Jim Cramer's Charitable Trust executed a sale of 50 shares of DuPont (DD) at roughly $147 per share following Tuesday's trading session. This transaction reduces the holding to 400 shares, lowering its weight in the portfolio from 1.7% to approximately 1.5%. The move comes as DuPont shares have climbed about 4% to reach $147, briefly touching a high of $154, after the company reported a third-quarter performance that exceeded market expectations.
According to data from LSEG, DuPont posted adjusted earnings per share of $2.09, surpassing the consensus estimate of $1.87, while organic sales grew 5% year over year. The company's growth was broad-based across its segments: Healthcare, Building Technologies, and Industrial Technology all saw mid-single-digit increases, while Water division growth reached low single digits. The report noted that the Water segment would have performed better had it not been for disruptions in the Middle East, a concern previously cited when the position was first trimmed on Monday.
In response to the strong print, DuPont raised its full-year guidance and provided an optimistic outlook for the fourth quarter. While the trust acknowledges that the company continues to execute well on post-separation initiatives, driving steady growth, improving margins, and generating significant free cash flow for stock repurchases, uncertainty remains regarding the next catalyst for the stock. Consequently, the decision was made to lock in a substantial gain of approximately 58% on shares originally purchased in August 2023.
Sources: CNBC Markets.