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Watch for Continued Gains in Shares of Martin Marietta Materials (MLM)

By David Diaz

Martin Marietta Materials (NYSE:MLM) traded today at a new 52-week high of $244.32. Approximately 142,000 shares have changed hands today, as compared to an average 30-day volume of 623,000 shares.

There is potential upside of 3.6% for shares of Martin Marietta Materials based on a current price of $240.79 and an average consensus analyst price target of $249.50. 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.

In the past 52 weeks, Martin Marietta Materials share prices have been bracketed by a low of $108.31 and a high of $244.32 and are now at $240.79, 122% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has advanced 1.7%.

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.

SmarTrend recommended that subscribers consider buying shares of Martin Marietta Materials on April 7th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $221.13. Since that recommendation, shares of Martin Marietta Materials have risen 8.5%. 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

Ticker(s): MLM