Martin Marietta Materials, Inc. (MLM) Stock Price Down 6.4% on Disappointing Earnings

Martin Marietta Materials, Inc. (NYSE:MLM) dropped 6.4% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $205.01 and last traded at $211.97, with a volume of 2,233,114 shares traded. The stock had previously closed at $226.43.

The construction company reported $2.25 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.38 by $0.13. Martin Marietta Materials had a net margin of 11.19% and a return on equity of 10.69%. The firm had revenue of $996.30 million during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the business earned $1.90 earnings per share. The business’s quarterly revenue was up 8.8% on a year-over-year basis.

Several brokerages recently weighed in on MLM. Stephens raised their price target on shares of Martin Marietta Materials from $246.00 to $250.00 and gave the company an “equal weight” rating in a research report on Thursday, May 4th. Stifel Nicolaus lifted their target price on shares of Martin Marietta Materials from $258.00 to $265.00 and gave the stock a “buy” rating in a research report on Wednesday, May 3rd. BidaskClub raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating in a research report on Thursday, June 15th. Finally, Zacks Investment Research lowered shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $229.67.

Several hedge funds have recently bought and sold shares of MLM. Gulf International Bank UK Ltd increased its stake in Martin Marietta Materials by 5.4% in the first quarter. Gulf International Bank UK Ltd now owns 19,425 shares of the construction company’s stock worth $4,239,000 after buying an additional 1,000 shares in the last quarter. National Pension Service increased its stake in Martin Marietta Materials by 6.2% in the first quarter. National Pension Service now owns 56,081 shares of the construction company’s stock worth $11,864,000 after buying an additional 3,271 shares in the last quarter. Atria Investments LLC increased its stake in Martin Marietta Materials by 79.1% in the first quarter. Atria Investments LLC now owns 3,721 shares of the construction company’s stock worth $812,000 after buying an additional 1,643 shares in the last quarter. Heritage Investors Management Corp increased its stake in Martin Marietta Materials by 3.9% in the first quarter. Heritage Investors Management Corp now owns 80,577 shares of the construction company’s stock worth $17,586,000 after buying an additional 3,016 shares in the last quarter. Finally, Harvey Capital Management Inc. increased its stake in Martin Marietta Materials by 79.0% in the first quarter. Harvey Capital Management Inc. now owns 32,258 shares of the construction company’s stock worth $7,040,000 after buying an additional 14,240 shares in the last quarter. 98.78% of the stock is owned by institutional investors.

The firm has a market capitalization of $12.87 billion, a price-to-earnings ratio of 29.47 and a beta of 1.14. The firm has a 50 day moving average of $221.66 and a 200-day moving average of $222.91.

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Martin Marietta Materials Company Profile

Martin Marietta Materials, Inc is a supplier of aggregates products (crushed stone, sand, and gravel) used for the construction of infrastructure, nonresidential, and residential projects. Aggregates products are also used for railroad ballast and in agricultural, utility and environmental applications.

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