5 EV Materials Stocks to Invest In

4. Vulcan Materials Company (NYSE:VMC)

Number of Hedge Fund Holders: 34    

Vulcan Materials Company (NYSE:VMC) produces and supplies construction aggregates. The company was one of the first firms to supply lithium hydroxide, an important material for the manufacture of lithium batteries, to suppliers in Europe as electric vehicle demand picked up in the region. Europe has now emerged as one of the fastest growing EV markets in the world. The Vulcan Zero Carbon Lithium Project is located in the Upper Rhine Valley of Germany, near auto factories of Volkswagen, Northvolt, and Tesla. 

On September 1, Vertical Research analyst Michael Dudas upgraded Vulcan Materials Company (NYSE:VMC) stock to Buy from Hold with a price target of $225, noting the firm will likely benefit from a broader construction recovery. 

At the end of the second quarter of 2022, 34 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Vulcan Materials Company (NYSE:VMC), compared to 36 in the preceding quarter worth $2 billion. 

In its Q4 2021 investor letter, Weitz Investment Management, an asset management firm, highlighted a few stocks and Vulcan Materials Company (NYSE:VMC) was one of them. Here is what the fund said:

“Vulcan Materials contributed to returns due to solid results and a bright outlook for the company’s prosaic, essential products. Aggregate volumes and backlogs are strong across end markets, pricing momentum is robust, and the federal infrastructure bill adds visibility into the amount of money that will be allocated to infrastructure projects.”