Martin Marietta Materials, Inc. to Post Q2 2024 Earnings of $6.48 Per Share, Seaport Res Ptn Forecasts (NYSE:MLM)

Martin Marietta Materials, Inc. (NYSE:MLM) – Equities researchers at Seaport Res Ptn dropped their Q2 2024 earnings per share (EPS) estimates for shares of Martin Marietta Materials in a research report issued to clients and investors on Thursday, April 25th. Seaport Res Ptn analyst R. Seth now expects that the construction company will earn $6.48 per share for the quarter, down from their prior forecast of $6.60. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $21.24 per share. Seaport Res Ptn also issued estimates for Martin Marietta Materials’ Q3 2024 earnings at $8.29 EPS, Q4 2024 earnings at $5.46 EPS, FY2024 earnings at $22.11 EPS and Q3 2025 earnings at $9.13 EPS.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Wednesday, February 14th. The construction company reported $4.63 earnings per share for the quarter, beating the consensus estimate of $3.96 by $0.67. Martin Marietta Materials had a net margin of 17.25% and a return on equity of 15.77%. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.62 billion. During the same quarter in the previous year, the business posted $3.04 earnings per share. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year.

MLM has been the subject of a number of other reports. Morgan Stanley assumed coverage on shares of Martin Marietta Materials in a research note on Monday, January 8th. They issued an “overweight” rating and a $595.00 price target for the company. HSBC upgraded Martin Marietta Materials from a “reduce” rating to a “hold” rating and upped their price objective for the company from $376.00 to $543.00 in a research report on Thursday, February 22nd. Stifel Nicolaus upped their price target on shares of Martin Marietta Materials from $621.00 to $650.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Wolfe Research lowered shares of Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a research report on Friday, March 8th. Finally, Stephens raised their price objective on shares of Martin Marietta Materials from $575.00 to $605.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Four research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $588.69.

Martin Marietta Materials Trading Up 0.9 %

Martin Marietta Materials stock opened at $597.07 on Friday. Martin Marietta Materials has a one year low of $343.79 and a one year high of $626.67. The business’s fifty day moving average is $592.06 and its 200 day moving average is $514.74. The company has a debt-to-equity ratio of 0.49, a current ratio of 3.35 and a quick ratio of 2.50. The stock has a market capitalization of $36.85 billion, a PE ratio of 31.71, a price-to-earnings-growth ratio of 2.87 and a beta of 0.96.

Hedge Funds Weigh In On Martin Marietta Materials

Several institutional investors have recently made changes to their positions in MLM. Summit Financial LLC purchased a new stake in shares of Martin Marietta Materials in the 1st quarter worth approximately $222,000. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Martin Marietta Materials by 11.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,547 shares of the construction company’s stock worth $5,861,000 after purchasing an additional 985 shares during the last quarter. Zullo Investment Group Inc. bought a new stake in Martin Marietta Materials during the first quarter valued at about $217,000. HMS Capital Management LLC grew its stake in Martin Marietta Materials by 5.7% in the first quarter. HMS Capital Management LLC now owns 1,930 shares of the construction company’s stock valued at $1,185,000 after purchasing an additional 104 shares during the last quarter. Finally, Simplicity Wealth LLC bought a new position in Martin Marietta Materials in the first quarter worth about $1,952,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Insider Activity

In related news, CEO C Howard Nye sold 15,000 shares of the stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total transaction of $9,063,900.00. Following the sale, the chief executive officer now owns 134,640 shares in the company, valued at approximately $81,357,566.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Martin Marietta Materials news, CEO C Howard Nye sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $604.26, for a total value of $9,063,900.00. Following the completion of the sale, the chief executive officer now owns 134,640 shares of the company’s stock, valued at $81,357,566.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Roselyn R. Bar sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $603.29, for a total value of $6,032,900.00. Following the transaction, the executive vice president now directly owns 59,970 shares in the company, valued at approximately $36,179,301.30. The disclosure for this sale can be found here. Insiders sold 26,724 shares of company stock valued at $16,033,760 in the last ninety days. Insiders own 0.61% of the company’s stock.

Martin Marietta Materials Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Monday, March 4th were paid a dividend of $0.74 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $2.96 annualized dividend and a yield of 0.50%. Martin Marietta Materials’s payout ratio is currently 15.72%.

About Martin Marietta Materials

Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and 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.