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 currently trading at an attractive P/E ratio of 11, shows strong fundamentals with a perfect Piotroski Score 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. The shares were sold at prices ranging from $84.35 to $84.94 per share. With the company's revenue growing at 11.6% and currently trading below its Fair Value, these insider transactions warrant careful analysis.
In addition to the sales, 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, totaling approximately $2.33 million. These exercises did not involve any cash outlay, as the rights were granted at no cost.
Following these transactions, Tisch holds 1,568,191 shares directly, with additional holdings of 12,042,768 shares indirectly through trusts.
In other recent news, Loews Corporation (NYSE:L) reported a noteworthy increase in its third quarter 2024 net income, beating analyst estimates. The diversified holding company's earnings rose 38% year-over-year, reaching $401 million, or $1.82 per share. This significant boost was primarily driven by improved results at its CNA Financial and Boardwalk Pipelines subsidiaries, along with higher investment income at the parent company level. However, these gains were somewhat offset by weaker results at Loews Hotels, which reported a net loss due to an impairment charge.
In other developments, Loews' largest subsidiary, CNA Financial, saw a 10% increase in its net income, attributed to Loews, reaching $259 million. Boardwalk Pipelines also reported a 57% jump in net income, amounting to $77 million, thanks to increased revenues from higher re-contracting rates and recently completed growth projects.
These recent developments reflect a strong overall performance from Loews Corporation, supported by robust pipeline flows and favorable industry tailwinds, as noted by CEO James S. Tisch.
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