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

Key Points

• Martin Marietta Materials fell to a new 52-week low of $521.88, trading about 1.2% lower and below its 50-day and 200-day moving averages.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $665.88, although several firms recently lowered their targets.
• The company exceeded quarterly expectations, reporting $5.00 in EPS and $1.95 billion in revenue, while raising its quarterly dividend to $0.84 per share.

Martin Marietta Materials, Inc. (NYSE:MLM - Get Free Report) hit a new 52-week low on Monday . The stock traded as low as $521.88 and last traded at $523.7980, with a volume of 21504 shares changing hands. The stock had previously closed at $531.05.

Analysts Set New Price Targets

MLM has been the subject of several recent research reports. Berenberg Bank set a $556.00 target price on shares of Martin Marietta Materials and gave the company a "hold" rating in a research report on Tuesday, June 2nd. Stephens dropped their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. Wells Fargo & Company cut their price target on Martin Marietta Materials from $616.00 to $581.00 and set an "equal weight" rating on the stock in a report on Friday, July 31st. JPMorgan Chase & Co. cut their price objective 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. Finally, Morgan Stanley decreased their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating for the company in a research report on Thursday, August 13th. Ten research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $665.88.

Martin Marietta Materials Trading Down 1.2%

The business has a 50-day simple moving average of $562.81 and a two-hundred day simple moving average of $590.46. 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 stock has a market cap of $31.53 billion, a price-to-earnings ratio of 12.89, a P/E/G ratio of 2.29 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.76 by $0.24. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate 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 last year, the firm posted $5.43 EPS. Equities analysts forecast that Martin Marietta Materials, Inc. will post 19.07 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.6%. This is an increase from Martin Marietta Materials's previous quarterly dividend of $0.83. The ex-dividend date is Tuesday, September 1st. Martin Marietta Materials's dividend payout ratio is 8.16%.

Hedge Funds Weigh In On Martin Marietta Materials

Hedge funds have recently bought and sold shares of the business. California State Teachers Retirement System boosted its holdings in Martin Marietta Materials by 72,704.3% in the 2nd quarter. California State Teachers Retirement System now owns 51,073,705 shares of the construction company's stock valued at $29,454,206,000 after purchasing an additional 51,003,553 shares during the period. BlackRock Inc. bought a new position in shares of Martin Marietta Materials during the second quarter worth approximately $2,706,134,000. Victory Capital Management Inc. raised its position in shares of Martin Marietta Materials by 51.8% in the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock valued at $1,524,853,000 after buying an additional 836,120 shares in the last quarter. Bank of America Corp DE acquired a new stake in shares of Martin Marietta Materials in the second quarter valued at approximately $1,411,047,000. Finally, Geode Capital Management LLC boosted its stake in shares of Martin Marietta Materials by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company's stock valued at $963,406,000 after buying an additional 10,743 shares during the period. 95.04% of the stock is owned by 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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