Martin Marietta Materials (NYSE:MLM) Posts Earnings Results, Beats Expectations By $0.05 EPS

Martin Marietta Materials (NYSE:MLM) announced its quarterly earnings data on Tuesday. The construction company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.88 by $0.05, Briefing.com reports. Martin Marietta Materials had a net margin of 17.25% and a return on equity of 15.77%. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the previous year, the business posted $2.16 EPS. The business’s quarterly revenue was down 7.6% on a year-over-year basis. Martin Marietta Materials updated its FY 2024 guidance to EPS.

Martin Marietta Materials Stock Down 0.9 %

Shares of NYSE:MLM traded down $5.32 during midday trading on Wednesday, reaching $581.75. The company’s stock had a trading volume of 89,118 shares, compared to its average volume of 409,914. The firm has a 50 day moving average of $595.70 and a 200-day moving average of $519.51. The firm has a market capitalization of $35.91 billion, a P/E ratio of 30.89, a PEG ratio of 2.91 and a beta of 0.96. The company has a quick ratio of 2.50, a current ratio of 3.35 and a debt-to-equity ratio of 0.49. Martin Marietta Materials has a 12-month low of $361.33 and a 12-month high of $626.67.

Martin Marietta Materials Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Monday, March 4th were given a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Friday, March 1st. Martin Marietta Materials’s dividend payout ratio is presently 15.72%.

Insider Activity at Martin Marietta Materials

In related news, Director Sue W. Cole sold 1,724 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $543.48, for a total transaction of $936,959.52. Following the sale, the director now directly owns 19,793 shares of the company’s stock, valued at approximately $10,757,099.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Roselyn R. Bar sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $603.29, for a total transaction of $6,032,900.00. Following the sale, the executive vice president now owns 59,970 shares of the company’s stock, valued at approximately $36,179,301.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Sue W. Cole sold 1,724 shares of the firm’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $543.48, for a total transaction of $936,959.52. Following the sale, the director now directly owns 19,793 shares in the company, valued at approximately $10,757,099.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,724 shares of company stock valued at $16,033,760. 0.59% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on MLM. Truist Financial upped their price target on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the company a “buy” rating in a report on Tuesday, April 2nd. HSBC upgraded shares of Martin Marietta Materials from a “reduce” rating to a “hold” rating and upped their price target for the company from $376.00 to $543.00 in a report on Thursday, February 22nd. The Goldman Sachs Group upped their price target on shares of Martin Marietta Materials from $642.00 to $737.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $600.00 price target (up from $530.00) on shares of Martin Marietta Materials in a report on Friday, March 22nd. Finally, Citigroup upped their price target on shares of Martin Marietta Materials from $635.00 to $708.00 and gave the company a “buy” rating in a report on Friday, April 5th. Four equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $588.69.

Martin Marietta Materials Company Profile

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.