Martin Marietta Materials, Inc. (NYSE:MLM) to Issue $0.79 Quarterly Dividend

Martin Marietta Materials, Inc. (NYSE:MLM) announced a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Stockholders of record on Monday, December 2nd will be paid a dividend of 0.79 per share by the construction company on Tuesday, December 31st. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.53%. The ex-dividend date is Monday, December 2nd.

Martin Marietta Materials has raised its dividend by an average of 7.7% annually over the last three years. Martin Marietta Materials has a dividend payout ratio of 14.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Martin Marietta Materials to earn $20.64 per share next year, which means the company should continue to be able to cover its $3.16 annual dividend with an expected future payout ratio of 15.3%.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $600.00 on Friday. The company has a 50 day moving average of $571.19 and a 200 day moving average of $556.57. The company has a current ratio of 2.34, a quick ratio of 1.24 and a debt-to-equity ratio of 0.43. The stock has a market cap of $36.67 billion, a P/E ratio of 18.70, a P/E/G ratio of 4.04 and a beta of 0.90. Martin Marietta Materials has a 12 month low of $456.83 and a 12 month high of $633.23.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Wednesday, October 30th. The construction company reported $5.91 earnings per share for the quarter, missing the consensus estimate of $6.41 by ($0.50). The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.94 billion. Martin Marietta Materials had a return on equity of 12.53% and a net margin of 30.47%. The company’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $6.94 EPS. As a group, sell-side analysts forecast that Martin Marietta Materials will post 17.58 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MLM. Barclays lifted their target price on shares of Martin Marietta Materials from $595.00 to $645.00 and gave the company an “overweight” rating in a research report on Tuesday, October 29th. Jefferies Financial Group reduced their target price on Martin Marietta Materials from $650.00 to $635.00 and set a “buy” rating on the stock in a research note on Wednesday, October 9th. Morgan Stanley lifted their price target on Martin Marietta Materials from $610.00 to $657.00 and gave the stock an “overweight” rating in a research note on Monday, August 26th. JPMorgan Chase & Co. upgraded Martin Marietta Materials from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $515.00 to $640.00 in a research report on Wednesday. Finally, BNP Paribas upgraded shares of Martin Marietta Materials to a “strong-buy” rating in a research report on Thursday, September 19th. Three analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $644.46.

Martin Marietta Materials Company Profile

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.