Martingale Asset Management L P Cuts Holdings in Loews Co. (NYSE:L)

Martingale Asset Management L P trimmed its holdings in shares of Loews Co. (NYSE:L) by 28.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 261,121 shares of the insurance provider’s stock after selling 104,833 shares during the quarter. Martingale Asset Management L P’s holdings in Loews were worth $20,642,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Versant Capital Management Inc lifted its position in Loews by 244.0% during the second quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 266 shares during the period. Brooklyn Investment Group acquired a new position in shares of Loews in the third quarter worth about $40,000. Kimelman & Baird LLC acquired a new position in shares of Loews during the 2nd quarter worth about $45,000. Family Firm Inc. acquired a new position in shares of Loews during the 2nd quarter worth about $46,000. Finally, Eastern Bank acquired a new position in shares of Loews during the 3rd quarter worth about $47,000. 58.33% of the stock is owned by hedge funds and other institutional investors.

Loews Stock Performance

Loews stock opened at $87.05 on Friday. The firm has a 50 day simple moving average of $81.04 and a 200-day simple moving average of $78.64. Loews Co. has a 1-year low of $67.20 and a 1-year high of $87.45. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market cap of $18.96 billion, a price-to-earnings ratio of 11.56 and a beta of 0.82.

Loews Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 27th will be issued a $0.0625 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.25 annualized dividend and a dividend yield of 0.29%. Loews’s dividend payout ratio is currently 3.32%.

Insider Transactions at Loews

In other news, Director Ann E. Berman sold 1,087 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.38, for a total value of $88,460.06. Following the sale, the director now directly owns 4,998 shares in the company, valued at approximately $406,737.24. This trade represents a 17.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jonathan M. Tisch sold 25,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $81.82, for a total transaction of $2,045,500.00. Following the completion of the transaction, the insider now directly owns 461,395 shares in the company, valued at $37,751,338.90. This trade represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 213,587 shares of company stock worth $17,586,460. 18.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

Separately, StockNews.com cut shares of Loews from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 20th.

About Loews

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.