Loews Corporation $L Shares Sold by Strs Ohio

Strs Ohio lessened its stake in Loews Corporation (NYSE:L) by 90.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,086 shares of the insurance provider’s stock after selling 38,734 shares during the quarter. Strs Ohio’s holdings in Loews were worth $410,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. CPC Advisors LLC purchased a new position in Loews in the third quarter valued at about $6,568,000. Swedbank AB raised its position in shares of Loews by 9.7% in the 3rd quarter. Swedbank AB now owns 443,106 shares of the insurance provider’s stock valued at $44,483,000 after purchasing an additional 39,313 shares in the last quarter. Assetmark Inc. boosted its stake in shares of Loews by 182.2% during the 2nd quarter. Assetmark Inc. now owns 1,967 shares of the insurance provider’s stock valued at $180,000 after buying an additional 1,270 shares during the last quarter. Rakuten Investment Management Inc. acquired a new stake in shares of Loews during the third quarter worth approximately $3,827,000. Finally, Permanent Capital Management LP bought a new stake in shares of Loews in the third quarter worth $1,551,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Loews Stock Performance

L stock opened at $105.54 on Friday. The stock’s 50 day simple moving average is $104.88 and its 200 day simple moving average is $100.27. Loews Corporation has a 12-month low of $78.98 and a 12-month high of $109.06. The firm has a market cap of $21.81 billion, a P/E ratio of 15.30 and a beta of 0.61. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.44.

Loews (NYSE:L) last released its earnings results on Monday, November 3rd. The insurance provider reported $2.43 earnings per share for the quarter. The firm had revenue of $4.67 billion during the quarter. Loews had a net margin of 7.95% and a return on equity of 7.89%.

Loews Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 9th. Investors of record on Wednesday, November 26th were given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Wednesday, November 26th. Loews’s dividend payout ratio is currently 3.62%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “buy (a-)” rating on shares of Loews in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, Loews currently has a consensus rating of “Strong Buy”.

Insider Activity

In other news, Director Andrew H. Tisch sold 50,000 shares of the stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $105.07, for a total transaction of $5,253,500.00. Following the sale, the director directly owned 12,909,642 shares in the company, valued at approximately $1,356,416,084.94. This represents a 0.39% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Walter L. Harris sold 1,442 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $107.88, for a total value of $155,562.96. Following the completion of the sale, the director directly owned 24,594 shares in the company, valued at approximately $2,653,200.72. This trade represents a 5.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 125,770 shares of company stock valued at $13,325,818 over the last quarter. Corporate insiders own 19.00% of the company’s stock.

About Loews

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.