Municipal Employees Retirement System of Michigan lessened its position in Loews Co. (NYSE:L) by 2.3% during 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 quarter. Municipal Employees Retirement System of Michigan’s holdings in Loews were worth $2,705,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in shares of Loews by 0.5% during the fourth quarter. BlackRock Inc. now owns 17,733,302 shares of the insurance provider’s stock valued at $887,195,000 after buying an additional 82,323 shares during the last quarter. Boston Partners grew its stake in shares of Loews by 1.7% during the fourth quarter. Boston Partners now owns 8,045,473 shares of the insurance provider’s stock valued at $402,515,000 after buying an additional 131,148 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Loews by 7.0% during the fourth quarter. Wells Fargo & Company MN now owns 5,393,471 shares of the insurance provider’s stock valued at $269,835,000 after buying an additional 355,183 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Loews by 10.2% during the fourth quarter. Geode Capital Management LLC now owns 3,201,581 shares of the insurance provider’s stock valued at $159,855,000 after buying an additional 295,475 shares during the last quarter. Finally, Marathon Asset Management LLP grew its stake in shares of Loews by 1.7% during the fourth quarter. Marathon Asset Management LLP now owns 2,082,148 shares of the insurance provider’s stock valued at $104,170,000 after buying an additional 34,263 shares during the last quarter. 64.35% of the stock is currently owned by institutional investors and hedge funds.
In other Loews news, insider Jonathan M. Tisch sold 7,800 shares of Loews stock in a transaction that occurred 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 owns 2,990,022 shares of the company’s stock, valued at approximately $142,055,945.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Kenneth I. Siegel sold 6,242 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $50.23, for a total transaction of $313,535.66. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,316 shares of company stock valued at $697,655. 11.80% of the stock is currently owned by insiders.
Shares of L stock traded down $1.13 during trading hours on Friday, hitting $49.38. 1,834,423 shares of the company’s stock traded hands, compared to its average volume of 1,636,127. Loews Co. has a 12-month low of $45.01 and a 12-month high of $53.59. The firm has a market capitalization of $16,608.97, a price-to-earnings ratio of 17.27 and a beta of 0.70. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.34 and a current ratio of 0.34.
Loews (NYSE:L) last announced its quarterly earnings data on Monday, February 12th. The insurance provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.12. Loews had a net margin of 8.47% and a return on equity of 4.08%. The company had revenue of $3.56 billion during the quarter. During the same quarter in the previous year, the firm earned $0.73 earnings per share. Loews’s revenue was up 6.5% on a year-over-year basis. sell-side analysts forecast that Loews Co. will post 3.43 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 13th. Shareholders of record on Wednesday, February 28th were given a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a yield of 0.51%. The ex-dividend date of this dividend was Tuesday, February 27th. Loews’s dividend payout ratio (DPR) is presently 8.74%.
L has been the topic of several recent analyst reports. Zacks Investment Research raised Loews from a “sell” rating to a “hold” rating in a research note on Tuesday, December 12th. Desjardins cut Loews to a “hold” rating and set a $76.00 target price on the stock. in a research note on Tuesday, January 30th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average 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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