Here’s Why Vulcan Materials Company (VMC) Stock Rose More Than 30% in Q2

Weitz Investment Management, an investment management firm, released its “Large Cap Equity Fund” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund’s Institutional Class returned +12.32% compared to an +8.58% return for the Russell 1000 Index. The Fund’s Institutional Class has returned +19.11% year-to-date compared to +16.68% return for the benchmark. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Weitz Large Cap Equity Fund highlighted stocks like Vulcan Materials Company (NYSE:VMC) in the second quarter 2023 investor letter. Headquartered in Birmingham, Alabama, Vulcan Materials Company (NYSE:VMC) is a construction aggregates producer and supplier. On August 8, 2023, Vulcan Materials Company (NYSE:VMC) stock closed at $226.84 per share. One-month return of Vulcan Materials Company (NYSE:VMC) was 2.98%, and its shares gained 29.98% of their value over the last 52 weeks. Vulcan Materials Company (NYSE:VMC) has a market capitalization of $30.183 billion.

Weitz Large Cap Equity Fund made the following comment about Vulcan Materials Company (NYSE:VMC) in its second quarter 2023 investor letter:

“Back in the “old” economy, rocks-and-gravel producer Vulcan Materials Company (NYSE:VMC) saw its stock rise more than 30% during the quarter. The aggregates pricing power story has been on full display, private sector volumes have remained healthy, and we expect public infrastructure spending to power robust, multi-year tailwinds.”

concrete, building, work

PI/Shutterstock.com

Vulcan Materials Company (NYSE:VMC) is not on our list of 30 Most Popular Stocks Among Hedge Funds.  As per our database, 49 hedge fund portfolios held Vulcan Materials Company (NYSE:VMC) at the end of first quarter which was 43 in the previous quarter.

We discussed Vulcan Materials Company (NYSE:VMC) in another article and shared The London Company Mid Cap Strategy’s views on the company. 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.