Here’s How Martin Marietta Materials (MLM) Performed in Q2
ClearBridge Investments, an investment management company, released its “ClearBridge Large Cap Value Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. The strategy outperformed its Russell 1000 Value Index benchmark in the second quarter. The strategy benefited from nine of the 11 sectors in which it was invested for the quarter on an absolute basis, while overall stock selection contributed to performance on a relative basis. In addition, please check the fund’s top five holdings to know its best picks in 2023.
ClearBridge Large Cap Value 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 September 13, 2023, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $434.04 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 0.45%, and its shares gained 28.63% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $26.825 billion.
ClearBridge Large Cap Value Strategy made the following comment about Martin Marietta Materials, Inc. (NYSE:MLM) in its Q2 2023 investor letter:
"The Strategy outperformed in the quarter, benefiting from recent opportunistic additions such as Meta Platforms as well as medium and long-term holdings such as Vertiv, Oracle and Martin Marietta Materials, Inc. (NYSE:MLM).
Our selection in the materials sector also helped portfolio outperformance, with Martin Marietta Materials, a leading producer of aggregates for construction, helping the portfolio manage inflation risk. While the benefits from robust pricing in aggregates and cement have lately been muted by inflation, aggregates gross margins should inflect meaningfully higher going forward as incremental pricing and lower energy costs flow through the company’s income statement."
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 largest magnesium-producing companies and the best magnesium stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.
