Canada Pension Plan Investment Board Reduces Stock Holdings in Martin Marietta Materials, Inc. (NYSE:MLM)

Canada Pension Plan Investment Board decreased its position in Martin Marietta Materials, Inc. (NYSE:MLM) by 9.9% during the 1st quarter, Holdings Channel.com reports. The firm owned 89,840 shares of the construction company’s stock after selling 9,908 shares during the period. Canada Pension Plan Investment Board’s holdings in Martin Marietta Materials were worth $55,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. JT Stratford LLC purchased a new position in Martin Marietta Materials in the first quarter valued at approximately $209,000. Toronto Dominion Bank lifted its position in shares of Martin Marietta Materials by 2.0% during the first quarter. Toronto Dominion Bank now owns 36,741 shares of the construction company’s stock worth $22,557,000 after acquiring an additional 726 shares in the last quarter. Atalanta Sosnoff Capital LLC lifted its position in shares of Martin Marietta Materials by 3.2% during the first quarter. Atalanta Sosnoff Capital LLC now owns 53,208 shares of the construction company’s stock worth $32,667,000 after acquiring an additional 1,652 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Martin Marietta Materials by 20.8% during the first quarter. Advisors Asset Management Inc. now owns 21,509 shares of the construction company’s stock worth $13,205,000 after acquiring an additional 3,697 shares in the last quarter. Finally, CreativeOne Wealth LLC purchased a new stake in shares of Martin Marietta Materials during the first quarter worth $204,000. Hedge funds and other institutional investors own 95.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. The Goldman Sachs Group increased their target price on Martin Marietta Materials from $642.00 to $737.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Stifel Nicolaus dropped their target price on Martin Marietta Materials from $650.00 to $630.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. StockNews.com downgraded Martin Marietta Materials from a “buy” rating to a “hold” rating in a research report on Thursday, May 9th. Loop Capital dropped their target price on Martin Marietta Materials from $710.00 to $630.00 and set a “buy” rating on the stock in a research report on Wednesday, July 3rd. Finally, Jefferies Financial Group increased their target price on Martin Marietta Materials from $660.00 to $665.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $617.33.

Martin Marietta Materials Stock Up 3.4 %

MLM opened at $565.62 on Friday. The stock has a market cap of $34.86 billion, a PE ratio of 16.76, a P/E/G ratio of 3.01 and a beta of 0.91. The company has a quick ratio of 2.41, a current ratio of 3.16 and a debt-to-equity ratio of 0.44. Martin Marietta Materials, Inc. has a 52 week low of $389.90 and a 52 week high of $626.67. The business’s fifty day simple moving average is $555.38 and its 200 day simple moving average is $564.62.

Martin Marietta Materials (NYSE:MLM) last released its earnings results on Tuesday, April 30th. The construction company reported $1.93 EPS for the quarter, beating analysts’ consensus estimates of $1.88 by $0.05. The business had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Martin Marietta Materials had a return on equity of 14.74% and a net margin of 31.35%. The firm’s revenue was down 7.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.16 earnings per share. As a group, research analysts expect that Martin Marietta Materials, Inc. will post 22.86 earnings per share for the current fiscal year.

Martin Marietta Materials Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a $0.74 dividend. The ex-dividend date was Monday, June 3rd. This represents a $2.96 dividend on an annualized basis and a yield of 0.52%. Martin Marietta Materials’s dividend payout ratio is presently 8.77%.

About Martin Marietta Materials

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.