CIBC Asset Management Inc Acquires 5,839 Shares of Martin Marietta Materials, Inc. $MLM

CIBC Asset Management Inc lifted its holdings in Martin Marietta Materials, Inc. (NYSE:MLM) by 36.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,033 shares of the construction company’s stock after buying an additional 5,839 shares during the quarter. CIBC Asset Management Inc’s holdings in Martin Marietta Materials were worth $13,719,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MLM. Caprock Group LLC bought a new stake in Martin Marietta Materials during the 3rd quarter valued at about $1,605,000. Pelham Capital Ltd. grew its stake in Martin Marietta Materials by 57.1% in the 3rd quarter. Pelham Capital Ltd. now owns 30,052 shares of the construction company’s stock worth $18,941,000 after acquiring an additional 10,917 shares in the last quarter. Border to Coast Pensions Partnership Ltd grew its stake in Martin Marietta Materials by 4.8% in the 3rd quarter. Border to Coast Pensions Partnership Ltd now owns 80,587 shares of the construction company’s stock worth $50,792,000 after acquiring an additional 3,721 shares in the last quarter. Douglass Winthrop Advisors LLC increased its position in shares of Martin Marietta Materials by 0.8% during the third quarter. Douglass Winthrop Advisors LLC now owns 232,234 shares of the construction company’s stock worth $146,372,000 after acquiring an additional 1,939 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Martin Marietta Materials by 5.4% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,297 shares of the construction company’s stock worth $76,451,000 after acquiring an additional 6,209 shares during the period. 95.04% of the stock is owned by institutional investors.

Martin Marietta Materials Price Performance

MLM opened at $581.54 on Friday. The firm has a market capitalization of $34.92 billion, a PE ratio of 13.86, a price-to-earnings-growth ratio of 2.47 and a beta of 1.10. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.28 and a quick ratio of 1.11. The business’s 50-day moving average is $591.56 and its two-hundred day moving average is $620.30. Martin Marietta Materials, Inc. has a 1 year low of $525.38 and a 1 year high of $710.97.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Thursday, April 30th. The construction company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.78 by $0.15. Martin Marietta Materials had a net margin of 38.67% and a return on equity of 10.27%. The business had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period in the prior year, the firm posted $1.90 earnings per share. The company’s quarterly revenue was up 17.2% on a year-over-year basis. Research analysts anticipate that Martin Marietta Materials, Inc. will post 19.41 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $3.32 dividend on an annualized basis and a dividend yield of 0.6%. Martin Marietta Materials’s dividend payout ratio is presently 7.91%.

Wall Street Analyst Weigh In

MLM has been the subject of a number of research reports. Stephens lowered their price target on Martin Marietta Materials from $740.00 to $735.00 and set an “overweight” rating for the company in a report on Friday, February 13th. B. Riley Financial raised shares of Martin Marietta Materials from a “neutral” rating to a “buy” rating and set a $700.00 price objective for the company in a research note on Thursday, April 2nd. Wells Fargo & Company raised their target price on shares of Martin Marietta Materials from $608.00 to $614.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Oppenheimer began coverage on shares of Martin Marietta Materials in a report on Thursday, May 28th. They issued a “market perform” rating for the company. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $785.00 price objective on shares of Martin Marietta Materials in a research note on Thursday, February 26th. Eleven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and a consensus price target of $681.94.

About Martin Marietta Materials

Martin Marietta Materials, Inc (NYSE: MLM) is a leading producer of aggregates and heavy building materials serving the construction and infrastructure markets. The company operates quarries, sand and gravel pits, and other extraction sites to supply crushed stone, sand and gravel, and a range of value‑added products for use in roads, bridges, commercial and residential construction, and other civil engineering projects.

In addition to its core aggregates business, Martin Marietta manufactures and sells asphalt, ready‑mixed concrete and related materials and services.