Wealth Enhancement Advisory Services LLC bought a new stake in Loews Corporation (NYSE:L) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 30,579 shares of the insurance provider’s stock, valued at approximately $1,614,000.
Other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. increased its holdings in Loews by 6.7% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,240 shares of the insurance provider’s stock worth $105,000 after purchasing an additional 140 shares in the last quarter. D.A. Davidson & CO. increased its holdings in Loews by 1.0% during the 2nd quarter. D.A. Davidson & CO. now owns 2,828 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 27 shares in the last quarter. Saratoga Research & Investment Management bought a new stake in Loews during the 3rd quarter worth approximately $176,000. Advisor Group Inc. increased its holdings in Loews by 31.8% during the 2nd quarter. Advisor Group Inc. now owns 3,923 shares of the insurance provider’s stock worth $183,000 after purchasing an additional 947 shares in the last quarter. Finally, IBM Retirement Fund bought a new stake in Loews during the 3rd quarter worth approximately $200,000. 59.29% of the stock is owned by institutional investors and hedge funds.
In related news, VP Mark S. Schwartz sold 6,489 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $50.25, for a total value of $326,072.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jonathan M. Tisch sold 1,394,935 shares of the company’s stock in a transaction that occurred on Tuesday, October 31st. The shares were 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 disclosure for this sale can be found here. Insiders sold a total of 1,422,163 shares of company stock worth $68,876,567 in the last 90 days. Company insiders own 11.80% of the company’s stock.
Loews (NYSE:L) last announced its earnings results on Monday, October 30th. The insurance provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.44. Loews had a return on equity of 4.08% and a net margin of 7.04%. The firm had revenue of $3.52 billion for the quarter. During the same quarter in the previous year, the firm earned $0.89 EPS. Loews’s quarterly revenue was up 7.1% on a year-over-year basis. research analysts forecast that Loews Corporation will post 2.8 earnings per share for the current fiscal year.
L has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Loews from a “hold” rating to a “buy” rating and set a $57.00 target price on the stock in a research note on Friday, January 5th. ValuEngine downgraded Loews from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th.
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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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