Martin Marietta Materials Looks to Continue to Trade Above its Annual-High Share Price Today
Shares of Martin Marietta Materials (NYSE:MLM) traded today at $199.87, breaking its 52-week high. So far today approximately 80,000 shares have been exchanged, as compared to an average 30-day volume of 623,000 shares.
Martin Marietta Materials, Inc. produces aggregates for the construction industry, including highways, infrastructure, commercial, and residential. The Company also manufactures and markets magnesia-based products, including heat-resistant refractory products for the steel industry, chemical products for industrial and environmental uses, and dolomitic lime.
Based on a current price of $199.49, Martin Marietta Materials is currently 12.5% above its average consensus analyst price target of $174.62. The stock should discover initial support at its 50-day moving average (MA) of $159.78 and subsequent support at its 200-day MA of $152.66.
Over the past year, Martin Marietta Materials has traded in a range of $108.31 to $199.87 and is now at $199.49, 84% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.
SmarTrend recommended that subscribers consider buying shares of Martin Marietta Materials on February 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $133.42. Since that recommendation, shares of Martin Marietta Materials have risen 47.4%. We continue to monitor MLM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: 52 week high/lows Martin Marietta Materials