On November 14, 2025, Eminence Capital, LP disclosed in a Securities and Exchange Commission filing that it sold out its entire Installed Building Products position, reflecting a ~$170 million net change.
- Exited 945,101 shares, reducing position value by $170.42 million
- The transaction accounted for approximately 2.07% of reported 13F assets under management
- Post-sale stake stands at zero shares valued at $0
- The position represented approximately 2.05% of AUM last quarter, marking a full liquidation of a significant prior holding
What happened
According to a Securities and Exchange Commission filing dated November 14, 2025, Eminence Capital, LP reported selling all 945,101 shares in Installed Building Products (IBP 0.76%), fully exiting the position. The net change in value was approximately $170.42 million, estimated using quarterly average prices. The fund reported 46 positions and $8.25 billion in U.S. equity assets at quarter-end.
What else to know
This was a complete sale; the stake now represents 0% of 13F assets under management, down from 2.1% last quarter.
Top positions after the filing:
- NASDAQ: AMZN: $340.09 million (5.0% of AUM)
- NASDAQ: GTLB: $324.92 million (4.8% of AUM)
- NYSE: WK: $320.52 million (4.7% of AUM)
- NYSE: CPNG: $303.79 million (4.5% of AUM)
- NYSE: ATMU: $294.10 million (4.3% of AUM)
As of November 13, 2025, shares were priced at $257.14, up 26.0% over the past year, outperforming the S&P 500 by 13.44 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $2.97 billion |
| Net Income (TTM) | $255.70 million |
| Dividend Yield | 1.25% |
| Price (as of market close 2025-11-13) | $257.14 |
Company Snapshot
Installed Building Products, Inc. installs and distributes insulation and complementary building products, serving the U.S. residential and commercial construction markets. The company leverages a diversified product portfolio and integrated operations to deliver value-added services to builders nationwide.
Installed Building Products, Inc. offers installation of insulation, sealants, garage doors, waterproofing, fire-stopping systems, and other complementary building products; revenue is primarily generated from installation services and product distribution.
The company operates a vertically integrated business model, combining installation, distribution, and manufacturing to serve residential and commercial builders across the United States.
Installed Building Products, Inc.targets residential and commercial builders, with a focus on new construction and retrofit markets in the U.S.
Foolish take
Eminence Capital’s decision to fully exit Installed Building Products stands out because it comes after a year in which the stock delivered a meaningful gain and outpaced the broader market. A roughly $170 million sale into that kind of strength is not what investors see when a thesis unravels. It is more often the mark of a manager closing out a successful position and shifting capital toward newer opportunities.
Installed Building Products has spent decades turning a small insulation contractor in Ohio into one of the largest installation platforms in the country. Its crews handle the work that has to happen between bare framing and a livable building, and the company earns most of its revenue by installing materials for residential and commercial builders. It then adds growth on top by acquiring well-run regional installers and folding those branches into its operating model. At its core, IBP is a consolidator that turns a fragmented trade into a scaled, cash-generating business that can compound through acquisitions and execution. Recent results show record revenue and strong cash flow, yet the market still tends to file IBP under "cyclical housing play" rather than view it as a long-running roll-up with a still sizable opportunity set.
For investors, the next chapter turns on whether Installed Building Products can keep turning local installers into accretive branches while still earning attractive returns on each deal. More attention should be directed to the company's pace and pricing of acquisitions, and to how margins behave if construction activity softens from here. If IBP keeps buying well and maintains steady operating performance, Eminence Capital's decision to lock in gains now may say more about its own time horizon than about the long-term opportunity still available to patient shareholders.
Glossary
13F assets under management (AUM): The total value of U.S. equity securities reported by an institutional investment manager in SEC Form 13F filings.
Quarterly average prices: The average price of a security over a specific quarter, used to estimate transaction values.
Full liquidation: Selling all shares of a particular investment, resulting in a zero position.
Vertically integrated business model: A company structure combining multiple stages of production or distribution within a single organization.
Retrofit markets: Markets focused on upgrading or improving existing buildings rather than new construction.
Value-added services: Additional offerings that enhance the core product or service, providing extra benefits to customers.
TTM: The 12-month period ending with the most recent quarterly report.
Stake: The ownership interest or shareholding an investor holds in a company.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Position: The amount of a particular security or asset held by an investor or fund.
Distribution (in business): The process of delivering products from manufacturers to end users or retailers.
Outperforming the S&P 500: Achieving a higher return than the S&P 500 index over a given period.
