Ecolab Inc (ECL US, +1, 15-Sep-26)

Eric Green (Director since Dec 2022) bought $1 million worth of stock on September 11th at $276.64, doubling his holdings. Despite four years on the board, this is his first purchase. He just stepped down as Chair & CEO of West Pharmaceutical. While at WST, he made just one purchase, $1m in 2015, soon after joining. 

We ranked this stock +N on June 16th based on purchases of $264,000 from Benjamin Clark (EVP Global Supply Chain since 2025), $2m from Michel Doukeris (Director since 2025), and $455,000 from David MacLennan (Lead Independent Director, joined 2015). 

While none of these buyers is new, MacLennan is the only one with prior purchases, and his recent buys were more than 2x his prior largest purchase. 

These are four interesting purchases in a stock that has not been under pressure and is close to a multi-year high. 

We are upgrading the stock further, from +N (moderately positive) to +1 (strongly positive).

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