Martin Marietta Materials Inc (NYSE: MLM) said on Thursday that its Board of Directors had authorized a regular quarterly cash dividend of $0.74 per share of common stock.
The dividend will be paid on June 28th to shareholders of record as of the close of business on June 3rd 2024, the company said.
The dividend was kept unchanged from the previous quarterly dividend payment.
Stock Performance
The shares of Martin Marietta Materials Inc (MLM) closed 5.06% ($30.99) lower at $581.69 in New York on Thursday, as they reversed a gain from the previous market session.
It has been the sharpest single-session loss for the stock since October 18th 2023.
The company’s total market cap now stands at $35.855 billion.
The shares of Martin Marietta Materials Inc (MLM) went up 47.62% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 16.59% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 9 out of 12 surveyed investment analysts had rated Martin Marietta Materials Inc’s stock as “Buy”, while 3 – as “Hold”. The median price target on the stock stands at $643.50, which translates into a 10.63% upside compared to the closing price on Thursday.
The high point of the analyst forecast range stands at $710.00.
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