Stone Ridge Asset Management LLC bought a new position in Loews Co. (NYSE:L) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 33,725 shares of the insurance provider’s stock, valued at approximately $1,687,000.
Several other large investors have also modified their holdings of L. Victory Capital Management Inc. lifted its stake in Loews by 1,458.3% in the third quarter. Victory Capital Management Inc. now owns 74,146 shares of the insurance provider’s stock valued at $3,549,000 after buying an additional 69,388 shares in the last quarter. State of Wisconsin Investment Board lifted its position in shares of Loews by 6.3% in the third quarter. State of Wisconsin Investment Board now owns 263,638 shares of the insurance provider’s stock worth $12,618,000 after purchasing an additional 15,518 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Loews by 1.0% in the third quarter. American Century Companies Inc. now owns 213,191 shares of the insurance provider’s stock worth $10,203,000 after purchasing an additional 2,039 shares in the last quarter. Candriam Luxembourg S.C.A. raised its position in 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 acquiring an additional 1,378 shares in the last quarter. Finally, Global X MANAGEMENT CO LLC raised its position in Loews by 17.3% during the third quarter. Global X MANAGEMENT CO LLC now owns 11,942 shares of the insurance provider’s stock worth $572,000 after acquiring an additional 1,761 shares in the last quarter. Institutional investors own 64.35% of the company’s stock.
A number of equities research analysts have issued reports on the stock. Desjardins downgraded shares of Loews to a “hold” rating and set a $76.00 price objective on the stock. in a research note on Tuesday, January 30th. Zacks Investment Research upgraded shares of Loews from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a report on Friday, January 5th. 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. The company has an average rating of “Hold” and a consensus price target of $56.00.
In other Loews news, insider Kenneth I. Siegel sold 6,242 shares of Loews stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $50.23, for a total transaction of $313,535.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jonathan M. Tisch sold 7,800 shares of Loews stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $47.51, for a total value of $370,578.00. Following the transaction, the insider now directly owns 2,990,022 shares of the company’s stock, valued at approximately $142,055,945.22. The disclosure for this sale can be found here. Insiders have sold a total of 14,316 shares of company stock worth $697,655 over the last quarter. Company insiders own 11.80% of the company’s stock.
NYSE L opened at $49.38 on Friday. Loews Co. has a 12-month low of $45.01 and a 12-month high of $53.59. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.34 and a quick ratio of 0.34. The firm has a market capitalization of $16,418.25, a P/E ratio of 17.27 and a beta of 0.70.
Loews (NYSE:L) last issued its quarterly earnings data on Monday, February 12th. The insurance provider reported $0.83 earnings per share for the quarter, beating the 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 business had revenue of $3.56 billion for the quarter. During the same quarter last year, the business posted $0.73 earnings per share. Loews’s revenue was up 6.5% on a year-over-year basis. sell-side analysts expect that Loews Co. will post 3.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 13th. Stockholders of record on Wednesday, February 28th were paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date was Tuesday, February 27th. Loews’s payout ratio is 8.74%.
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Loews Company Profile
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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