Martin Marietta Materials (MLM) Rose on Improvement in Construction Activity
The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8% gross, (7.9% net) compared to an 8.6% increase in the Russell 1000 Index. The portfolio’s relative performance was slowed down by sector exposure which was partially offset by favorable stock selection. 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 August 3, 2023, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $453.48 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 3.02%, and its shares gained 27.41% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $28.102 billion.
The London Company Large Cap Strategy made the following comment about Martin Marietta Materials, Inc. (NYSE:MLM) in its second quarter 2023 investor letter:
"Martin Marietta Materials, Inc. (NYSE:MLM) - Shares of MLM outperformed during Q2, driven by improving sentiment around construction activity, along with strong quarterly results that demonstrated robust pricing power and continued margin expansion. Visibility in demand is improving with tailwinds supporting heavy non-residential and infrastructure projects over the medium-term, likely offsetting any temporary weakness in residential and light commercial activity. The company's leadership position within aggregates and exposure to financially healthy states gives us confidence that it will benefit from growth in infrastructure and construction 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 first quarter which was 46 in the previous quarter.
We discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article and shared the list of largest construction companies in the US. 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.
