Loews Corporation’s Director, Andrew Tisch, executed a significant stock sale on December 1, 2023, offloading 40,000 shares at an average price of $107.05. This transaction generated a total of $4,282,000. Following this sale, Tisch’s remaining holdings amount to 13,019,642 shares, valued at approximately $1,393,752,676.10, reflecting a decrease of 0.31% in his stake.
The details of this transaction were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC). The filing is publicly accessible for those interested in the specifics of insider transactions.
Market Reaction and Company Performance
On the day after the sale, Loews shares experienced a slight decline, trading down $0.55 to close at $105.76. During this trading session, a total of 748,136 shares changed hands, which is below the company’s average volume of 781,998. Loews Corporation has a market capitalization of $21.86 billion, a price-to-earnings (PE) ratio of 15.33, and a beta of 0.62. The company’s stock has seen a twelve-month low of $78.98 and a high of $109.06.
Loews recently reported its quarterly earnings on November 3, 2023, revealing earnings per share (EPS) of $2.43 and revenue of $4.67 billion for the quarter. The company highlighted a net margin of 7.95% and a return on equity of 7.89% during this period.
Institutional Investor Activity and Analyst Ratings
In recent months, several institutional investors have adjusted their positions in Loews. Notably, Norges Bank acquired a new stake in the company worth approximately $665,658,000 during the second quarter. Other significant investments include Nuveen LLC and Danske Bank A S, which purchased new stakes worth $34,166,000 and $35,724,000, respectively.
In a positive sign for the company, Weiss Ratings reaffirmed a “buy (A-)” rating for Loews in a recent research report. This endorsement follows a growing consensus among analysts, with one equities research analyst issuing a “Strong Buy” rating. According to data from MarketBeat.com, the company holds an average rating of “Strong Buy” among analysts.
Loews Corporation operates in the commercial property and casualty insurance sector, providing a range of specialty insurance products, including management and professional liability, surety and fidelity bonds, and various casualty insurance offerings. Their extensive portfolio includes coverage for workers’ compensation, general and product liability, and more.
As Loews continues to navigate the complexities of the insurance market, the recent insider selling and institutional investments will be closely monitored by market observers and stakeholders. The company’s performance and strategic decisions will likely shape its trajectory in the coming months.
