Martin Marietta Materials (NYSE:MLM) Stock Price Target Cut by Citigroup

by · The Markets Daily

Martin Marietta Materials (NYSE:MLM – Get Free Report) had its target price decreased by research analysts at Citigroup from $690.00 to $610.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the construction company’s stock. Citigroup’s price target indicates a potential upside of 26.10% from the company’s current price.

Several other equities analysts also recently commented on MLM. Stephens dropped their price target on shares of Martin Marietta Materials from $700.00 to $680.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Wolfe Research set a $648.00 target price on Martin Marietta Materials in a research note on Tuesday, August 4th. Wells Fargo & Company reduced their price target on 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. Sanford C. Bernstein lowered shares of Martin Marietta Materials to an “underweight” rating in a research note on Wednesday, September 2nd. Finally, Raymond James Financial set a $660.00 price target on shares of Martin Marietta Materials in a research note on Friday, July 31st. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Martin Marietta Materials presently has an average rating of “Moderate Buy” and an average target price of $661.41.

Get Our Latest Stock Analysis on MLM

Martin Marietta Materials Trading Up 1.0%

NYSE:MLM traded up $4.57 during trading hours on Friday, hitting $483.74. The company had a trading volume of 333,165 shares, compared to its average volume of 589,921. Martin Marietta Materials has a 1 year low of $470.19 and a 1 year high of $710.97. The company has a market cap of $29.06 billion, a P/E ratio of 11.88, a P/E/G ratio of 2.28 and a beta of 1.08. The company has a 50-day moving average of $522.88 and a 200 day moving average of $564.29. 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 issued its quarterly earnings data on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping the consensus estimate of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company had revenue of $1.95 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the business posted $5.43 earnings per share. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. Sell-side analysts expect that Martin Marietta Materials will post 17.77 earnings per share for the current year.

Institutional Trading of Martin Marietta Materials

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

About Martin Marietta Materials

(Get Free Report)

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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