Municipal Employees Retirement System of Michigan trimmed its holdings in Loews Co. (NYSE:L) by 2.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,070 shares of the insurance provider’s stock after selling 1,260 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Loews were worth $2,705,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. First Republic Investment Management Inc. lifted its position in shares of Loews by 6.3% in the fourth quarter. First Republic Investment Management Inc. now owns 18,193 shares of the insurance provider’s stock valued at $911,000 after buying an additional 1,080 shares during the last quarter. Mutual of America Capital Management LLC lifted its position in shares of Loews by 3.3% in the fourth quarter. Mutual of America Capital Management LLC now owns 34,341 shares of the insurance provider’s stock valued at $1,718,000 after buying an additional 1,093 shares during the last quarter. Candriam Luxembourg S.C.A. increased its stake in shares of Loews by 3.7% during the third quarter. Candriam Luxembourg S.C.A. now owns 38,272 shares of the insurance provider’s stock worth $1,832,000 after purchasing an additional 1,378 shares during the period. Norinchukin Bank The increased its stake in shares of Loews by 12.7% during the third quarter. Norinchukin Bank The now owns 12,284 shares of the insurance provider’s stock worth $588,000 after purchasing an additional 1,380 shares during the period. Finally, Focused Wealth Management Inc increased its stake in shares of Loews by 187.5% during the fourth quarter. Focused Wealth Management Inc now owns 2,300 shares of the insurance provider’s stock worth $115,000 after purchasing an additional 1,500 shares during the period. 64.34% of the stock is owned by institutional investors.
Loews Co. (L) opened at $50.94 on Friday. Loews Co. has a 52 week low of $45.01 and a 52 week high of $53.59. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.34 and a current ratio of 0.34. The company has a market capitalization of $16,756.94, a price-to-earnings ratio of 17.45 and a beta of 0.72.
Loews (NYSE:L) last posted its quarterly earnings data on Monday, February 12th. The insurance provider reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.12. Loews had a return on equity of 4.08% and a net margin of 8.47%. The firm had revenue of $3.56 billion for the quarter. During the same quarter last year, the business earned $0.73 EPS. Loews’s revenue was up 6.5% on a year-over-year basis. equities analysts forecast that Loews Co. will post 3.5 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 13th. Shareholders of record on Wednesday, February 28th were issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date was Tuesday, February 27th. Loews’s dividend payout ratio is presently 7.25%.
In other Loews news, insider Kenneth I. Siegel sold 1,940 shares of the firm’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $49.86, for a total value of $96,728.40. Following the sale, the insider now owns 11,250 shares of the company’s stock, valued at approximately $560,925. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jonathan M. Tisch sold 7,800 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $47.51, for a total value of $370,578.00. Following the completion of the sale, the insider now directly owns 2,990,022 shares in the company, valued at approximately $142,055,945.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,256 shares of company stock worth $794,383. Company insiders own 11.80% of the company’s stock.
A number of equities analysts have recently weighed in on L shares. Desjardins lowered Loews to a “hold” rating and set a $76.00 target price on the stock. in a research note on Tuesday, January 30th. Zacks Investment Research upgraded Loews from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. Loews has an average rating of “Hold” and a consensus target price of $56.00.
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Loews Corporation is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. The Company has five segments consisted of its four individual operating subsidiaries, CNA Financial Corporation (CNA), Diamond Offshore Drilling, Inc (Diamond Offshore), Boardwalk Pipeline Partners, LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels), and the Corporate segment.
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