What is Zacks Research’s Estimate for MLM FY2024 Earnings?

Martin Marietta Materials, Inc. (NYSE:MLM) – Investment analysts at Zacks Research lowered their FY2024 earnings estimates for shares of Martin Marietta Materials in a research note issued on Wednesday, November 20th. Zacks Research analyst R. Department now anticipates that the construction company will post earnings of $17.57 per share for the year, down from their prior estimate of $18.87. The consensus estimate for Martin Marietta Materials’ current full-year earnings is $17.84 per share. Zacks Research also issued estimates for Martin Marietta Materials’ FY2025 earnings at $20.61 EPS and FY2026 earnings at $21.67 EPS.

Martin Marietta Materials (NYSE:MLM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $6.41 by ($0.50). The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.94 billion. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same period last year, the firm earned $6.94 EPS.

MLM has been the subject of a number of other reports. Citigroup lowered their price objective on shares of Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating for the company in a report on Monday, August 12th. Stephens lowered their price target on shares of Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. Jefferies Financial Group decreased their price objective on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating on the stock in a report on Wednesday, October 9th. Loop Capital increased their target price on Martin Marietta Materials from $600.00 to $680.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Morgan Stanley lifted their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Martin Marietta Materials currently has an average rating of “Moderate Buy” and an average price target of $634.85.

Martin Marietta Materials Stock Performance

NYSE:MLM opened at $597.81 on Monday. The company has a market capitalization of $36.54 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 3.95 and a beta of 0.90. The business has a 50 day moving average of $565.21 and a 200 day moving average of $556.45. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.34 and a quick ratio of 1.24. Martin Marietta Materials has a 1-year low of $456.83 and a 1-year high of $633.23.

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a $0.79 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $3.16 annualized dividend and a yield of 0.53%. Martin Marietta Materials’s dividend payout ratio (DPR) is presently 9.85%.

Institutional Investors Weigh In On Martin Marietta Materials

Several institutional investors and hedge funds have recently modified their holdings of MLM. Newbridge Financial Services Group Inc. lifted its holdings in Martin Marietta Materials by 411.1% in the second quarter. Newbridge Financial Services Group Inc. now owns 46 shares of the construction company’s stock worth $25,000 after buying an additional 37 shares during the period. Asset Dedication LLC boosted its position in shares of Martin Marietta Materials by 1,300.0% during the third quarter. Asset Dedication LLC now owns 56 shares of the construction company’s stock valued at $30,000 after purchasing an additional 52 shares in the last quarter. First Personal Financial Services purchased a new stake in Martin Marietta Materials in the third quarter worth $33,000. Fortitude Family Office LLC raised its holdings in Martin Marietta Materials by 186.4% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock worth $34,000 after purchasing an additional 41 shares in the last quarter. Finally, Pathway Financial Advisers LLC purchased a new position in Martin Marietta Materials during the first quarter valued at $41,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

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.