Diamond Hill Capital Management, an investment advisor, released its “Large Cap Strategy” second quarter 2022 investor letter. A copy of the same can be downloaded here. Despite a challenging second quarter, the fund outperformed the Russell 1000 Index. Favorable stock selection in the technology and consumer discretionary sectors contributed positively to the fund’s performance in the quarter. In addition, you can check the top 5 holdings of the fund to know its best choices in 2022.
Diamond Hill Capital Management discussed stocks like Martin Marietta Materials, Inc. (NYSE:MLM) in the second quarter 2022 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a building materials company. On September 30, 2022, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $322.09 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was -5.43%, and its shares lost 9.02% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $20.09 billion.
Here is what Diamond Hill Capital Management specifically said about Martin Marietta Materials, Inc. (NYSE:MLM) in its Q2 2022 investor letter:
“Martin Marietta Materials, Inc. (NYSE:MLM) is the second largest aggregates producer and distributor in the US, with competitively positioned cement, ready-mix, asphalt and magnesia specialty businesses. Its share price recently sold off due to concerns about a slowdown in the US residential housing market, giving us the opportunity to initiate a position at an attractive price. We believe Martin Marietta is strategically positioned in markets with strong growth potential, in states that have multi-year department of transportation (DOT) plans approved, and the Infrastructure Investment and Jobs Act (IIJA) will begin distributing funds later this year. Additionally, in the event of an economic downturn, the company has the ability to pull from its prior playbook as a stronger, more geographically diversified player to acquire smaller companies, resulting in better market consolidation.”
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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, 39 hedge fund portfolios held Martin Marietta Materials, Inc. (NYSE:MLM) at the end of the second quarter which was 35 in the previous quarter.
We discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article and shared the list of stocks that can begin to rebound in 2023. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
