Carillon Tower Advisers, an investment management company, released its “Carillon Eagle Mid Cap Growth Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. Mid-cap stocks demonstrated strength carried over from the end of last year, delivering robust returns during the first quarter. Among the style indexes, the Russell Midcap Growth Index outperformed the Russell Midcap Value Index by a modest margin, with growth up 9.49% and value up 8.23%. All sectors in the Russell Midcap Growth Index delivered positive gains during the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Carillon Eagle Mid Cap Growth Fund highlighted stocks like Martin Marietta Materials, Inc. (NYSE:MLM) in the first quarter 2024 investor letter. Martin Marietta Materials, Inc. (NYSE:MLM) is a natural resource-based building materials company. The one-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was -4.43%, and its shares gained 39.42% of their value over the last 52 weeks. On May 29, 2024, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $563.82 per share with a market capitalization of $34.754 billion.
Carillon Eagle Mid Cap Growth Fund stated the following regarding Martin Marietta Materials, Inc. (NYSE:MLM) in its first quarter 2024 investor letter:
“Martin Marietta Materials, Inc. (NYSE:MLM) is a building materials company that supplies primarily aggregates, as well as cement and downstream products, to infrastructure and construction-related end markets. The stock was a notable performer in the quarter, as it enjoyed a period of extraordinary pricing gains while simultaneously seeing internal cost inflation moderate from previously elevated levels. Accelerating levels of infrastructure spending and a continuation of improving trends in residential construction activity are providing a runway for a potential inflection in volume growth as well. Additionally, the company’s healthy balance sheet, coupled with the current robust mergers and acquisition (M&A) backdrop within its core aggregates offerings, could provide an additional tailwind for growth.”
A large construction project with cranes and forklifts in action, demonstrating the company’s building materials business.
Martin Marietta Materials, Inc. (NYSE:MLM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 52 hedge fund portfolios held Martin Marietta Materials, Inc. (NYSE:MLM) at the end of the first quarter which was 52 in the previous quarter.
Martin Marietta Materials, Inc. (NYSE:MLM) generated revenues of $1.2 billion in the first quarter a decrease of 8% year over year. The company raised its 2024 full-year adjusted EBITDA and aggregates gross profit guidance in the recent earnings call.
In another article, we discussed Martin Marietta Materials, Inc. (NYSE:MLM) and shared The London Company Large Cap Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
