Keep an eye on Tupperware Brands (TUP), we said on June 29.
At the time, the TUP stock traded at $6.50. Today, the stock is up to $10.54 after testing $11.88 a share earlier in the week.
As we also noted on June 29, “It appears the pullback may be overdone, as insiders invest millions on the TUP pullback. Executive Vice Chairman Richard Goudis, for example, paid $1.1 million for 170,000 shares at an average price of $6.07.”
Tupperware President and CEO Miguel Fernandez paid $210,000 on June 10 for 35,000 shares, an average price of $6 each. He now owns 461,965 Tupperware shares.
Helping, Lane Research recently noted, ““[W]e believe that the company is still in the very early innings of its efforts to properly monetize the Tupperware brand, and at current valuations, even on our well below consensus estimates, patient investors may look back to this period as being a very attractive entry point into the stock,” as quoted by Barron’s.
It’s further proof that following insiders can often lead to profits.