Gabelli Funds LLC lessened its position in Loews Co. (NYSE:L) by 5.2% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 146,000 shares of the insurance provider’s stock after selling 8,000 shares during the period. Gabelli Funds LLC’s holdings in Loews were worth $7,982,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in L. Whitener Capital Management Inc. boosted its position in shares of Loews by 13.6% during the second quarter. Whitener Capital Management Inc. now owns 2,858 shares of the insurance provider’s stock valued at $156,000 after buying an additional 342 shares during the last quarter. Swiss National Bank boosted its position in shares of Loews by 2.5% during the second quarter. Swiss National Bank now owns 913,319 shares of the insurance provider’s stock valued at $49,931,000 after buying an additional 21,900 shares during the last quarter. Stephens Inc. AR purchased a new position in shares of Loews during the second quarter valued at approximately $201,000. DekaBank Deutsche Girozentrale boosted its position in shares of Loews by 42.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 431,153 shares of the insurance provider’s stock valued at $23,238,000 after buying an additional 128,649 shares during the last quarter. Finally, Advisory Services Network LLC boosted its position in shares of Loews by 1,673.7% during the second quarter. Advisory Services Network LLC now owns 8,443 shares of the insurance provider’s stock valued at $462,000 after buying an additional 7,967 shares during the last quarter. 62.11% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently issued reports on L shares. Zacks Investment Research raised Loews from a “sell” rating to a “hold” rating and set a $50.00 target price on the stock in a research report on Wednesday, August 28th. ValuEngine cut Loews from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $65.20.
Shares of Loews stock opened at $50.80 on Friday. The business’s fifty day simple moving average is $50.18 and its 200 day simple moving average is $50.84. The firm has a market capitalization of $15.24 billion, a P/E ratio of 17.89 and a beta of 0.67. Loews Co. has a 12 month low of $42.06 and a 12 month high of $56.20. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.51.
Loews (NYSE:L) last issued its quarterly earnings results on Monday, August 5th. The insurance provider reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.07. The business had revenue of $3.62 billion for the quarter. Loews had a return on equity of 4.72% and a net margin of 5.30%. During the same quarter last year, the business posted $0.76 earnings per share. Analysts predict that Loews Co. will post 3.35 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Wednesday, August 28th were issued a dividend of $0.0625 per share. The ex-dividend date was Tuesday, August 27th. This represents a $0.25 dividend on an annualized basis and a yield of 0.49%. Loews’s dividend payout ratio (DPR) is currently 8.80%.
In related news, VP Marc A. Alpert sold 1,626 shares of Loews stock in a transaction on Monday, September 9th. The stock was sold at an average price of $49.26, for a total transaction of $80,096.76. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 14.20% of the company’s stock.
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.
Further Reading: What defines an oversold asset?
Receive News & Ratings for Loews Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Loews and related companies with MarketBeat.com's FREE daily email newsletter.