The morning showed eight H.B. Fuller directors buying the same stock in ten days. What it could not fit was this: one of them bought the same stock in April at $65 — and came back for more at $49.
You read this morning that R. Jeffrey Bailly paid $500,000 for 10,000 shares on October 7, completing a cluster buy now spanning eight insiders. Tonight, let’s look at what those eight directors bought into — and what the full 2026 timeline says about how they read the stock.
Three questions I’ll answer
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What H.B. Fuller actually makes and why the business earns money |
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The full 2026 buy sequence in order — verified prices, verified dates, from SEC filings |
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Why one director buying more at a 24% lower price changes what the cluster means |
The price they are paying now is 24% below where one of them bought in April. That is the pattern. ↓
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Eight Directors, One Stock, Six Months of Conviction
H.B. Fuller (NYSE: FUL) is a specialty chemicals company that makes adhesives, sealants, and coatings for manufacturers in more than 150 countries. If a box holds its seal on a shelf, a diaper keeps its layers bonded, or a circuit board stays protected from moisture inside a device — there is a reasonable chance one of Fuller’s formulations is doing that job. The company sells through three segments: Hygiene, Health and Consumable Adhesives for packaging and personal care; Engineering Adhesives for electronics and transportation; and Building Adhesive Solutions for construction.
The most recent quarter tells a business where earnings are outrunning revenue. In Q3 fiscal 2026, ended August 29, Fuller reported $938 million in revenue, up 5.2% year on year. Adjusted EBITDA — operating earnings before interest, taxes, depreciation, and amortization — reached $187 million, up 9%, with an adjusted EBITDA margin of 19.9%, a company record. The stock, meanwhile, is down 7.2% year to date while the broader specialty chemicals industry is up 15.7%.
The 2026 buy sequence — from EDGAR, in order
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Apr 17
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Rasmussen Trangsrud bought 1,000 shares at $65.83 — $65,830 near the stock’s 2026 high
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Sep 28
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Rasmussen Trangsrud returned at $48.97, buying 2,042 more shares — 26% below her April price. Handley Thomas added 2,000 shares at $49.41 the same day
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Sep 28–29
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Zaheer Srilata bought 2,040 shares across two sessions at ~$49.10
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Sep 29
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Happe Michael bought 2,000 shares at $49.63
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Sep 30
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Martin Celine, a newly joined director, bought 465 shares at $49.50 as her first open-market purchase
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Oct 7
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Bailly R Jeffrey bought 10,000 shares at $50.00 — $500,000, the largest single purchase in the cluster
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Rasmussen Trangsrud is the detail worth holding. She paid $65.83 in April, watched the stock fall to $49, and bought more. That is not a new trade — it is a reaffirmation of a position at a worse price. Every other director who joined the cluster in September made the same statement at the same price range.
NATE’S TAKE
I track board-level buying clusters at industrial companies closely, because when this many directors buy at the same time, it usually signals one of two things: either the stock has fallen to a price the board considers obviously wrong, or something about the near-term outlook has improved in ways the public filings have not captured yet. At H.B. Fuller, the financials argue for the first — record EBITDA margins, earnings growing faster than revenue, and a stock that is down while the business performs. The detail I keep returning to is Rasmussen Trangsrud. She bought in April. She bought again at 26% lower in September. The board is not guessing at the outcome. They are adding capital to a company they already know at a price they find hard to ignore.
— Nate Fowler
After the Bell · Evening Special Edition
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