Should You Hold Martin Marietta (MLM)?
The London Company, an investment management company, released “The London Company Large Cap Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. Shares of larger companies performed better as stocks traded lower across the market cap spectrum for the third consecutive quarter, indicating a preference for growth. The fund declined 3.8% (-3.9% net) during the quarter compared to a 3.2% drop in the Russell 1000 Index. Headwinds from stock selection offset a benefit from sector allocation. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
The London Company Large Cap Strategy highlighted stocks like Martin Marietta Materials, Inc. (NYSE:MLM) in the second quarter 2023 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a natural resource-based building materials company. On November 7, 2023, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $444.32 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 3.87%, and its shares gained 29.19% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $27.462 billion.
The London Company Large Cap Strategy made the following comment about Martin Marietta Materials, Inc. (NYSE:MLM) in its Q3 2023 investor letter:
"Martin Marietta Materials, Inc. (NYSE:MLM) – MLM underperformed during Q3 after a strong start to the year. Quarterly results revealed lower than expected aggregate shipments, which have been negatively impacted by a softer residential market and adverse weather. Despite shipment declines and ongoing input cost headwinds, MLM’s robust pricing strategy has led to material gross profit increases this year. MLM maintains a leadership position within aggregates and its exposure to key markets continue to give us confidence that it will benefit from growth in construction and infrastructure spending for many years."
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Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 47 hedge fund portfolios held Martin Marietta Materials, Inc. (NYSE:MLM) at the end of second quarter which was 47 in the previous quarter.
We discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article and shared the list of best basic materials stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
