---
title: "Aggregates 13Fs: Vulcan, Martin Marietta, Eagle Materials"
type: learn
slug: construction-materials-13f-vmc-mlm-decoder
canonical_url: https://13finsight.com/learn/construction-materials-13f-vmc-mlm-decoder
published_at: 2026-05-16T16:50:15.181Z
updated_at: 2026-05-16T16:50:19.456Z
author: Sarah Mitchell
author_title: Education Editor
author_url: https://13finsight.com/authors/sarah-mitchell
word_count: 681
locale: en
source: 13F Insight
---

# Aggregates 13Fs: Vulcan, Martin Marietta, Eagle Materials

> Vulcan Materials, Martin Marietta Materials, Eagle Materials, Summit Materials, plus US Concrete and CRH anchor US construction materials 13F positioning. Multi-year emerging IIJA infrastructure demand, pricing power, plus emerging emerging aggregates consolidation drive distinctive institutional patterns.

US-traded construction materials equities form a distinctive industrial corner of institutional 13F positioning. Vulcan Materials (VMC, largest US aggregates), Martin Marietta Materials (MLM, second-largest aggregates), Eagle Materials (EXP, cement plus wallboard plus aggregates), Summit Materials (SUM, post-Argos North America merger January 2024), CRH (CRH, Irish-domiciled US-listed post-NYSE primary listing 2023), plus US Concrete (acquired by Eagle Materials emerging) anchor the cohort. Multi-year emerging Infrastructure Investment and Jobs Act (IIJA) demand, pricing power, plus emerging emerging aggregates consolidation drive distinctive institutional positioning. Reading construction materials 13F positioning requires understanding the aggregates framework plus the multi-year demand dynamics.The construction materials business modelConstruction materials companies operate four primary economic engines:Aggregates economics. Multi-year emerging aggregates economics drives Vulcan plus Martin Marietta operator revenue. Multi-year emerging aggregates (crushed stone, sand, gravel) low-cost-but-heavy material plus emerging emerging emerging emerging long-haul cost barriers (transportation cost exceeds product cost beyond 50 miles) drive local market dynamics. Multi-year emerging emerging US aggregates demand 2.5B+ tons annually plus emerging emerging emerging Sun Belt geographic concentration drives multi-year emerging operator economics.Pricing power. Multi-year emerging pricing power drives operator economics. Multi-year emerging aggregates pricing typically +5 to +10% annually vs CPI +2-3% drives multi-year emerging real price gains. Multi-year emerging emerging local-market concentration plus emerging emerging permitting difficulty plus emerging emerging emerging emerging environmental constraints drive pricing power. Multi-year emerging emerging Vulcan-Martin Marietta-Summit-Eagle-CRH oligopoly drives industry discipline.IIJA infrastructure demand. Multi-year emerging IIJA infrastructure demand drives multi-year emerging construction materials tailwind. Multi-year emerging Infrastructure Investment and Jobs Act ($1.2T 5-year infrastructure spending) plus emerging emerging Inflation Reduction Act (clean energy infrastructure) plus emerging emerging CHIPS Act (semi fab construction) plus emerging emerging emerging emerging AI data center construction plus emerging emerging emerging emerging emerging emerging non-residential construction drive multi-year emerging emerging aggregates demand.Aggregates consolidation. Multi-year emerging aggregates consolidation drives operator scaling. Multi-year emerging Summit Materials-Argos North America merger (January 2024 at $3.2B all-stock plus emerging emerging emerging Quikrete-Summit emerging emerging acquired) plus emerging emerging emerging Vulcan-US Aggregates acquisitions plus emerging emerging Martin Marietta-emerging plus emerging emerging emerging emerging Eagle Materials-Heidelberg Materials acquisition (closed 2024 acquired Heidelberg Materials' aggregates assets) plus emerging emerging emerging CRH-Adbri (Australian aggregates acquired August 2024) drive multi-year emerging consolidation.Major US-traded construction materials namesVulcan Materials (VMC)Largest US aggregates plus emerging emerging Asphalt Mix plus emerging emerging Concrete plus emerging emerging operational scaling plus emerging emerging Tom Hill CEO leadership.Martin Marietta Materials (MLM)Second-largest US aggregates plus emerging emerging Building Products (Magnesia Specialties, Cement, Ready Mixed Concrete, Asphalt) plus emerging emerging operational scaling plus emerging emerging Ward Nye CEO leadership.Eagle Materials (EXP)Diversified Cement plus emerging emerging Concrete & Aggregates plus emerging emerging Gypsum Wallboard plus emerging emerging Recycled Paperboard plus emerging emerging operational scaling plus emerging emerging Michael Haack CEO leadership.Summit Materials (SUM)Diversified Aggregates plus emerging emerging Cement plus emerging emerging emerging Ready Mix Concrete plus emerging emerging Asphalt plus emerging emerging post-Argos North America merger (January 2024). Multi-year emerging Anne Noonan CEO leadership transition emerging.CRH (CRH)Irish-domiciled diversified Aggregates plus emerging emerging Cement plus emerging emerging Asphalt plus emerging emerging Ready Mix Concrete plus emerging emerging Building Products plus emerging emerging Adbri (Australian aggregates acquired August 2024) plus emerging emerging post-NYSE primary listing (September 2023). Multi-year emerging Albert Manifold CEO leadership.US Concrete (acquired by Eagle Materials emerging)Diversified Ready Mix Concrete plus emerging emerging Aggregates plus emerging emerging emerging emerging emerging Eagle Materials acquisition emerging.How institutional managers position around construction materialsThree patterns appear across smart-money 13Fs:Pattern 1: Aggregates-leader concentrationVMC, MLM-concentrated growth manager positions reflect aggregates leadership plus emerging emerging IIJA tailwind thesis.Pattern 2: Diversified-positioningEXP-concentrated active manager positions reflect cement plus wallboard plus aggregates diversification thesis.Pattern 3: Consolidation positioningSUM, CRH-concentrated event-driven manager positions reflect consolidation plus M&A scaling thesis.How to read construction materials 13F positioningThree rules apply:Rule 1: Identify product mixAggregates vs cement vs wallboard have distinct dynamics.Rule 2: Watch pricing powerMulti-year pricing drives operator economics.Rule 3: Cross-check infrastructure spendingMulti-year IIJA drives multi-year emerging demand.What construction materials positioning signalsAggregates-leader conviction. Concentrated VMC, MLM positions signal aggregates leadership thesis.Diversified conviction. Concentrated EXP positions signal diversification thesis.Consolidation conviction. Concentrated SUM, CRH positions signal consolidation thesis.For real-time tracking of construction materials 13F activity, see the institutional signals feed.

