Ecolab Inc. (NYSE: ECL) is a global leader in water, hygiene, and infection prevention solutions, serving customers across industrial, healthcare, and hospitality markets worldwide. Shares recently traded around $263.60 per share, giving the company a market value of roughly $74.7B.
With its exposure to defensive end markets and recurring service driven revenue, Ecolab is often viewed as a steady long term compounder. Looking at who owns Ecolab and how insiders have traded provides insight into how large institutions, hedge funds, and company leadership appear to be positioning around the stock today.
Who Are Ecolab’s Top Shareholders?
Ecolab’s shareholder base is led by large institutional investors with long time horizons. These holders tend to provide stability through market cycles, while changes among active managers can offer perspective on how valuation and fundamentals are being weighed.
- Cascade Investment, L.L.C.: 29,178,741 shares (10.30%), ~$7.69B value. Cut 2,006,813 shares (6.44%).
- The Vanguard Group: 25,080,454 shares (8.86%), ~$6.61B value. Added 525,438 shares (2.14%).
- BlackRock Institutional Trust Company, N.A.: 12,267,962 shares (4.33%), ~$3.23B value. Added 148,419 shares (1.22%).
- State Street Investment Management (US): 11,205,525 shares (3.96%), ~$2.95B value. Added 1,574 shares (0.01%).
- Geode Capital Management: 5,588,770 shares (1.97%), ~$1.47B value. Added 109,241 shares (1.99%).
- Bill & Melinda Gates Foundation Trust: 5,218,044 shares (1.84%), ~$1.38B value. No reported change.
- Aristotle Capital Management: 4,071,409 shares (1.44%), ~$1.07B value. Cut 193,433 shares (4.54%).
- JPMorgan Asset Management: 3,770,905 shares (1.33%), ~$994.0M value. Added 2,179,809 shares (137.00%).
- Pictet Asset Management: 3,657,834 shares (1.29%), ~$964.2M value. Cut 483,159 shares (11.67%).
- BlackRock Investment Management (UK): 3,506,053 shares (1.24%), ~$924.2M value. Added 553,264 shares (18.74%).
Cascade Investment, Bill Gates’ family office, remains Ecolab’s largest shareholder despite trimming its position, while Vanguard and several BlackRock entities added modestly, and for investors this mix suggests portfolio rebalancing rather than a broad shift in long term conviction.
Hedge Fund Highlights
One notable move came from Balyasny Asset Management LP, founded by Dmitry Balyasny, which sharply increased its Ecolab position last quarter. The firm boosted its stake by nearly 196% and now holds roughly $184M worth of the stock, which may reflect a more constructive view on Ecolab’s earnings durability and pricing power.
Millennium Management, founded by Israel Englander, also increased its Ecolab exposure by about 265%. While the position remains small relative to Millennium’s overall portfolio, the size of the increase suggests more positive near term positioning.
Jane Street Group, co founded by Robert Granieri, raised its Ecolab stake by roughly 29% to about $18.8M, which may reflect trading or quantitative positioning rather than a fundamental shift but still adds incremental hedge fund support.
Ostrum Asset Management, led by Philippe Setbon, expanded its Ecolab holdings by approximately 37%, potentially indicating a more favorable view on valuation following earlier volatility, and for investors the combined hedge fund activity points to selective accumulation rather than broad consensus.
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Ecolab’s Recent Insider Trades
Recent insider filings show several small transactions across directors and officers, with activity clustered in early December and limited in overall size.
- David W. MacLennan (Director): Bought 750 shares at ~$257.60 on 12/7/25.
- Harpreet Saluja (Officer): Sold 407 shares at ~$263.39 on 12/3/25.
- Christophe Beck (Director): Reported transactions totaling 21,651 shares on 12/2/25.
- Darrell R. Brown (Director): Reported transactions totaling 5,593 shares on 12/2/25.
- Scott D. Kirkland (Director): Reported transactions totaling 5,232 shares on 12/2/25.
- Alexander A. De Boo (Director): Reported transactions totaling 1,624 shares on 12/2/25.
It appears these transactions represent a very small percentage of shares outstanding and may relate to compensation or administrative reporting, and for investors the insider activity does not meaningfully alter the broader ownership picture.
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What the Ownership & Insider Trade Data Tell Us
Ecolab’s ownership remains anchored by large, long term institutional investors, which helps support stability in the shareholder base. Hedge fund positioning shows selective accumulation rather than broad consensus, while insider activity appears modest and mixed in size. Taken together, it appears investors continue to view Ecolab as a high quality, defensive compounder, though positioning across institutions and insiders looks measured at current valuation levels.
For investors, this ownership profile suggests Ecolab is still being treated as a durable core holding rather than a tactical trade. The lack of aggressive buying from hedge funds or insiders may point to expectations for steady, incremental returns rather than outsized near term upside, with confidence tied more closely to execution, pricing discipline, and margin expansion over time than to a sharp re-rating in the stock.
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