Zacks Investment Research upgraded shares of Martin Marietta Materials (NYSE:MLM) from a hold rating to a buy rating in a report issued on Monday morning, Zacks.com reports. They currently have $250.00 price objective on the construction company’s stock.
According to Zacks, “Shares of Martin Marietta have outperformed its industry year to date. This outperformance is likely to continue going forward, courtesy of strong first-quarter results, wherein its earnings topped analysts’ expectation by 134.5%. Also, earnings grew by a solid 325% and revenues were up 17.1%, backed by solid segmental performance, higher shipments, strong pricing and cost-management efforts, given strong pent-up demand and modestly improved weather. The company is well positioned for 2019 on the back of its strong pipeline of large multi-year energy projects, and improving residential, non-residential, and public construction demand trends. Its strength on acquisitions and divestitures, and attractive public sector construction demand are encouraging. Improvement in construction spending is likely to act as tailwind for its Aggregates business. Also, 2019 estimates have been trending upward, reflecting analysts' optimism.”
A number of other brokerages also recently weighed in on MLM. Stephens set a $205.00 price target on Martin Marietta Materials and gave the company a hold rating in a report on Wednesday, January 16th. Citigroup boosted their price target on Martin Marietta Materials from $239.00 to $255.00 and gave the company a buy rating in a report on Wednesday, May 1st. Bank of America downgraded Martin Marietta Materials from a neutral rating to an underperform rating in a report on Tuesday, April 16th. Jefferies Financial Group reiterated a buy rating and issued a $232.00 price target on shares of Martin Marietta Materials in a report on Tuesday, January 29th. Finally, Berenberg Bank initiated coverage on Martin Marietta Materials in a report on Wednesday, April 3rd. They issued a hold rating and a $194.00 price target for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the stock. Martin Marietta Materials presently has a consensus rating of Buy and an average price target of $219.93.
Shares of NYSE MLM opened at $216.94 on Monday. Martin Marietta Materials has a twelve month low of $150.75 and a twelve month high of $232.88. The company has a quick ratio of 0.96, a current ratio of 1.81 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $13.80 billion, a PE ratio of 26.82, a PEG ratio of 2.18 and a beta of 1.15.
Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Tuesday, April 30th. The construction company reported $0.68 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.39. Martin Marietta Materials had a return on equity of 10.82% and a net margin of 11.48%. The business had revenue of $938.96 million during the quarter, compared to the consensus estimate of $881.82 million. During the same period in the previous year, the business earned $0.16 EPS. The business’s quarterly revenue was up 17.1% on a year-over-year basis. On average, equities analysts forecast that Martin Marietta Materials will post 9.21 EPS for the current year.
In related news, SVP Donald A. Mccunniff sold 3,183 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $220.19, for a total transaction of $700,864.77. Following the completion of the transaction, the senior vice president now owns 16,724 shares in the company, valued at approximately $3,682,457.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Donald A. Mccunniff sold 660 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The shares were sold at an average price of $190.90, for a total value of $125,994.00. Following the transaction, the senior vice president now owns 15,349 shares of the company’s stock, valued at approximately $2,930,124.10. The disclosure for this sale can be found here. Insiders have sold a total of 20,011 shares of company stock valued at $4,353,464 in the last 90 days. Insiders own 0.73% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Legal & General Group Plc boosted its position in Martin Marietta Materials by 11.2% during the 4th quarter. Legal & General Group Plc now owns 301,344 shares of the construction company’s stock worth $51,792,000 after acquiring an additional 30,279 shares during the period. Quantamental Technologies LLC acquired a new position in Martin Marietta Materials during the 4th quarter worth $481,000. Handelsbanken Fonder AB boosted its position in Martin Marietta Materials by 7.1% during the 4th quarter. Handelsbanken Fonder AB now owns 30,000 shares of the construction company’s stock worth $5,156,000 after acquiring an additional 2,000 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in Martin Marietta Materials by 7.8% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 9,540 shares of the construction company’s stock worth $1,640,000 after acquiring an additional 690 shares during the period. Finally, LaFleur & Godfrey LLC acquired a new position in Martin Marietta Materials during the 1st quarter worth $3,621,000.
About Martin Marietta Materials
Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy building materials to the construction industry in the United States and internationally. The company offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; 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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