2024-05-30 11:38:02 ET
Summary
- Martin Marietta's stock has retraced significantly and is now trading 10% below its all-time high.
- The company's first quarter earnings showed mixed results, with revenue and adjusted earnings-per-share below expectations.
- Despite the challenges, Martin Marietta raised its guidance for 2024 and is expected to see top-line growth and improved earnings-per-share.
- Shares are also trading below the low end of my target valuation range and have mid-double-digit upside potential from current levels.
Back in March, I looked at Martin Marietta Materials, Inc. ( MLM ) when it was sitting just off of its then all-time high. I thought then that, while I liked the company and the potential catalysts working in its favor, the stock appeared full valued....
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Martin Marietta Is Now A Much More Attractive Investment