CIBC Asset Management Inc Grows Stake in Martin Marietta Materials, Inc. (NYSE:MLM)

CIBC Asset Management Inc raised its stake in Martin Marietta Materials, Inc. (NYSE:MLM – Get Rating) by 2.9% during the 1st quarter, HoldingsChannel reports. The firm owned 15,155 shares of the construction company’s stock after acquiring an additional 427 shares during the quarter. CIBC Asset Management Inc’s holdings in Martin Marietta Materials were worth $5,833,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Financial Counselors Inc. raised its position in Martin Marietta Materials by 2.5% in the fourth quarter. Financial Counselors Inc. now owns 1,149 shares of the construction company’s stock valued at $506,000 after purchasing an additional 28 shares during the period. First National Bank of Hutchinson increased its position in shares of Martin Marietta Materials by 3.5% during the fourth quarter. First National Bank of Hutchinson now owns 850 shares of the construction company’s stock worth $374,000 after acquiring an additional 29 shares during the last quarter. FDx Advisors Inc. increased its position in shares of Martin Marietta Materials by 1.4% during the first quarter. FDx Advisors Inc. now owns 2,112 shares of the construction company’s stock worth $813,000 after acquiring an additional 29 shares during the last quarter. Manchester Capital Management LLC increased its position in shares of Martin Marietta Materials by 8.7% during the fourth quarter. Manchester Capital Management LLC now owns 375 shares of the construction company’s stock worth $165,000 after acquiring an additional 30 shares during the last quarter. Finally, Coastal Investment Advisors Inc. increased its position in shares of Martin Marietta Materials by 0.8% during the first quarter. Coastal Investment Advisors Inc. now owns 4,018 shares of the construction company’s stock worth $1,546,000 after acquiring an additional 30 shares during the last quarter. 93.49% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Stock Performance

Shares of MLM stock opened at $355.93 on Friday. The company has a quick ratio of 2.53, a current ratio of 3.63 and a debt-to-equity ratio of 0.74. The business has a 50 day moving average of $323.27 and a two-hundred day moving average of $352.64. Martin Marietta Materials, Inc. has a 52 week low of $284.99 and a 52 week high of $446.46. The company has a market cap of $22.20 billion, a P/E ratio of 27.87, a PEG ratio of 1.76 and a beta of 0.88.

Martin Marietta Materials (NYSE:MLM – Get Rating) last issued its earnings results on Thursday, July 28th. The construction company reported $3.96 EPS for the quarter, missing analysts’ consensus estimates of $4.09 by ($0.13). Martin Marietta Materials had a net margin of 13.49% and a return on equity of 11.28%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter in the previous year, the firm earned $3.81 earnings per share. The business’s revenue was up 19.1% on a year-over-year basis. As a group, analysts anticipate that Martin Marietta Materials, Inc. will post 13.28 EPS for the current year.

Martin Marietta Materials Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 1st were paid a $0.61 dividend. The ex-dividend date was Tuesday, May 31st. This represents a $2.44 dividend on an annualized basis and a yield of 0.69%. Martin Marietta Materials’s payout ratio is currently 19.11%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MLM shares. TheStreet lowered Martin Marietta Materials from a “b” rating to a “c+” rating in a research report on Tuesday, May 10th. Truist Financial dropped their target price on Martin Marietta Materials to $392.00 in a research report on Tuesday, July 5th. DA Davidson dropped their target price on Martin Marietta Materials from $450.00 to $375.00 and set a “buy” rating on the stock in a research report on Friday, July 1st. StockNews.com raised Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Monday, August 1st. Finally, JPMorgan Chase & Co. raised Martin Marietta Materials from a “neutral” rating to an “overweight” rating and lowered their price objective for the company from $420.00 to $410.00 in a report on Friday, June 3rd. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $418.10.

Martin Marietta Materials Company Profile

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Martin Marietta Materials, Inc, a natural resource-based building materials company, supplies aggregates and heavy-side building materials to the construction industry in the United States and internationally. It offers crushed stone, sand, and gravel products; ready mixed concrete and asphalt; paving products and services; and Portland and specialty cement for use in the infrastructure projects, and nonresidential and residential construction markets, as well as in the railroad, agricultural, utility, and environmental industries.