Meadow Creek Investment Management LLC cut its holdings in Loews Co. (NYSE:L) by 52.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,092 shares of the insurance provider’s stock after selling 76,450 shares during the quarter. Meadow Creek Investment Management LLC’s holdings in Loews were worth $3,832,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of L. Cornerstone Advisors Inc. boosted its holdings in shares of Loews by 23.8% during the 2nd quarter. Cornerstone Advisors Inc. now owns 1,003 shares of the insurance provider’s stock worth $55,000 after purchasing an additional 193 shares during the last quarter. Bessemer Securities LLC lifted its stake in shares of Loews by 0.5% in the 2nd quarter. Bessemer Securities LLC now owns 42,415 shares of the insurance provider’s stock valued at $2,319,000 after purchasing an additional 208 shares during the last quarter. M&T Bank Corp lifted its stake in shares of Loews by 1.6% in the 2nd quarter. M&T Bank Corp now owns 13,770 shares of the insurance provider’s stock valued at $752,000 after purchasing an additional 214 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Loews by 8.4% during the 2nd quarter. Parallel Advisors LLC now owns 2,896 shares of the insurance provider’s stock worth $158,000 after purchasing an additional 224 shares during the period. Finally, World Asset Management Inc grew its holdings in shares of Loews by 1.1% during the 2nd quarter. World Asset Management Inc now owns 20,275 shares of the insurance provider’s stock worth $1,108,000 after purchasing an additional 227 shares during the period. Institutional investors and hedge funds own 62.11% of the company’s stock.
L has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Loews from a “sell” rating to a “hold” rating and set a $50.00 target price on the stock in a research report on Wednesday, August 28th. ValuEngine cut shares of Loews from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $65.20.
Shares of L traded down $0.14 during midday trading on Wednesday, hitting $49.77. The company had a trading volume of 261,194 shares, compared to its average volume of 1,009,062. Loews Co. has a 1 year low of $42.06 and a 1 year high of $56.20. The firm has a market capitalization of $15.00 billion, a P/E ratio of 17.52 and a beta of 0.67. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.34 and a current ratio of 0.34. The company’s 50-day simple moving average is $50.34 and its 200-day simple moving average is $50.81.
Loews (NYSE:L) last issued its earnings results on Monday, August 5th. The insurance provider reported $0.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.07. The firm had revenue of $3.62 billion for the quarter. Loews had a net margin of 5.30% and a return on equity of 4.72%. During the same period last year, the business earned $0.76 EPS. Equities analysts predict that Loews Co. will post 3.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Wednesday, August 28th were issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.50%. The ex-dividend date was Tuesday, August 27th. Loews’s dividend payout ratio (DPR) is presently 8.80%.
In other Loews news, VP Marc A. Alpert sold 1,626 shares of the firm’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $49.26, for a total value of $80,096.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 14.20% of the company’s stock.
Loews Company Profile
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.
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