Canada Pension Plan Investment Board Makes New Investment in Martin Marietta Materials, Inc. $MLM

Key Points

• Canada Pension Plan Investment Board acquired 77,015 shares of Martin Marietta Materials worth approximately $44.4 million, giving it a 0.13% stake. Institutional investors collectively own 95.04% of the company.
• Martin Marietta exceeded quarterly expectations, reporting $5.00 in EPS versus the $4.76 consensus and $1.95 billion in revenue, up 21% year over year. The company also raised its quarterly dividend to $0.84 per share.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $665.29, despite several recent target-price reductions. Shares opened at $528.56, near their 12-month low of $522.19.

Canada Pension Plan Investment Board acquired a new stake in Martin Marietta Materials, Inc. (NYSE:MLM - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 77,015 shares of the construction company's stock, valued at approximately $44,415,000. Canada Pension Plan Investment Board owned about 0.13% of Martin Marietta Materials at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Martin Marietta Materials during the 2nd quarter worth about $2,706,134,000. Victory Capital Management Inc. raised its position in shares of Martin Marietta Materials by 51.8% during the 4th quarter. Victory Capital Management Inc. now owns 2,448,928 shares of the construction company's stock worth $1,524,853,000 after acquiring an additional 836,120 shares in the last quarter. Bank of America Corp DE raised its position in shares of Martin Marietta Materials by 0.9% during the 1st quarter. Bank of America Corp DE now owns 2,399,779 shares of the construction company's stock worth $1,412,702,000 after acquiring an additional 21,310 shares in the last quarter. Geode Capital Management LLC lifted its stake in 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 purchasing an additional 10,743 shares during the last quarter. Finally, Morgan Stanley lifted its stake in Martin Marietta Materials by 5.3% during the fourth quarter. Morgan Stanley now owns 1,367,016 shares of the construction company's stock worth $851,188,000 after purchasing an additional 68,382 shares during the last quarter. 95.04% of the stock is owned by hedge funds and other institutional investors.

Martin Marietta Materials Price Performance

Shares of MLM opened at $528.56 on Friday. The company has a current ratio of 1.41, a quick ratio of 0.73 and a debt-to-equity ratio of 0.44. The stock's 50 day moving average is $564.37 and its two-hundred day moving average is $591.62. Martin Marietta Materials, Inc. has a twelve month low of $522.19 and a twelve month high of $710.97. The firm has a market capitalization of $31.75 billion, a PE ratio of 12.99, a P/E/G ratio of 2.30 and a beta of 1.11.

Martin Marietta Materials (NYSE:MLM - Get Free Report) last issued its earnings results on Thursday, July 30th. The construction company reported $5.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.76 by $0.24. The business had revenue of $1.95 billion during the quarter, compared to the consensus estimate of $1.87 billion. Martin Marietta Materials had a return on equity of 9.49% and a net margin of 36.73%.The company's revenue for the quarter was up 21.0% on a year-over-year basis. During the same period in the prior year, the business posted $5.43 EPS. Research analysts anticipate that Martin Marietta Materials, Inc. will post 19.07 earnings per share for the current year.

Martin Marietta Materials Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be issued a dividend of $0.84 per share. This is a boost from Martin Marietta Materials's previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Tuesday, September 1st. Martin Marietta Materials's dividend payout ratio is currently 8.16%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. DA Davidson assumed coverage on shares of Martin Marietta Materials in a research note on Monday. They issued a "neutral" rating and a $625.00 price target on the stock. JPMorgan Chase & Co. lowered their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set a "neutral" rating for the company in a report on Friday, July 31st. Weiss Ratings downgraded Martin Marietta Materials from a "buy (b-)" rating to a "hold (c+)" rating in a report on Monday, August 17th. Stephens lowered their target price on shares of Martin Marietta Materials from $700.00 to $680.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Finally, Morgan Stanley lowered their target price on shares of Martin Marietta Materials from $664.00 to $639.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Ten investment 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, the company presently has an average rating of "Moderate Buy" and an average target price of $665.29.

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.

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