On February 13, 2026, Black Creek Investment Management Inc. disclosed a new position in Eagle Materials (NYSE:EXP), acquiring 502,120 shares in the fourth quarter with an estimated trade value of $103.78 million.
According to a SEC filing dated February 13, 2026, Black Creek Investment Management Inc. established a new position in Eagle Materials (NYSE:EXP), acquiring 502,120 shares during the fourth quarter. The quarter-end position value stood at $103.78 million, reflecting the new share purchase.
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This new position in Eagle Materials accounted for 5.1% of Black Creek’s 13F reportable assets as of December 31, 2025.
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Top five holdings after the filing:
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NYSE:ELAN: $250.32 million (12.4% of AUM)
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NYSE:BAH: $211.34 million (10.5% of AUM)
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NASDAQ:PSMT: $201.01 million (10.0% of AUM)
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NASDAQ:PYPL: $187.56 million (9.3% of AUM)
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NYSE:FCN: $183.17 million (9.1% of AUM)
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As of February 12, 2026, shares of Eagle Materials were priced at $232.67, down 5.1% over the past year and underperforming the S&P 500 by 18.0 percentage points.
|
Metric |
Value |
|---|---|
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Price (as of market close February 12, 2026) |
$232.67 |
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Market capitalization |
$7.60 billion |
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Revenue (TTM) |
$2.30 billion |
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Net income (TTM) |
$430.13 million |
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Eagle Materials produces and supplies cement, concrete and aggregates, gypsum wallboard, and recycled paperboard, serving the construction and packaging industries.
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The company generates revenue through the mining, manufacturing, and distribution of heavy and light building materials, with a diversified product mix supporting both commercial and residential construction, as well as infrastructure projects.
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Its primary customers include commercial and residential builders, public construction entities, and manufacturers in the gypsum wallboard and packaging sectors.
Eagle Materials operates as a leading U.S. supplier of construction materials, with a balanced portfolio spanning cement, aggregates, wallboard, and paperboard. Its integrated business model leverages raw material extraction and manufacturing capabilities to serve a broad customer base across multiple construction end-markets.
Cyclical stocks rarely look comfortable at the exact moment capital rotates toward them, and that might be exactly why this position deserves a closer look.
Eagle Materials just posted $556 million in quarterly revenue and $3.22 in diluted EPS for its fiscal third quarter. Meanwhile, cement volumes rose 9% year over year, while organic aggregates volumes climbed 34%, even as gypsum wallboard volumes fell 14%. In other words, heavy materials tied to infrastructure are offsetting residential softness.
With net debt of roughly $1.37 billion and a net leverage ratio of 1.8x, the balance sheet looks disciplined. The company also repurchased about 648,000 shares for $142.6 million in the quarter, reinforcing capital allocation consistency.
Within a portfolio led by Elanco, Booz Allen, PriceSmart, PayPal, and FTI Consulting, this 5.1% allocation is meaningful but not outsized. It fits a profile that favors cash-generative, asset-heavy businesses with pricing power. Shares are down 5.1% over the past year and have lagged the broader market, yet operating metrics remain resilient. For long-term investors, the question is not whether housing is soft today. It is whether infrastructure spending, disciplined leverage, and steady buybacks can compound value through the next cycle.
