Martin Marietta Materials, Inc. $MLM Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in Martin Marietta Materials, Inc. (NYSE:MLM) by 36.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,033 shares of the construction company’s stock after purchasing an additional 5,839 shares during the quarter. CIBC Asset Management Inc’s holdings in Martin Marietta Materials were worth $13,719,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Martin Marietta Materials by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 7,442,945 shares of the construction company’s stock worth $4,691,139,000 after purchasing an additional 93,595 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Martin Marietta Materials by 1.1% in the third quarter. Bank of America Corp DE now owns 2,365,832 shares of the construction company’s stock worth $1,491,136,000 after buying an additional 25,155 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Martin Marietta Materials by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 1,553,364 shares of the construction company’s stock worth $963,406,000 after buying an additional 10,743 shares during the period. King Luther Capital Management Corp lifted its stake in shares of Martin Marietta Materials by 0.7% during the fourth quarter. King Luther Capital Management Corp now owns 690,128 shares of the construction company’s stock worth $429,715,000 after buying an additional 5,025 shares during the period. Finally, Norges Bank purchased a new stake in shares of Martin Marietta Materials during the fourth quarter valued at $354,681,000. 95.04% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays cut their target price on Martin Marietta Materials from $675.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Oppenheimer assumed coverage on Martin Marietta Materials in a research note on Thursday, May 28th. They set a “market perform” rating on the stock. Berenberg Bank set a $556.00 price objective on Martin Marietta Materials and gave the company a “hold” rating in a report on Tuesday. DA Davidson set a $680.00 price objective on Martin Marietta Materials in a research note on Thursday, February 12th. Finally, Zacks Research raised Martin Marietta Materials from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Eleven equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Martin Marietta Materials has an average rating of “Moderate Buy” and a consensus price target of $681.94.

Martin Marietta Materials Price Performance

NYSE:MLM opened at $581.54 on Friday. 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 company has a 50 day moving average price of $591.56 and a 200-day moving average price of $620.30. Martin Marietta Materials, Inc. has a 1-year low of $525.38 and a 1-year high of $710.97. The firm has a market cap of $34.92 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 2.47 and a beta of 1.10.

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

Martin Marietta Materials Announces Dividend

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

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.