Martin Marietta Materials, Inc. (NYSE:MLM) declared a quarterly dividend on Friday, August 13th, Wall Street Journal reports. Stockholders of record on Wednesday, September 1st will be given a dividend of 0.61 per share by the construction company on Thursday, September 30th. This represents a $2.44 annualized dividend and a dividend yield of 0.63%. The ex-dividend date of this dividend is Tuesday, August 31st. This is an increase from Martin Marietta Materials’s previous quarterly dividend of $0.57.
Martin Marietta Materials has raised its dividend payment by 30.2% over the last three years and has raised its dividend every year for the last 5 years.
Shares of MLM traded down $3.50 during mid-day trading on Friday, hitting $385.44. The company’s stock had a trading volume of 210,211 shares, compared to its average volume of 448,779. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.17. The company has a market cap of $24.04 billion, a PE ratio of 31.36 and a beta of 0.64. Martin Marietta Materials has a fifty-two week low of $201.04 and a fifty-two week high of $391.76. The company has a 50-day moving average of $355.79.
Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Thursday, July 29th. The construction company reported $3.81 EPS for the quarter, missing the consensus estimate of $3.91 by ($0.10). Martin Marietta Materials had a net margin of 15.81% and a return on equity of 13.18%. During the same period in the previous year, the company earned $3.49 EPS. Equities research analysts forecast that Martin Marietta Materials will post 12.34 EPS for the current fiscal year.
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A number of brokerages have commented on MLM. DA Davidson raised their price objective on Martin Marietta Materials from $350.00 to $400.00 and gave the stock a “neutral” rating in a research report on Monday, August 2nd. Barclays increased their target price on shares of Martin Marietta Materials from $275.00 to $380.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 28th. They noted that the move was a valuation call. Jefferies Financial Group raised shares of Martin Marietta Materials from a “hold” rating to a “buy” rating and upped their price target for the stock from $360.00 to $424.00 in a research note on Friday, June 25th. Morgan Stanley lowered their target price on Martin Marietta Materials from $408.00 to $405.00 and set an “overweight” rating on the stock in a research note on Monday, August 2nd. Finally, JPMorgan Chase & Co. raised their price target on Martin Marietta Materials from $335.00 to $385.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 26th. Nine analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $340.92.
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 used 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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