New York-based Loews Corporation, which owns more than 10% of the shares of CNA Financial Corporation (NYSE:CNA), has been raising its stakes in the insurer. According to an SEC filing, Loews Corporation purchased CNA shares worth $6.56 million in the last week. The diversified company bought 168,099 shares between August 31 and September 2 at a weighted average price per share ranging from $38.74 to $39.45.
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According to TipRanks, which provides a comprehensive list of daily insider transactions, various corporate insiders have bought and sold CNA stock in the last three months.
Insider Confidence Signal is Positive on CNA
TipRanks’ Insider Trading Activity tool shows that insiders are currently bullish on CNA stock, as corporate insiders have bought CNA stock worth $6.6 million in the last three months.
Interestingly, TipRanks also provides a list of hot stocks that boasts of either a Very Positive or Positive insider confidence signal.
Is CNA a Good Stock to Buy?
Analysts have mixed feelings about CNA Financial stock. Analysts on TipRanks are neutral about CNA stock, which carries a Hold consensus rating based on one Hold.
Further, hedge funds and retail investors look apprehensive about the CNA stock. Hedge funds have sold 148,800 shares of CNA stock in the last quarter. Moreover, retail investors have decreased their holdings in CNA stock by 3.2% in the last 30 days.
Key Takeaways for CNA Investors
As of now, corporate insiders are mostly seen taking advantage of the company’s weak stock price, which has fallen 6.6% so far this year. It could be the right time to gain exposure to the company. This is because CNA stock’s average price forecast of $43.00 implies a 10.5% upside potential to current levels.
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