Canada Pension Plan Investment Board Takes Position in Martin Marietta Materials, Inc. $MLM

Canada Pension Plan Investment Board acquired a new stake in Martin Marietta Materials, Inc. (NYSE:MLM) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 77,015 shares of the construction company’s stock, valued at approximately $44,415,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Bank of Nova Scotia purchased a new position in Martin Marietta Materials in the 2nd quarter valued at approximately $3,650,000. Northwestern Mutual Wealth Management Co. raised its holdings in Martin Marietta Materials by 14,332.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 77,792 shares of the construction company’s stock worth $48,438,000 after purchasing an additional 77,253 shares during the last quarter. Jennison Associates LLC purchased a new stake in Martin Marietta Materials during the fourth quarter worth $18,636,000. Victory Capital Management Inc. boosted its position in Martin Marietta Materials by 51.8% during the fourth quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company’s stock worth $1,524,853,000 after purchasing an additional 836,120 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Martin Marietta Materials by 4.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 126,524 shares of the construction company’s stock valued at $80,272,000 after purchasing an additional 5,227 shares during the last quarter. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MLM. Oppenheimer assumed coverage on Martin Marietta Materials in a research report on Thursday, May 28th. They issued a “market perform” rating for the company. Berenberg Bank set a $556.00 price objective on shares of Martin Marietta Materials and gave the stock a “hold” rating in a research report on Tuesday, June 2nd. Royal Bank Of Canada lowered their price objective on shares of Martin Marietta Materials from $615.00 to $610.00 and set a “sector perform” rating on the stock in a research note on Monday, August 3rd. Morgan Stanley dropped their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, Truist Financial lifted their target price on shares of Martin Marietta Materials from $710.00 to $730.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Ten equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, Martin Marietta Materials currently has a consensus rating of “Moderate Buy” and a consensus target price of $665.29.

Martin Marietta Materials Price Performance

Shares of NYSE:MLM opened at $528.56 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.73 and a current ratio of 1.41. The business’s fifty day moving average price is $564.37 and its two-hundred day moving average price is $591.62. The stock has a market cap of $31.75 billion, a PE ratio of 12.99, a price-to-earnings-growth ratio of 2.30 and a beta of 1.11. Martin Marietta Materials, Inc. has a one year low of $522.19 and a one year high of $710.97.

Martin Marietta Materials (NYSE:MLM) last released its quarterly earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share for the quarter, topping analysts’ consensus estimates of $4.76 by $0.24. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company had revenue of $1.95 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the previous year, the firm posted $5.43 earnings per share. The business’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, analysts forecast that Martin Marietta Materials, Inc. will post 19.07 EPS for the current fiscal year.

Martin Marietta Materials Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.83. Martin Marietta Materials’s dividend payout ratio is presently 8.16%.

Martin Marietta Materials Company Profile

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.