Canerector Inc. Sells 10,697,981 Shares of Markel Group Inc. $MKL

Key Points

• Canerector Inc. nearly exited its Markel Group stake, cutting its position by 99.9% in the fourth quarter after selling more than 10.7 million shares. It now owns just 5,635 shares, valued at about $12.1 million.
• Other institutional investors remain heavily involved in Markel Group, including large purchases by Norges Bank and significant increases by Select Equity Group and others. Institutional and hedge fund ownership stands at 77.12% of the company.
• Markel Group recently reported weaker-than-expected earnings, posting EPS of -$18.90 versus analysts’ estimate of $26.38 and revenue below forecasts. Analysts currently have a consensus Hold rating with an average price target of $2,025.

Canerector Inc. decreased its position in shares of Markel Group Inc. (NYSE:MKL - Free Report) by 99.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,635 shares of the insurance provider's stock after selling 10,697,981 shares during the quarter. Markel Group makes up approximately 14.4% of Canerector Inc.'s holdings, making the stock its 4th largest holding. Canerector Inc.'s holdings in Markel Group were worth $12,113,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of MKL. Norges Bank acquired a new position in Markel Group during the 4th quarter worth $317,583,000. Select Equity Group L.P. lifted its holdings in Markel Group by 75.9% during the 2nd quarter. Select Equity Group L.P. now owns 336,369 shares of the insurance provider's stock worth $671,850,000 after buying an additional 145,146 shares in the last quarter. Davis Selected Advisers lifted its holdings in Markel Group by 11.1% during the 4th quarter. Davis Selected Advisers now owns 415,160 shares of the insurance provider's stock worth $892,496,000 after buying an additional 41,632 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Markel Group by 3,235.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 25,316 shares of the insurance provider's stock valued at $54,421,000 after acquiring an additional 24,557 shares during the last quarter. Finally, Van Lanschot Kempen Investment Management N.V. lifted its stake in shares of Markel Group by 13.0% in the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 204,861 shares of the insurance provider's stock valued at $440,379,000 after purchasing an additional 23,631 shares during the period. Institutional investors and hedge funds own 77.12% of the company's stock.

Markel Group Price Performance

MKL opened at $1,844.91 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.24. Markel Group Inc. has a 12 month low of $182.19 and a 12 month high of $2,207.59. The company has a fifty day simple moving average of $1,866.13 and a 200 day simple moving average of $1,989.99. The stock has a market cap of $23.08 billion, a P/E ratio of 13.29 and a beta of 0.67.

Markel Group (NYSE:MKL - Get Free Report) last released its quarterly earnings data on Tuesday, April 28th. The insurance provider reported ($18.90) EPS for the quarter, missing analysts' consensus estimates of $26.38 by ($45.28). Markel Group had a net margin of 10.85% and a return on equity of 7.90%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.66 billion. On average, research analysts expect that Markel Group Inc. will post 113.55 EPS for the current year.

Insiders Place Their Bets

In related news, Director Greta J. Harris sold 76 shares of the company's stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $1,847.31, for a total value of $140,395.56. Following the completion of the sale, the director owned 645 shares in the company, valued at $1,191,514.95. This represents a 10.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Diane Leopold acquired 50 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was purchased at an average price of $1,789.19 per share, with a total value of $89,459.50. Following the transaction, the director owned 550 shares in the company, valued at $984,054.50. This represents a 10.00% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 1.08% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MKL shares. Truist Financial cut their price target on Markel Group from $2,100.00 to $1,950.00 and set a "hold" rating on the stock in a research note on Thursday, April 30th. Brean Capital started coverage on Markel Group in a research note on Tuesday, March 24th. They issued a "neutral" rating and a $2,100.00 price target on the stock. Wall Street Zen downgraded Markel Group from a "buy" rating to a "sell" rating in a research note on Saturday, May 2nd. Finally, Weiss Ratings downgraded Markel Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Thursday. Five investment analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $2,025.00.

Markel Group Profile

Markel Group NYSE: MKL is a diversified insurance holding company best known for underwriting specialty insurance products. Founded in 1930 and headquartered in Richmond, Virginia, the company provides a wide range of commercial property and casualty coverages tailored to niche and hard-to-place risks. Its underwriting operations focus on specialty lines across multiple industries, delivering customized policy structures, program administration, and claims management services for complex exposures.

In addition to primary specialty insurance, Markel operates reinsurance and alternative risk-transfer activities and manages invested assets derived from underwriting float.

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