Loews Co. (NYSE:L) Shares Sold by First Manhattan CO. LLC.

First Manhattan CO. LLC. lowered its holdings in Loews Co. (NYSE:L) by 6.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 114,145 shares of the insurance provider’s stock after selling 7,945 shares during the quarter. First Manhattan CO. LLC.’s holdings in Loews were worth $9,667,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Loews during the fourth quarter worth $26,000. Itau Unibanco Holding S.A. boosted its position in Loews by 387.6% in the 4th quarter. Itau Unibanco Holding S.A. now owns 434 shares of the insurance provider’s stock valued at $37,000 after buying an additional 345 shares during the last quarter. Human Investing LLC acquired a new stake in shares of Loews during the fourth quarter valued at about $51,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Loews during the third quarter worth about $49,000. Finally, Graney & King LLC acquired a new position in shares of Loews in the fourth quarter worth about $56,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Insider Activity

In related news, SVP Richard Waldo Scott sold 9,019 shares of Loews stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $87.92, for a total value of $792,950.48. Following the sale, the senior vice president now directly owns 33,901 shares in the company, valued at $2,980,575.92. This trade represents a 21.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Jonathan M. Tisch sold 50,000 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $85.08, for a total transaction of $4,254,000.00. Following the completion of the transaction, the director now owns 7,105,529 shares of the company’s stock, valued at approximately $604,538,407.32. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 156,655 shares of company stock valued at $13,323,294. 19.00% of the stock is currently owned by insiders.

Loews Trading Up 0.5 %

NYSE L opened at $88.38 on Friday. The company has a market capitalization of $18.59 billion, a price-to-earnings ratio of 13.81 and a beta of 0.70. The company’s fifty day moving average price is $86.60 and its two-hundred day moving average price is $84.93. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. Loews Co. has a 12 month low of $73.15 and a 12 month high of $92.42.

Loews (NYSE:L) last announced its quarterly earnings data on Monday, May 5th. The insurance provider reported $1.74 earnings per share for the quarter. Loews had a return on equity of 8.04% and a net margin of 8.08%. The firm had revenue of $4.49 billion during the quarter.

Loews Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Wednesday, February 26th were paid a $0.0625 dividend. The ex-dividend date of this dividend was Wednesday, February 26th. This represents a $0.25 dividend on an annualized basis and a yield of 0.28%. Loews’s payout ratio is currently 3.91%.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded Loews from a “hold” rating to a “buy” rating in a report on Tuesday.

Loews Profile

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.