Madison Investments, an investment advisor, released its “Madison Small Cap Fund” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The third quarter was difficult for the Small Cap Fund.  The small-cap index’s performance was broad-based. The Madison Small Cap Fund (class Y) was down 1.3% in the quarter, significantly underperforming the benchmarks. The underperformance was driven by stock selection and exacerbated by a very speculative market. In addition, please check the f ...

With a market cap of around $36 billion, Martin Marietta Materials, Inc. (MLM) is a leading natural resource–based building materials company supplying aggregates, cement, concrete, asphalt, and paving services to construction markets across the U.S. and internationally. It also produces magnesia-based chemical products and dolomitic lime used in industries such as steel manufacturing, agriculture, and environmental applications. Shares of the Raleigh, North Carolina-based company have underperformed the ...

Vulcan Materials Company (VMC), headquartered in Birmingham, Alabama, produces and supplies construction aggregates. Valued at $37 billion by market cap, the company’s principal product lines are aggregates, asphalt mix, concrete, and cement. Shares of the largest producer of construction aggregates have underperformed the broader market over the past year. VMC has gained 1.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 12.3%. In 2025, VMC stock is up 9.6%, falling behi ...

Core Insights - Baron Real Estate Fund delivered a strong performance in Q3 2025, appreciating 10.25% compared to the MSCI US REIT Index's 4.49% and the MSCI USA IMI Extended Real Estate Index's 5.65% [1] Company Overview - CRH plc is a leading building materials solutions provider headquartered in Dublin, Ireland, with a market capitalization of $75.457 billion as of November 11, 2025 [2] - The stock of CRH plc experienced a one-month return of -5.00% but gained 13.58% over the last 52 weeks, closing at $112.65 per share [2] Performance Analysis - CRH plc's shares performed well in the recent quarter due to strong quarterly results and a successful Investor Day [3] - The company is the largest supplier of building materials such as aggregates, cement, asphalt, and concrete in North America and Europe, serving housing, infrastructure, and commercial projects [3] Business Model - CRH plc employs a vertically integrated approach, selling both upstream materials (aggregates and cement) and downstream materials (asphalt and concrete) [3] - This strategy aims to maximize returns on raw material reserves by profiting from both upstream sales and related product offerings that utilize these materials [3]

Core Insights - Eagle Materials Inc. reported earnings per share (EPS) of $8.72, significantly exceeding the estimated EPS of $4.35 [1][5] - The company's revenue for the quarter ending in September 2025 was approximately $638.9 million, surpassing the estimated $635.5 million, and representing a 2.5% year-over-year increase [2][5] Financial Metrics - The price-to-earnings (P/E) ratio of Eagle Materials Inc. is approximately 11.93, indicating the market's valuation of its earnings [3][5] - The price-to-sales ratio stands at about 3.08, reflecting the market's valuation of its revenue [3] - The enterprise value to sales ratio is around 3.39, suggesting how the market values the company's total value in relation to its sales [3] Debt and Liquidity - The company's debt-to-equity ratio is approximately 0.50, indicating a moderate level of debt relative to its equity [4] - The current ratio is about 2.72, demonstrating the company's ability to cover its short-term liabilities with its short-term assets [4]

Core Insights - GCC, S.A.B. de C.V. reported a 10.1% increase in net sales for Q3 2025, reaching US$438.5 million compared to US$398.2 million in Q3 2024 [3][5] - The company experienced a decline in operating income and EBITDA, with operating income before other expenses decreasing by 6.3% to US$128.8 million and EBITDA down by 2.9% to US$157.4 million [3][5] - Free cash flow increased by 8.9% to US$132.4 million, with a conversion rate of 84.1% [5] Financial Performance - Net sales for the first nine months of 2025 were US$1,048.9 million, a 1.7% increase from US$1,031.4 million in the same period of 2024 [3] - Net income for Q3 2025 was US$100.9 million, down 6.0% from US$107.3 million in Q3 2024, while earnings per share decreased by 6.1% to US$0.3076 [3][5] - The EBITDA margin for Q3 2025 was 35.9%, compared to 40.7% in Q3 2024 [3] Market Performance - U.S. sales grew by 14%, driven by a 52.7% increase in concrete volumes and a 6.4% increase in cement volumes [5] - U.S. concrete prices rose by 11% [5] - Cash and equivalents totaled US$853.7 million, with a net leverage ratio of -0.55x as of September 2025 [5] Strategic Focus - The CEO emphasized the company's commitment to cost control, operational stability, and long-term value creation through investments [4]

