Martin Marietta Materials (NYSE:MLM) Sets New 1-Year Low - Time to Sell?

Key Points

• Martin Marietta Materials fell to a new 52-week low of $490.51, well below its 50-day and 200-day moving averages of $539.54 and $575.01, respectively.
• Despite the decline, analysts maintain a “Moderate Buy” consensus, with 12 Buy, seven Hold, and one Sell rating and an average price target of $667.53.
• The company exceeded quarterly earnings and revenue expectations, while raising its quarterly dividend to $0.84 per share; institutional investors own approximately 95.04% of outstanding shares.

Martin Marietta Materials, Inc. (NYSE:MLM - Get Free Report)'s stock price hit a new 52-week low on Thursday . The company traded as low as $490.51 and last traded at $492.2670, with a volume of 148401 shares traded. The stock had previously closed at $496.76.

Analyst Ratings Changes

MLM has been the topic of several research analyst reports. Weiss Ratings cut shares of Martin Marietta Materials from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday, September 3rd. DA Davidson started coverage on Martin Marietta Materials in a report on Monday, August 24th. They issued a "neutral" rating and a $625.00 target price on the stock. Raymond James Financial set a $660.00 target price on Martin Marietta Materials in a research report on Friday, July 31st. JPMorgan Chase & Co. upgraded Martin Marietta Materials from a "neutral" rating to an "overweight" rating and set a $680.00 price target for the company in a report on Wednesday, September 2nd. Finally, Wolfe Research set a $648.00 price objective on Martin Marietta Materials in a research note on Tuesday, August 4th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $667.53.

Martin Marietta Materials Price 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 firm has a market cap of $29.50 billion, a P/E ratio of 12.07, a PEG ratio of 2.23 and a beta of 1.10. The stock's 50-day simple moving average is $539.54 and its two-hundred day simple moving average is $575.01.

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, topping the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a net margin of 36.73% and a return on equity of 9.49%. The firm had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the business earned $5.43 EPS. The business's revenue was up 21.0% on a year-over-year basis. Equities research analysts forecast that Martin Marietta Materials, Inc. will post 18.69 earnings per share for the current fiscal year.

Martin Marietta Materials Increases Dividend

The firm 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 is a positive change from Martin Marietta Materials's previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials's payout ratio is currently 8.26%.

Institutional Investors Weigh In On Martin Marietta Materials

A number of institutional investors and hedge funds have recently modified their holdings of MLM. CoreCap Advisors LLC increased its stake in Martin Marietta Materials by 370.0% in the second quarter. CoreCap Advisors LLC now owns 47 shares of the construction company's stock worth $27,000 after purchasing an additional 37 shares during the period. Meeder Asset Management Inc. lifted its holdings in Martin Marietta Materials by 67.9% during the 1st quarter. Meeder Asset Management Inc. now owns 47 shares of the construction company's stock valued at $28,000 after buying an additional 19 shares in the last quarter. Reflection Asset Management bought a new stake in Martin Marietta Materials during the 4th quarter valued at about $35,000. Osterweis Capital Management Inc. purchased a new stake in Martin Marietta Materials in the 2nd quarter valued at about $39,000. Finally, EFG International AG bought a new position in Martin Marietta Materials in the 2nd quarter worth about $39,000. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a U.S.-based supplier of construction aggregates and other building materials. The company produces crushed stone, sand and gravel used in infrastructure, commercial, residential and industrial construction projects.

Its products and services also include cement, ready-mixed concrete, asphalt and paving materials. Martin Marietta serves customers involved in roads, bridges, airports, buildings and other essential infrastructure, with operations concentrated across several regions of the United States.

The company was established in 1993 as an independent, publicly traded materials business formed from the construction materials operations of Martin Marietta Corporation.

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