Martin Marietta Materials, Inc. (NYSE:MLM) Stock Price Down 6.4% Following Weak Earnings

Martin Marietta Materials, Inc. (NYSE:MLM)’s share price fell 6.4% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $205.01 and last traded at $211.97, with a volume of 2,233,114 shares changing hands. The stock had previously closed at $226.43.

The construction company reported $2.25 earnings per share (EPS) for the quarter, missing the Zacks’ 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 business had revenue of $996.30 million during the quarter, compared to the consensus estimate of $1.01 billion. During the same period in the prior year, the firm earned $1.90 EPS. The business’s revenue for the quarter was up 8.8% on a year-over-year basis.

Several equities analysts have issued reports on the stock. BidaskClub cut shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. 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. Stephens increased their target price on shares of Martin Marietta Materials from $246.00 to $250.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 4th. Finally, Stifel Nicolaus increased 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 note on Wednesday, May 3rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $229.67.

In other Martin Marietta Materials news, Director John J. Koraleski acquired 500 shares of the company’s stock in a transaction on Friday, August 18th. The shares were purchased at an average cost of $198.37 per share, with a total value of $99,185.00. Following the completion of the purchase, the director now owns 1,439 shares of the company’s stock, valued at $285,454.43. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.45% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLM. Sun Life Financial INC raised its position in Martin Marietta Materials by 6,442.9% in the second quarter. Sun Life Financial INC now owns 458 shares of the construction company’s stock worth $102,000 after buying an additional 451 shares during the period. First Personal Financial Services increased its stake in shares of Martin Marietta Materials by 4.5% in the first quarter. First Personal Financial Services now owns 513 shares of the construction company’s stock valued at $112,000 after buying an additional 22 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its stake in shares of Martin Marietta Materials by 130.9% in the second quarter. Robeco Institutional Asset Management B.V. now owns 538 shares of the construction company’s stock valued at $120,000 after buying an additional 305 shares in the last quarter. Dupont Capital Management Corp purchased a new stake in shares of Martin Marietta Materials during the second quarter valued at approximately $128,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Martin Marietta Materials during the second quarter valued at approximately $134,000. 98.25% of the stock is currently owned by hedge funds and other institutional investors.

The company’s 50 day moving average is $218.33 and its 200 day moving average is $221.66. The stock has a market capitalization of $12.60 billion, a P/E ratio of 28.86 and a beta of 1.14.

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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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