Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” first quarter 2024 investor letter. A copy of the same can be downloaded here. The composite returned 7.63% gross of fees (7.56% net of fees) in the first quarter trailing the 8.99% return of the Russell 1000 Value Index and the 10.56% return of the S&P 500 Index. Security selection and allocation effects led the composite to underperform in the quarter relative to the Russell 1000 Value Index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Aristotle Capital’s Value Equity Strategy featured stocks like Martin Marietta Materials, Inc. (NYSE:MLM) in the first quarter 2024 investor letter. Headquartered in Raleigh, North Carolina, Martin Marietta Materials, Inc. (NYSE:MLM) is a natural resource-based building materials company. On April 12, 2024, Martin Marietta Materials, Inc. (NYSE:MLM) stock closed at $602.11 per share. One-month return of Martin Marietta Materials, Inc. (NYSE:MLM) was 0.98%, and its shares gained 72.43% of their value over the last 52 weeks. Martin Marietta Materials, Inc. (NYSE:MLM) has a market capitalization of $37.224 billion.
Aristotle Capital’s Value Equity Strategy stated the following regarding Martin Marietta Materials, Inc. (NYSE:MLM) in its first quarter 2024 investor letter:
“Aggregates producer Martin Marietta Materials, Inc. (NYSE:MLM) was a top contributor for the period. As a result of the company’s successful execution of its value-over-volume commercial strategy, including 15% price increases in its aggregates business, Martin Marietta reported full-year records for revenues and profitability. Furthermore, the company continues to bolster its leadership position through the acquisitions of Albert Frei & Sons, a leading aggregates producer in Colorado, and the southeast aggregates operations of Blue Water Industries. These transactions are expected to add one billion tons of reserves, improve product mix and profitability, and allow for the expansion into new target markets such as Nashville and Miami. We believe Martin Marietta is well positioned to continue executing on its catalysts, including optimizing its product portfolio and further enhancing profitability from both pricing and operations initiatives, all while benefiting from continued increases in both non-residential construction and government spending.”
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. At the end of the fourth quarter, Martin Marietta Materials, Inc. (NYSE:MLM) was held by 52 hedge fund portfolios, compared to 50 in the previous quarter, according to our database.
We previously discussed Martin Marietta Materials, Inc. (NYSE:MLM) in another article, where we shared best materials stocks to buy in 2024. 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.
