First Trust Advisors LP lifted its position in shares of Loews Co. (NYSE:L) by 15.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 442,993 shares of the insurance provider’s stock after buying an additional 59,814 shares during the period. First Trust Advisors LP owned about 0.14% of Loews worth $22,252,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of L. California Public Employees Retirement System boosted its position in Loews by 29.9% during the second quarter. California Public Employees Retirement System now owns 1,048,442 shares of the insurance provider’s stock valued at $50,619,000 after purchasing an additional 241,224 shares during the last quarter. Unigestion Holding SA acquired a new position in Loews during the second quarter valued at approximately $11,471,000. Hexavest Inc. acquired a new position in Loews during the second quarter valued at approximately $10,573,000. Millennium Management LLC boosted its position in Loews by 1,855.6% during the second quarter. Millennium Management LLC now owns 218,616 shares of the insurance provider’s stock valued at $10,555,000 after purchasing an additional 207,437 shares during the last quarter. Finally, KBC Group NV boosted its position in Loews by 834.1% during the second quarter. KBC Group NV now owns 190,093 shares of the insurance provider’s stock valued at $9,177,000 after purchasing an additional 169,742 shares during the last quarter. 62.57% of the stock is owned by institutional investors.
In other news, VP Marc A. Alpert sold 2,141 shares of the firm’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $49.97, for a total value of $106,985.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 12.30% of the company’s stock.
Separately, Deutsche Bank increased their price target on Loews from $51.00 to $54.00 and gave the company a “hold” rating in a research report on Wednesday, August 1st. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Loews has an average rating of “Hold” and a consensus price target of $53.68.
Shares of NYSE L opened at $49.51 on Wednesday. Loews Co. has a 52 week low of $44.78 and a 52 week high of $53.59. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.52. The company has a market cap of $14.63 billion, a P/E ratio of 17.31 and a beta of 0.68.
Loews (NYSE:L) last released its quarterly earnings data on Monday, November 5th. The insurance provider reported $0.88 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.98 by ($0.10). Loews had a net margin of 8.15% and a return on equity of 4.11%. The business had revenue of $3.61 billion during the quarter. During the same period last year, the firm posted $0.53 earnings per share. The firm’s revenue was up 2.5% on a year-over-year basis. As a group, equities research analysts anticipate that Loews Co. will post 3.55 EPS for the current year.
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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