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Jonathan M. Tisch, Director Emeritus of Loews Corp (NYSE:L), recently made significant transactions involving the company’s common stock. The $18.7 billion market cap company, which currently trades at an attractive P/E ratio of 11.45, saw Tisch sell a total of 7,367 shares over two days, amounting to $639,493. The sale price per share ranged from $86.72 to $86.89, near the company’s 52-week high of $87.45.
In addition to the sales, Tisch engaged in other stock transactions. On February 6 and 7, he converted restricted stock units into common stock, acquiring a total of 16,482 shares at no cost. However, he also reported withholding shares to cover tax obligations, resulting in a total transaction value of $788,852 for these actions, with prices ranging from $86.28 to $86.81.According to InvestingPro, Loews Corp maintains a perfect Piotroski Score of 9, indicating strong financial health. Subscribers can access 6 additional exclusive ProTips and comprehensive financial analysis.
These transactions were carried out under a pre-established trading plan, as noted in the filing. Despite these activities, Tisch retains significant indirect ownership in Loews Corp, with over 7 million shares held in trusts and by his spouse. The company has demonstrated remarkable stability, maintaining dividend payments for 54 consecutive years.
In other recent news, Loews Corporation reported a decrease in Q4 earnings, primarily due to higher catastrophe losses and investment losses faced by its insurance subsidiary, CNA Financial. The corporation’s net income fell to $187 million, or $0.86 per share, compared to $446 million, or $1.99 per share, from the same period last year. However, the company’s revenue saw an increase, rising to $4.55 billion from $4.26 billion year-over-year.
The Q4 results included a previously announced $265 million after-tax pension settlement charge at CNA Financial. Excluding this charge, Loews’ net income would have been $452 million. CNA Financial’s net income attributable to Loews dropped to $19 million from $336 million last year, a significant decrease.
On the other hand, Boardwalk Pipelines, another subsidiary of Loews, reported improved results due to increased revenues from re-contracting at higher rates and recently completed growth projects. Additionally, Loews repurchased 4.2 million shares of its common stock for $349 million during the quarter and 7.7 million shares for $611 million for the full year.
These are the recent developments within Loews Corporation, ending the year with $3.3 billion in cash and investments at the parent company level and $1.8 billion of debt.
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