Martin Marietta Materials (NYSE:MLM) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Martin Marietta Materials (NYSE:MLM) from a neutral rating to an overweight rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $640.00 price objective on the construction company’s stock, up from their previous price objective of $515.00.

MLM has been the subject of a number of other research reports. UBS Group began coverage on shares of Martin Marietta Materials in a research note on Thursday, November 7th. They issued a “buy” rating and a $730.00 price target for the company. Barclays lifted their price objective on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the company an “overweight” rating in a research note on Tuesday, October 29th. BNP Paribas raised Martin Marietta Materials to a “strong-buy” rating in a report on Thursday, September 19th. Truist Financial reduced their target price on Martin Marietta Materials from $700.00 to $670.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Morgan Stanley boosted 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. Three investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and a consensus target price of $644.46.

Martin Marietta Materials Price Performance

Martin Marietta Materials stock opened at $595.35 on Wednesday. Martin Marietta Materials has a 12-month low of $456.83 and a 12-month high of $633.23. The stock has a market cap of $36.39 billion, a P/E ratio of 18.55, a PEG ratio of 4.10 and a beta of 0.90. The company has a 50-day moving average price of $569.17 and a 200 day moving average price of $556.36. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43.

Martin Marietta Materials (NYSE:MLM) last announced its quarterly earnings data 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 company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.94 billion. Martin Marietta Materials had a net margin of 30.47% and a return on equity of 12.53%. The firm’s revenue was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.94 earnings per share. Sell-side analysts anticipate that Martin Marietta Materials will post 17.58 earnings per share for the current year.

Martin Marietta Materials Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date is Monday, December 2nd. Martin Marietta Materials’s payout ratio is currently 9.85%.

Hedge Funds Weigh In On Martin Marietta Materials

A number of large investors have recently modified their holdings of MLM. Ameritas Advisory Services LLC raised its holdings in Martin Marietta Materials by 2.8% in the second quarter. Ameritas Advisory Services LLC now owns 664 shares of the construction company’s stock valued at $360,000 after buying an additional 18 shares during the period. Inspire Investing LLC raised its stake in shares of Martin Marietta Materials by 0.9% in the 3rd quarter. Inspire Investing LLC now owns 2,126 shares of the construction company’s stock valued at $1,144,000 after acquiring an additional 19 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Martin Marietta Materials by 2.5% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 782 shares of the construction company’s stock valued at $421,000 after acquiring an additional 19 shares during the period. Mather Group LLC. lifted its holdings in shares of Martin Marietta Materials by 13.6% during the 2nd quarter. Mather Group LLC. now owns 167 shares of the construction company’s stock valued at $90,000 after acquiring an additional 20 shares in the last quarter. Finally, TFG Advisers LLC boosted its position in Martin Marietta Materials by 3.7% during the 2nd quarter. TFG Advisers LLC now owns 555 shares of the construction company’s stock worth $300,000 after purchasing an additional 20 shares during the period. 95.04% of the stock is currently owned by hedge funds and other institutional investors.

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.