Beacon Financial Group lowered its stake in shares of Loews Co. (NYSE:L) by 7.3% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 53,094 shares of the insurance provider’s stock after selling 4,195 shares during the period. Beacon Financial Group’s holdings in Loews were worth $2,545,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Loews in the fourth quarter worth about $320,954,000. Oregon Public Employees Retirement Fund raised its position in Loews by 4,728.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,401,027 shares of the insurance provider’s stock worth $75,000 after purchasing an additional 3,330,590 shares in the last quarter. BlackRock Inc. raised its position in Loews by 4.1% in the fourth quarter. BlackRock Inc. now owns 18,932,642 shares of the insurance provider’s stock worth $861,813,000 after purchasing an additional 739,962 shares in the last quarter. California Public Employees Retirement System raised its position in Loews by 33.4% in the fourth quarter. California Public Employees Retirement System now owns 1,610,859 shares of the insurance provider’s stock worth $73,326,000 after purchasing an additional 403,256 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Loews by 18.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,478,852 shares of the insurance provider’s stock worth $112,837,000 after purchasing an additional 393,140 shares in the last quarter. 66.47% of the stock is owned by institutional investors and hedge funds.
In other Loews news, Director Walter L. Harris sold 820 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $47.81, for a total value of $39,204.20. Following the transaction, the director now directly owns 12,178 shares of the company’s stock, valued at $582,230.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jonathan M. Tisch sold 4,585 shares of the firm’s stock in a transaction that occurred on Wednesday, February 13th. The shares were sold at an average price of $46.84, for a total transaction of $214,761.40. Following the completion of the transaction, the insider now directly owns 12,706 shares in the company, valued at $595,149.04. The disclosure for this sale can be found here. Insiders have sold 29,566 shares of company stock worth $1,390,479 over the last three months. 12.30% of the stock is owned by insiders.
Several brokerages have weighed in on L. Zacks Investment Research cut shares of Loews from a “hold” rating to a “sell” rating in a research note on Thursday, January 17th. Scotiabank reaffirmed an “average” rating and set a $68.00 price objective on shares of Loews in a research note on Friday, February 22nd. Finally, Barclays reaffirmed an “average” rating and set a $72.00 price objective on shares of Loews in a research note on Thursday, February 21st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $59.24.
Shares of L traded up $0.13 during mid-day trading on Thursday, hitting $49.37. 32,240 shares of the company traded hands, compared to its average volume of 1,099,420. Loews Co. has a one year low of $42.06 and a one year high of $53.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.33 and a quick ratio of 0.33. The stock has a market capitalization of $15.21 billion, a P/E ratio of 17.40 and a beta of 0.66.
Loews (NYSE:L) last released its quarterly earnings results on Monday, February 11th. The insurance provider reported ($0.53) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($1.06). Loews had a net margin of 4.52% and a return on equity of 4.16%. The company had revenue of $3.29 billion for the quarter. During the same quarter in the prior year, the business earned $0.81 earnings per share. As a group, analysts anticipate that Loews Co. will post 3.2 EPS for the current year.
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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.
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