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

Martin Marietta Materials (NYSE:MLM) announced its earnings results on Tuesday. The construction company reported $1.93 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the prior year, the firm earned $2.16 EPS. The firm’s revenue for the quarter was down 7.6% on a year-over-year basis. Martin Marietta Materials updated its FY 2024 guidance to EPS.

Martin Marietta Materials Trading Down 0.3 %

Shares of MLM traded down $1.77 during mid-day trading on Wednesday, reaching $585.30. 221,488 shares of the company were exchanged, compared to its average volume of 411,636. The business has a 50 day simple moving average of $595.70 and a two-hundred day simple moving average of $519.51. Martin Marietta Materials has a 52 week low of $361.33 and a 52 week high of $626.67. The stock has a market capitalization of $36.12 billion, a PE ratio of 30.89, a PEG ratio of 2.91 and a beta of 0.96. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.50 and a current ratio of 3.35.

Martin Marietta Materials Dividend Announcement

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

Insider Buying and Selling at Martin Marietta Materials

In other Martin Marietta Materials news, Director Sue W. Cole sold 1,724 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $543.48, for a total value of $936,959.52. Following the sale, the director now directly owns 19,793 shares in the company, valued at $10,757,099.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO C Howard Nye sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $604.26, for a total value 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sue W. Cole sold 1,724 shares of the stock in a transaction on Friday, February 16th. The shares were sold at an average price of $543.48, for a total value of $936,959.52. Following the sale, the director now owns 19,793 shares in the company, valued at $10,757,099.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,724 shares of company stock valued at $16,033,760. Company insiders own 0.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MLM. Wolfe Research cut shares of Martin Marietta Materials from an “outperform” rating to a “peer perform” rating in a research note on Friday, March 8th. StockNews.com downgraded shares of Martin Marietta Materials from a “buy” rating to a “hold” rating in a report on Friday, February 9th. Raymond James lifted their price target on shares of Martin Marietta Materials from $505.00 to $555.00 and gave the stock an “outperform” rating in a report on Thursday, January 25th. Truist Financial raised their target price on shares of Martin Marietta Materials from $610.00 to $700.00 and gave the stock a “buy” rating in a research report on Tuesday, April 2nd. Finally, Citigroup lifted their price target on shares of Martin Marietta Materials from $635.00 to $708.00 and gave the company a “buy” rating in a research report on Friday, April 5th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $588.69.

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.