hedge funds own 95.04% of the company's stock.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a producer and supplier of construction materials used in infrastructure, commercial, residential, and industrial projects. The company's principal products include crushed stone, sand, gravel, cement, ready-mixed concrete, asphalt, and related paving materials.

The company serves customers primarily across the United States, with operations concentrated in major markets experiencing demand for transportation infrastructure, building construction, and other development projects.

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