CIBC Asset Management Inc Sells 2,669 Shares of Martin Marietta Materials, Inc. $MLM

CIBC Asset Management Inc trimmed its stake in shares of Martin Marietta Materials, Inc. (NYSE:MLM) by 14.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,194 shares of the construction company’s stock after selling 2,669 shares during the quarter. CIBC Asset Management Inc’s holdings in Martin Marietta Materials were worth $10,207,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Quent Capital LLC acquired a new position in shares of Martin Marietta Materials during the third quarter worth $26,000. Twin Peaks Wealth Advisors LLC bought a new stake in Martin Marietta Materials during the 2nd quarter worth $28,000. NewSquare Capital LLC increased its holdings in Martin Marietta Materials by 62.2% in the 2nd quarter. NewSquare Capital LLC now owns 60 shares of the construction company’s stock worth $33,000 after purchasing an additional 23 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new position in Martin Marietta Materials in the 3rd quarter worth about $33,000. Finally, Clearstead Trust LLC raised its position in Martin Marietta Materials by 93.8% in the second quarter. Clearstead Trust LLC now owns 62 shares of the construction company’s stock valued at $34,000 after purchasing an additional 30 shares during the last quarter. Institutional investors and hedge funds own 95.04% of the company’s stock.

Martin Marietta Materials Stock Performance

Shares of Martin Marietta Materials stock opened at $651.39 on Tuesday. The company has a market cap of $39.29 billion, a P/E ratio of 34.34 and a beta of 1.15. The company has a current ratio of 2.97, a quick ratio of 2.07 and a debt-to-equity ratio of 0.54. The business has a 50-day moving average price of $630.79 and a two-hundred day moving average price of $616.42. Martin Marietta Materials, Inc. has a 1-year low of $441.95 and a 1-year high of $668.83.

Martin Marietta Materials (NYSE:MLM) last announced its earnings results on Tuesday, November 4th. The construction company reported $5.97 EPS for the quarter, missing the consensus estimate of $6.62 by ($0.65). Martin Marietta Materials had a net margin of 17.34% and a return on equity of 11.68%. The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $2.06 billion. As a group, analysts anticipate that Martin Marietta Materials, Inc. will post 19.53 EPS for the current year.

Martin Marietta Materials Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 1st were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, December 1st. This represents a $3.32 annualized dividend and a dividend yield of 0.5%. Martin Marietta Materials’s dividend payout ratio (DPR) is 17.50%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MLM. UBS Group boosted their price target on Martin Marietta Materials from $705.00 to $723.00 and gave the stock a “buy” rating in a report on Friday, November 7th. Citigroup lifted their target price on shares of Martin Marietta Materials from $754.00 to $758.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Jefferies Financial Group upped their price target on shares of Martin Marietta Materials from $725.00 to $730.00 and gave the company a “buy” rating in a research report on Monday, December 15th. Morgan Stanley raised their price target on shares of Martin Marietta Materials from $660.00 to $690.00 and gave the company an “overweight” rating in a research note on Monday, December 22nd. Finally, Raymond James Financial lifted their price target on shares of Martin Marietta Materials from $645.00 to $680.00 and gave the stock an “outperform” rating in a report on Tuesday, October 21st. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $670.63.

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.