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Cramer rarely likes to play piggyback and follow another investor into a stock. But this is an exception.
As Cramer has said in the past, his proprietary research suggests that time and again, had you followed activist investor Nelson Peltz into a position, you came out ahead.
"As part of my research for my latest book "Get Rich Carefully" I studied every big name activist to see if individual investors could make money piggybacking their moves, " Cramer explained. "And typically the research found it didn't pay; although there were some gains, they weren't any better than the broad S&P 500. However, there was one exception; activist investor Nelson Peltz. "Over and over again, piggybacking Peltz has paid off.
Cramer thinks there's every reason to believe Peltz' position in Bank of New York Mellon will yield the same kind of outperformance. And he's keen on these developments because Peltz has a stellar track record in bank stocks, specifically.
"In October of 2011, Peltz's Trian took a stake in State Street, a custodial bank that's just like BNY Mellon. By the time Peltz exited his position a little more than two years later, State Street had more than doubled, " Cramer said.
Cramer added that Peltz also generated substantial gains in Legg Mason. Since he was named to the board of directors in 2009, shares have rallied well over 100 percent.
"If Peltz can work the same kind of magic with BNY Mellon that we saw with State Street and Legg Mason, then the upside here could be enormous," Cramer said, especially since the firm has already started to cut costs on its own.
And Cramer thinks shares could move rather quickly. That's because, Cramer thinks it's reasonable to believe Peltz will use CNBC's Delivering Alpha conference on Wednesday to make strategic commentary that could move the stock.
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"At last year's Delivering Alpha conference he laid out big plans for Mondelez and PepsiCo, which have since returned 28 percent and 10 percent respectively, while also telling us that he was buying shares in Dupont, which has given you a 17 percent return with dividends. Who knows, maybe Bank of New York Mellon could be Peltz's next Delivering Alpha winner? "
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