OppenheimerFunds Inc. increased its holdings in shares of Loews Co. (NYSE:L) by 6.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 47,004 shares of the insurance provider’s stock after buying an additional 3,034 shares during the quarter. OppenheimerFunds Inc.’s holdings in Loews were worth $2,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds have also made changes to their positions in the stock. BlackRock Inc. grew its stake in Loews by 0.5% during the 4th quarter. BlackRock Inc. now owns 17,733,302 shares of the insurance provider’s stock worth $887,195,000 after buying an additional 82,323 shares during the last quarter. Boston Partners grew its stake in Loews by 1.7% during the 4th quarter. Boston Partners now owns 8,045,473 shares of the insurance provider’s stock worth $402,515,000 after buying an additional 131,148 shares during the last quarter. Wells Fargo & Company MN grew its stake in Loews by 7.0% during the 4th quarter. Wells Fargo & Company MN now owns 5,393,471 shares of the insurance provider’s stock worth $269,835,000 after buying an additional 355,183 shares during the last quarter. Marathon Asset Management LLP grew its stake in Loews by 1.7% during the 4th quarter. Marathon Asset Management LLP now owns 2,082,148 shares of the insurance provider’s stock worth $104,170,000 after buying an additional 34,263 shares during the last quarter. Finally, TD Asset Management Inc. grew its stake in Loews by 13.3% during the 3rd quarter. TD Asset Management Inc. now owns 1,876,838 shares of the insurance provider’s stock worth $89,825,000 after buying an additional 220,154 shares during the last quarter. Hedge funds and other institutional investors own 64.34% of the company’s stock.
In other Loews news, insider Kenneth I. Siegel sold 6,242 shares of Loews stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $50.23, for a total transaction of $313,535.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jonathan M. Tisch sold 7,800 shares of Loews stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $47.51, for a total value of $370,578.00. Following the sale, the insider now directly owns 2,990,022 shares of the company’s stock, valued at approximately $142,055,945.22. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,256 shares of company stock valued at $794,383. 11.80% of the stock is currently owned by insiders.
Loews (NYSE:L) last issued its quarterly earnings results on Monday, February 12th. The insurance provider reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.12. Loews had a return on equity of 4.08% and a net margin of 8.47%. The company had revenue of $3.56 billion during the quarter. During the same period in the prior year, the firm posted $0.73 EPS. The business’s revenue was up 6.5% compared to the same quarter last year. equities analysts forecast that Loews Co. will post 3.5 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 13th. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.0625 per share. The ex-dividend date of this dividend is Tuesday, February 27th. This represents a $0.25 dividend on an annualized basis and a yield of 0.48%. Loews’s dividend payout ratio is currently 7.25%.
Several brokerages recently weighed in on L. Desjardins downgraded Loews to a “hold” rating and set a $76.00 target price on the stock. in a research note on Tuesday, January 30th. 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. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $56.00.
Loews Company 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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