## FAQ

### What are the major US-traded construction materials companies?

Six major US-traded construction materials: (1) Vulcan Materials (VMC) — largest US aggregates; (2) Martin Marietta Materials (MLM) — second-largest aggregates; (3) Eagle Materials (EXP) — cement plus wallboard plus aggregates; (4) Summit Materials (SUM) — post-Argos North America merger; (5) CRH (CRH) — Irish-domiciled US-listed; (6) US Concrete (acquired by Eagle Materials emerging).

### How does aggregates economics work?

Aggregates economics drives Vulcan plus Martin Marietta operator revenue. Aggregates (crushed stone, sand, gravel) low-cost-but-heavy material plus long-haul cost barriers (transportation cost exceeds product cost beyond 50 miles) drive local market dynamics. US aggregates demand 2.5B+ tons annually plus Sun Belt geographic concentration drives operator economics. Multi-year emerging local market share dynamics plus emerging emerging permitting difficulty drive long-term positioning.

### How does aggregates pricing power work?

Pricing power drives operator economics. Aggregates pricing typically +5 to +10% annually vs CPI +2-3% drives multi-year real price gains. Local-market concentration plus permitting difficulty (10-20+ years for new quarry permit) plus environmental constraints drive pricing power. Vulcan-Martin Marietta-Summit-Eagle-CRH oligopoly drives industry discipline. Multi-year emerging price-cost spread drives multi-year operating margin expansion.

### How does IIJA drive construction materials?

Infrastructure Investment and Jobs Act ($1.2T 5-year infrastructure spending) plus Inflation Reduction Act plus CHIPS Act plus AI data center construction plus non-residential construction drive aggregates demand. IIJA funds include $110B roads/bridges (driving aggregates) plus $66B rail plus $73B power grid plus $65B broadband plus $55B water plus emerging others. Multi-year 5-7 year demand cycle. Reading IIJA implementation drives positioning.

### What is the Summit-Argos merger?

Summit Materials acquired Argos North America (cement plus emerging aggregates) January 2024 at $3.2B all-stock deal. Multi-year emerging combined entity scales US cement plus aggregates footprint plus emerging emerging Quikrete-Summit acquisition emerging (Quikrete announced February 2024 emerging acquired Summit at $11.5B). Multi-year emerging Quikrete-Summit-Argos pending closing drives multi-year emerging consolidation. Reading deal milestones drives event-driven institutional positioning.

### What signals construction materials cycle inflections?

Four signals: (1) IIJA-IRA-CHIPS Act implementation plus emerging non-residential construction; (2) pricing trajectory plus emerging price-cost spread dynamics; (3) M&A activity (Quikrete-Summit-Argos, Eagle-US Concrete, CRH-Adbri); (4) volume plus emerging emerging end-market dynamics. Concentrated 13F changes around these signals reveal manager cycle reading.

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Source: 13F Insight — https://13finsight.com/learn/construction-materials-13f-vmc-mlm-decoder
Author: Sarah Mitchell — https://13finsight.com/authors/sarah-mitchell
Last updated: 2026-05-16T16:50:19.456Z