Martin Marietta Materials, Inc. Announces Quarterly Dividend of $0.61 (NYSE:MLM)

Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) announced a quarterly dividend on Thursday, May 12th, RTT News reports. Shareholders of record on Wednesday, June 1st will be given a dividend of 0.61 per share by the construction company on Thursday, June 30th. This represents a $2.44 dividend on an annualized basis and a dividend yield of 0.74%.

Martin Marietta Materials has increased its dividend payment by an average of 8.7% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Martin Marietta Materials has a dividend payout ratio of 14.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Martin Marietta Materials to earn $16.92 per share next year, which means the company should continue to be able to cover its $2.44 annual dividend with an expected future payout ratio of 14.4%.

Shares of NYSE MLM traded up $6.01 during midday trading on Thursday, reaching $327.57. 481,878 shares of the company were exchanged, compared to its average volume of 476,689. The stock’s 50-day moving average price is $370.11 and its 200-day moving average price is $393.86. The stock has a market cap of $20.43 billion, a P/E ratio of 30.57, a PEG ratio of 1.40 and a beta of 0.79. Martin Marietta Materials has a one year low of $316.73 and a one year high of $446.46. The company has a quick ratio of 1.69, a current ratio of 2.79 and a debt-to-equity ratio of 0.79.

Martin Marietta Materials (NYSE:MLM – Get Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The construction company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.44). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.13 billion. Martin Marietta Materials had a return on equity of 11.42% and a net margin of 11.63%. Martin Marietta Materials’s revenue for the quarter was up 25.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.04 EPS. On average, equities research analysts anticipate that Martin Marietta Materials will post 13.29 EPS for the current year.

Several research firms have recently commented on MLM. StockNews.com downgraded shares of Martin Marietta Materials from a “hold” rating to a “sell” rating in a research report on Thursday. DA Davidson reduced their price objective on shares of Martin Marietta Materials from $465.00 to $450.00 in a research report on Monday, February 14th. TheStreet downgraded shares of Martin Marietta Materials from a “b” rating to a “c+” rating in a research report on Tuesday. Morgan Stanley reduced their price objective on shares of Martin Marietta Materials from $470.00 to $441.00 and set an “overweight” rating for the company in a research report on Monday, April 18th. Finally, Zacks Investment Research raised shares of Martin Marietta Materials from a “sell” rating to a “hold” rating and set a $396.00 price objective for the company in a research report on Thursday, May 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $439.00.

Several hedge funds have recently made changes to their positions in MLM. Sequoia Financial Advisors LLC purchased a new stake in shares of Martin Marietta Materials during the 4th quarter valued at approximately $400,000. Cetera Investment Advisers lifted its stake in shares of Martin Marietta Materials by 10.5% during the 4th quarter. Cetera Investment Advisers now owns 842 shares of the construction company’s stock valued at $371,000 after buying an additional 80 shares in the last quarter. MML Investors Services LLC lifted its stake in shares of Martin Marietta Materials by 3.5% during the 4th quarter. MML Investors Services LLC now owns 1,644 shares of the construction company’s stock valued at $724,000 after buying an additional 56 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Martin Marietta Materials during the 4th quarter valued at approximately $32,000. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Martin Marietta Materials during the 4th quarter valued at approximately $344,000. Institutional investors own 93.49% of the company’s stock.

Martin Marietta Materials Company Profile (Get Rating)

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.

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