Canada Pension Plan Investment Board Buys 6,830 Shares of Martin Marietta Materials, Inc. (NYSE:MLM)

Canada Pension Plan Investment Board lifted its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 7.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 96,670 shares of the construction company’s stock after acquiring an additional 6,830 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.16% of Martin Marietta Materials worth $52,376,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. bought a new position in shares of Martin Marietta Materials in the fourth quarter worth approximately $25,000. Riverview Trust Co bought a new position in Martin Marietta Materials in the 1st quarter worth $26,000. Redmont Wealth Advisors LLC purchased a new stake in Martin Marietta Materials in the 1st quarter worth $31,000. Fortitude Family Office LLC lifted its position in shares of Martin Marietta Materials by 186.4% in the second quarter. Fortitude Family Office LLC now owns 63 shares of the construction company’s stock valued at $34,000 after acquiring an additional 41 shares in the last quarter. Finally, Pathway Financial Advisers LLC purchased a new position in shares of Martin Marietta Materials in the first quarter valued at about $41,000. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Price Performance

MLM stock opened at $546.29 on Friday. The stock has a market cap of $33.67 billion, a PE ratio of 16.19, a P/E/G ratio of 3.52 and a beta of 0.91. Martin Marietta Materials, Inc. has a 12 month low of $389.90 and a 12 month high of $626.67. The company has a 50-day moving average price of $540.85 and a 200 day moving average price of $566.97. The company has a current ratio of 1.86, a quick ratio of 0.94 and a debt-to-equity ratio of 0.45.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Thursday, August 8th. The construction company reported $4.76 EPS for the quarter, missing analysts’ consensus estimates of $5.36 by ($0.60). Martin Marietta Materials had a net margin of 30.80% and a return on equity of 13.85%. The business had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the prior year, the company posted $5.60 EPS. The company’s quarterly revenue was down 3.1% compared to the same quarter last year. Equities research analysts anticipate that Martin Marietta Materials, Inc. will post 19.33 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be paid a dividend of $0.79 per share. This is a positive change from Martin Marietta Materials’s previous quarterly dividend of $0.74. This represents a $3.16 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Tuesday, September 3rd. Martin Marietta Materials’s payout ratio is currently 9.36%.

Analyst Ratings Changes

MLM has been the topic of several recent analyst reports. Citigroup decreased their target price on Martin Marietta Materials from $658.00 to $646.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Morgan Stanley lifted their price objective on shares of Martin Marietta Materials from $610.00 to $657.00 and gave the company an “overweight” rating in a research report on Monday, August 26th. Stephens cut their target price on shares of Martin Marietta Materials from $650.00 to $610.00 and set an “overweight” rating for the company in a research note on Friday, August 9th. Loop Capital dropped their price objective on shares of Martin Marietta Materials from $630.00 to $615.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Finally, StockNews.com raised Martin Marietta Materials from a “sell” rating to a “hold” rating in a report on Tuesday, September 17th. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $629.82.

Martin Marietta Materials Profile

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.