Coty, a renowned beauty company, saw a slight decline in its shares recently, prompting a board member to seize an opportunity and acquire a significant block of stock. The dip in Coty stock (COTY) came after the company priced an offering of 33 million shares at 10.28 euros ($10.80) each on September 28th. This price was lower than the previous day's closing price of $11.02.
In a bid to recover from the setback, Coty had raised its guidance just a week before the offering. Despite the fluctuating quarterly reports throughout the year, Coty's stock had managed to gain over 20% in value.
Mariastun Aramburuzabala Larregui, a Coty director, took advantage of the lower stock price by purchasing 500,000 shares at 10.28 euros each, totaling approximately $5.4 million. Aramburuzabala utilized her limited partnership to acquire the stock, which resulted in her ownership of 1.43 million Coty shares.
Aramburuzabala, who has been a Coty director since December 2020, holds prominent positions as the president of the board and CEO of Tresalia Capital, an esteemed investment firm. She comes from one of Mexico's wealthiest families, with her grandfather being a co-founder of Grupo Modelo, a prominent brewer.
Notably, this isn't Aramburuzabala's first investment in Coty. In November 2021, she purchased 925,000 shares for $10 million, averaging out to $10.89 per share through her limited partnership.
It's important to disclose that Inside Scoop regularly covers stock transactions made by corporate executives, board members, significant shareholders, politicians, and other influential individuals. As insiders, these investors are obligated to report their stock trades to regulatory bodies such as the Securities and Exchange Commission.
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