Estee Lauder Companies, Inc. (EL) shares are experiencing an uptick today, potentially influenced by a significant increase in institutional holdings. Paloma Partners Management Co recently reported a substantial boost in its stake in Estee Lauder, increasing its holdings by 729.4% in the third quarter. This move, disclosed in a filing with the SEC, indicates growing confidence among institutional investors in the company's prospects. The increased interest from institutional investors could be seen as a positive signal to the market, contributing to the stock's upward movement.
Additionally, Estee Lauder's participation in Cyber Monday sales, with notable discounts on popular products like the Estee Lauder Double Wear Stay-in-Place Foundation, may also be playing a role. The foundation, which has been highly rated and is now available at a reduced price, could be driving consumer interest and sales, further supporting the stock's performance.
Estee Lauder's stock is currently trading at $73.50, reflecting a 1.91% increase from its previous close of $72.12 and a 1.37% rise from its opening price of $72.51.