Pictet Asset Management Ltd. cut its position in Loews Co. (NYSE:L) by 51.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 199,924 shares of the insurance provider’s stock after selling 215,719 shares during the quarter. Pictet Asset Management Ltd. owned 0.07% of Loews worth $10,930,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in Loews by 7.2% in the fourth quarter. Geode Capital Management LLC now owns 4,326,269 shares of the insurance provider’s stock valued at $196,648,000 after purchasing an additional 291,715 shares during the period. Janus Henderson Group PLC boosted its holdings in Loews by 72.5% in the first quarter. Janus Henderson Group PLC now owns 120,787 shares of the insurance provider’s stock valued at $5,790,000 after purchasing an additional 50,776 shares during the period. Nissay Asset Management Corp Japan ADV boosted its holdings in Loews by 4.2% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 24,524 shares of the insurance provider’s stock valued at $1,175,000 after purchasing an additional 993 shares during the period. Toronto Dominion Bank boosted its holdings in Loews by 16.5% in the first quarter. Toronto Dominion Bank now owns 176,798 shares of the insurance provider’s stock valued at $8,472,000 after purchasing an additional 25,061 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Loews by 6.2% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,015 shares of the insurance provider’s stock valued at $768,000 after purchasing an additional 931 shares during the period. 62.11% of the stock is owned by institutional investors and hedge funds.
In other news, VP Marc A. Alpert sold 1,626 shares of the business’s stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.20% of the stock is currently owned by insiders.
NYSE L traded up $0.41 during trading on Friday, reaching $50.80. 913,385 shares of the company’s stock were exchanged, compared to its average volume of 985,635. The stock has a market cap of $15.24 billion, a P/E ratio of 17.89 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 has a 50 day moving average price of $50.18 and a two-hundred day moving average price of $50.84. Loews Co. has a 1 year low of $42.06 and a 1 year high of $56.20.
Loews (NYSE:L) last announced its quarterly earnings results on Monday, August 5th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.07. The company had revenue of $3.62 billion during the quarter. Loews had a return on equity of 4.72% and a net margin of 5.30%. During the same period last year, the firm earned $0.76 earnings per share. Research analysts forecast that Loews Co. will post 3.35 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Wednesday, August 28th were issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Tuesday, August 27th. Loews’s payout ratio is currently 8.80%.
A number of analysts have issued reports on L shares. Zacks Investment Research raised Loews from a “sell” rating to a “hold” rating and set a $50.00 price target for the company in a report on Wednesday, August 28th. ValuEngine downgraded Loews from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Loews presently has a consensus rating of “Hold” and an average price target of $65.20.
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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