State of Wisconsin Investment Board Grows Holdings in Loews Corporation (L)
State of Wisconsin Investment Board raised its stake in shares of Loews Corporation (NYSE:L) by 6.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 263,638 shares of the insurance provider’s stock after acquiring an additional 15,518 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.08% of Loews Corporation worth $12,618,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its position in Loews Corporation by 6.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,240 shares of the insurance provider’s stock valued at $105,000 after acquiring an additional 140 shares in the last quarter. Acrospire Investment Management LLC bought a new stake in Loews Corporation during the 2nd quarter valued at $131,000. D.A. Davidson & CO. boosted its position in Loews Corporation by 1.0% during the 2nd quarter. D.A. Davidson & CO. now owns 2,828 shares of the insurance provider’s stock valued at $132,000 after acquiring an additional 27 shares in the last quarter. Parallel Advisors LLC boosted its position in Loews Corporation by 25.4% during the 2nd quarter. Parallel Advisors LLC now owns 3,361 shares of the insurance provider’s stock valued at $164,000 after acquiring an additional 680 shares in the last quarter. Finally, Saratoga Research & Investment Management bought a new stake in Loews Corporation during the 3rd quarter valued at $176,000. 58.62% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Jonathan M. Tisch sold 1,394,935 shares of Loews Corporation stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $48.40, for a total value of $67,514,854.00. Following the completion of the transaction, the insider now owns 2,169,075 shares in the company, valued at approximately $104,983,230. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 1,395,132 shares of company stock valued at $67,524,613. 11.80% of the stock is owned by company insiders.
A number of research firms have recently weighed in on L. Zacks Investment Research raised Loews Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub cut Loews Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, ValuEngine cut Loews Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, October 26th. Three analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $35.00.
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Loews Corporation (NYSE L) opened at $49.94 on Wednesday. The firm has a market capitalization of $16,794.53, a PE ratio of 17.32 and a beta of 0.75. Loews Corporation has a 52 week low of $43.37 and a 52 week high of $49.99. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.35 and a current ratio of 0.35.
Loews Corporation (NYSE:L) last released its quarterly earnings data on Monday, October 30th. The insurance provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.44. Loews Corporation had a return on equity of 4.08% and a net margin of 7.04%. The business had revenue of $3.52 billion during the quarter. During the same quarter in the previous year, the business posted $0.89 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis. equities research analysts expect that Loews Corporation will post 2.75 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Investors of record on Wednesday, November 29th will be paid a $0.0625 dividend. The ex-dividend date is Tuesday, November 28th. This represents a $0.25 annualized dividend and a dividend yield of 0.50%. Loews Corporation’s dividend payout ratio is presently 8.90%.
Loews Corporation 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 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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