Group 1 - CRH plc (NYSE:CRH) is recognized for its strong performance in the building materials sector, with a recent increase of approximately 34% in stock value [1] - The company provides a range of construction solutions, including cement, aggregates, concrete, asphalt, and precast products, catering to infrastructure, commercial, and residential projects [1] - Despite the positive outlook for CRH, some analysts suggest that other companies like Martin Marietta Materials and Vulcan Materials may be better investment options in the building materials space [1] Group 2 - There is a belief that certain AI stocks may offer greater upside potential compared to CRH, with less downside risk associated with them [2] - The article hints at the potential benefits of investing in undervalued AI stocks that could gain from Trump-era tariffs and the trend of onshoring [2]

Company Overview - Martin Marietta Materials, Inc. (NYSE:MLM) supplies aggregates, cement, concrete, and asphalt for construction, infrastructure, and industrial projects [2] - The company also produces magnesia-based chemicals and dolomitic lime used in steelmaking, soil stabilization, and environmental applications [2] Stock Performance - The stock recently hit a 52-week high and is currently up 36% from previous lows [1] - Over the past few years, the company has benefited significantly from federal infrastructure spending, with a noted 38% increase in stock price since April [2] Analyst Insights - Jim Cramer advised to hold MLM shares, indicating it is a great long-term investment, and compared it to Vulcan Materials as part of a duopoly in the industry [1] - Cramer highlighted that there is still substantial funding available from Biden's infrastructure package, which could further benefit the company [2]

Core Insights - CRH PLC is identified as a leading beneficiary of the AI boom, particularly in the heavy materials sector, according to Kathryn Thompson, CEO of Thompson Research Group [1] - The company anticipates significant growth driven by the data center boom, as discussed by CEO Jim Mintern during an earnings call [2] - CRH expects robust demand in infrastructure supported by government and EU funding, with positive momentum in nonresidential markets and a gradual recovery in residential construction [3] Company Overview - CRH PLC is the largest building materials company in North America and Europe, supplying products for various construction and infrastructure projects [4] - The company’s product range includes aggregates, cement, asphalt, and concrete, as well as utility infrastructure and outdoor living solutions [4] - CRH is currently trading at 8.7 times the estimated cash flow for 2025, which is lower than its vertically integrated peers trading at up to 13 times cash flow [5]

Core Viewpoint - GCC, a leading supplier and producer of cement and concrete in the United States and Mexico, will announce its third quarter 2025 earnings results on October 21, 2025, and host a conference call on October 22, 2025, to discuss these results [1][4]. Group 1: Earnings Call Details - The conference call will be led by CEO Enrique Escalante and CFO Maik Strecker, accessible via specific dialing numbers for both domestic and international participants [2]. - The conference ID for the call is 13750650, and a listen-only webcast will be available through a provided link [2]. Group 2: Replay Information - A replay of the webcast will be available on the same day at 2:00 p.m. (ET) until October 29, 2025, with access options including a specific link and dialing numbers for international calls [3]. - The replay PIN for accessing the recorded call is also 13750650, and an online replay will be available on the company's website two days after the live broadcast [3]. Group 3: Company Overview - GCC has an annual cement production capacity of 6 million metric tons and has been operational since 1941, with its shares listed on the Mexican Stock Exchange under the ticker symbol GCC* [4].