Engineers Gate Manager LP Has $1.54 Million Stake in Loews Corporation (L)
Engineers Gate Manager LP reduced its stake in Loews Corporation (NYSE:L) by 68.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,162 shares of the insurance provider’s stock after selling 70,843 shares during the period. Engineers Gate Manager LP’s holdings in Loews were worth $1,539,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Loews by 6.7% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,240 shares of the insurance provider’s stock valued at $105,000 after acquiring an additional 140 shares in the last quarter. Acrospire Investment Management LLC acquired a new stake in shares of Loews in the second quarter valued at $131,000. D.A. Davidson & CO. raised its stake in Loews by 1.0% in the second quarter. D.A. Davidson & CO. now owns 2,828 shares of the insurance provider’s stock valued at $132,000 after buying an additional 27 shares in the last quarter. Parallel Advisors LLC raised its stake in Loews by 25.4% in the second quarter. Parallel Advisors LLC now owns 3,361 shares of the insurance provider’s stock valued at $164,000 after buying an additional 680 shares in the last quarter. Finally, Saratoga Research & Investment Management acquired a new stake in Loews in the third quarter valued at $176,000. Institutional investors and hedge funds own 59.39% of the company’s stock.
A number of analysts have weighed in on the company. ValuEngine cut Loews from a “buy” rating to a “hold” rating in a research note on Thursday, October 26th. Zacks Investment Research cut Loews from a “hold” rating to a “sell” rating in a research note on Tuesday, October 3rd. Finally, BidaskClub cut Loews from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th.
In other Loews news, VP Mark S. Schwartz sold 6,489 shares of the firm’s stock in a transaction dated Thursday, November 30th. The stock was sold at an average price of $50.25, for a total transaction of $326,072.25. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Richard Waldo Scott sold 6,471 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $49.80, for a total value of $322,255.80. Following the transaction, the senior vice president now directly owns 11,250 shares in the company, valued at approximately $560,250. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,420,223 shares of company stock worth $68,779,839. 11.80% of the stock is owned by insiders.
Loews Corporation (NYSE L) traded down $0.15 during trading on Monday, reaching $49.84. The company’s stock had a trading volume of 1,130,200 shares, compared to its average volume of 857,141. Loews Corporation has a one year low of $45.01 and a one year high of $51.02. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.35 and a current ratio of 0.35. The firm has a market capitalization of $16,777.70, a PE ratio of 17.31 and a beta of 0.74.
Loews (NYSE:L) last posted its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.44. Loews had a return on equity of 4.08% and a net margin of 7.04%. The company had revenue of $3.52 billion for the quarter. During the same quarter in the prior year, the business earned $0.89 earnings per share. The firm’s quarterly revenue was up 7.1% on a year-over-year basis. analysts anticipate that Loews Corporation will post 2.75 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 12th. Shareholders of record on Wednesday, November 29th will be paid a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a yield of 0.50%. The ex-dividend date of this dividend is Tuesday, November 28th. Loews’s dividend payout ratio is presently 8.90%.
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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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