Director Paul J. Fribourg filed a Form 4 with the SEC on November 9, 2026, disclosing the sale of 91,972 shares of Estee Lauder Companies Inc Class A Common Stock held indirectly through Continental Grain Company across two trading days, November 5 and November 6, 2026.

Key Highlights

  • Reporting person: Paul J. Fribourg, identified as a Director of Estee Lauder Companies Inc (NYSE:EL).
  • Shares sold on November 5, 2026: 21,972 shares across six separate tranches at weighted average prices ranging from $109.59 to $115.02 per share.
  • Shares sold on November 6, 2026: 70,000 shares at a weighted average price of $110.21, with individual sale prices ranging from $110.00 to $110.88 per share.
  • Remaining indirect holdings: 326,328 shares of Class A Common Stock beneficially owned indirectly through Continental Grain Company following the reported transactions.
  • Indirect ownership structure: Shares are held by Continental Grain Company; Fribourg is Executive Chairman and a co-trustee of family trusts that collectively control a majority interest in the company.
  • Beneficial ownership disclaimer: According to the filing, Fribourg "disclaims beneficial ownership of any shares in which he does not have a pecuniary interest."

Continental Grain Company Reduces Estee Lauder Position Over Two Days

According to the filing, all reported transactions involved Class A Common Stock of Estee Lauder Companies Inc and were executed as open market sales (transaction code S). On November 5, 2026, six separate tranches were sold: 5,808 shares at a weighted average of $109.59, 2,941 shares at $111.15, 2,742 shares at $111.88, 5,667 shares at $113.31, 2,046 shares at $113.77, and 1,768 shares at $115.02. Each price represents a weighted average across multiple transactions within a stated price range, and the filing notes that Fribourg undertakes to provide individual transaction prices upon request to the SEC, the issuer, or a stockholder.

On November 6, 2026, an additional 70,000 shares were sold at a weighted average price of $110.21, with individual prices ranging from $110.00 to $110.88 per share. After all seven reported transactions, the filing states that 326,328 shares of Class A Common Stock remain held indirectly through Continental Grain Company.

The filing describes Fribourg's relationship to the shares in detail. The shares are held by Continental Grain Company, and Fribourg "may be deemed to share voting and investment power with respect to the shares held by the Company by virtue of being Executive Chairman of the Company." In addition, the filing states he is a co-trustee and in one case a beneficiary of family trusts that "collectively control a majority interest in the Company." A separate line in the filing also reflects 4,000 shares of Class A Common Stock disposed of directly, though no transaction date, price, or code is associated with that line in the source text.

What Was Disclosed

Paul J. Fribourg, a Director of Estee Lauder Companies Inc, disclosed the sale of 91,972 shares of Class A Common Stock held indirectly through Continental Grain Company on November 5 and 6, 2026, leaving 326,328 shares held indirectly following the transactions.