Andrew H. Tisch, director emeritus of Loews Corp (NYSE:L), recently sold shares of the company, according to a Form 4 filing with the Securities and Exchange Commission. The transactions, executed under a pre-arranged 10b5-1 trading plan, occurred on January 2 and January 3, 2025. Loews, a $17.9 billion market cap company that currently trades at an attractive P/E ratio of 11, exhibits strong basics with a perfect Piotroski Rating of 9 according to InvestingPro analysis.
Tisch sold a total of 16,192 shares of Loews common stock, generating proceeds of approximately $1.37 million. Shares were traded at prices ranging from $84.35 to $84.94 per share. With the company’s revenue growth of 11.6% i it is currently trading below its fair valuethese insider transactions require careful analysis.
In addition to the sale, Tisch exercised stock appreciation rights to acquire 60,000 shares of Loews common stock at prices ranging from $35.52 to $40.61 per share, for a total of approximately $2.33 million. These exercises did not involve any monetary expenditure as the rights were granted at no cost.
Following these transactions, Tisch directly holds 1,568,191 shares, with an additional 12,042,768 shares held indirectly through trusts.
In other recent news, Loews Corporation (NYSE: ) reported a significant increase in net income for the third quarter of 2024, beating analyst estimates. The diversified holding company’s earnings rose 38% year over year to $401 million, or $1.82 per share. This significant increase was primarily driven by improved results at subsidiaries CNA Financial and Boardwalk Pipelines, along with higher investment income at the parent company level. However, these gains were somewhat offset by weaker results from Loews Hotels, which reported a net impairment loss.
In other developments, Loews’ largest subsidiary, CNA Financial, posted a 10% increase in net income attributable to Loews, reaching $259 million. Boardwalk Pipelines also reported a 57% jump in net income to $77 million, thanks to increased revenue from higher recontracting rates and recently completed growth projects.
These recent developments reflect Loews Corporation’s strong overall performance, aided by strong pipeline flows and favorable tailwinds, as CEO James S. Tisch noted.
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