Jolley Asset Management LLC Has $3,738,000 Position in Loews Corp. (L)
Jolley Asset Management LLC reduced its position in shares of Loews Corp. (NYSE:L) by 1.9% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 90,848 shares of the company’s stock after selling 1,747 shares during the period. Loews Corp. accounts for about 3.0% of Jolley Asset Management LLC’s portfolio, making the stock its 10th largest position. Jolley Asset Management LLC’s holdings in Loews Corp. were worth $3,738,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in the stock. Envestnet Asset Management Inc. boosted its stake in Loews Corp. by 5.5% in the first quarter. Envestnet Asset Management Inc. now owns 20,347 shares of the company’s stock worth $778,000 after buying an additional 1,055 shares during the last quarter. First Republic Investment Management Inc. raised its position in shares of Loews Corp. by 168.1% in the first quarter. First Republic Investment Management Inc. now owns 37,967 shares of the company’s stock worth $1,452,000 after buying an additional 23,805 shares during the period. Pensionfund Sabic purchased a new position in shares of Loews Corp. during the second quarter worth $1,656,000. Pensionfund DSM Netherlands purchased a new position in shares of Loews Corp. during the second quarter worth $3,608,000. Finally, DNB Asset Management AS raised its position in shares of Loews Corp. by 2.4% in the second quarter. DNB Asset Management AS now owns 29,393 shares of the company’s stock worth $1,208,000 after buying an additional 700 shares during the period. 56.37% of the stock is owned by institutional investors.
Loews Corp. (NYSE:L) traded up 0.52% during trading on Wednesday, reaching $44.65. The company’s stock had a trading volume of 1,566,131 shares. The company has a market cap of $15.05 billion, a price-to-earnings ratio of 93.22 and a beta of 0.70. Loews Corp. has a 12 month low of $33.84 and a 12 month high of $44.96. The stock’s 50 day moving average is $42.47 and its 200 day moving average is $41.18.
Loews Corp. (NYSE:L) last announced its earnings results on Monday, October 31st. The company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.28. Loews Corp. had a return on equity of 3.42% and a net margin of 1.24%. The firm had revenue of $3.24 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same quarter in the previous year, the business earned $0.58 EPS. The company’s revenue was up 3.7% compared to the same quarter last year. On average, equities analysts expect that Loews Corp. will post $2.68 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 13th. Investors of record on Wednesday, November 30th will be paid a $0.0625 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $0.25 annualized dividend and a yield of 0.56%. Loews Corp.’s payout ratio is 50.00%.
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L has been the topic of a number of recent research reports. TheStreet upgraded Loews Corp. from a “hold” rating to a “buy” rating in a research note on Friday, November 18th. Deutsche Bank AG raised their price objective on Loews Corp. from $42.00 to $43.00 and gave the stock a “hold” rating in a research note on Wednesday, November 2nd. Finally, Zacks Investment Research lowered Loews Corp. from a “buy” rating to a “hold” rating in a research note on Tuesday, October 18th.
In related news, SVP Richard Waldo Scott sold 7,973 shares of the company’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $42.29, for a total value of $337,178.17. Following the transaction, the senior vice president now owns 2,500 shares in the company, valued at $105,725. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 11.70% of the stock is owned by corporate insiders.
Loews Corp. 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 gathering and processing of natural gas, and operation of a chain of hotels.
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