OP Asset Management Ltd Makes New $8.76 Million Investment in Loews Corporation $L

OP Asset Management Ltd bought a new position in shares of Loews Corporation (NYSE:L) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 82,099 shares of the insurance provider’s stock, valued at approximately $8,763,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Loews by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 19,426,064 shares of the insurance provider’s stock worth $2,045,759,000 after purchasing an additional 108,882 shares in the last quarter. Norges Bank bought a new stake in Loews during the 4th quarter valued at $577,279,000. Geode Capital Management LLC raised its position in Loews by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider’s stock valued at $524,599,000 after purchasing an additional 271,234 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Loews by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider’s stock worth $419,581,000 after buying an additional 344,995 shares during the period. Finally, Invesco Ltd. grew its position in shares of Loews by 0.4% during the 3rd quarter. Invesco Ltd. now owns 3,363,861 shares of the insurance provider’s stock worth $337,698,000 after buying an additional 12,311 shares in the last quarter. Institutional investors own 58.33% of the company’s stock.

Insider Activity

In related news, Director Dino Robusto purchased 5,000 shares of Loews stock in a transaction dated Friday, May 29th. The stock was purchased at an average cost of $104.74 per share, with a total value of $523,700.00. Following the transaction, the director owned 10,235 shares in the company, valued at approximately $1,072,013.90. The trade was a 95.51% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 19.00% of the company’s stock.

Loews Price Performance

Shares of L opened at $110.97 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.36. The company has a 50 day moving average price of $107.98 and a 200-day moving average price of $107.24. Loews Corporation has a fifty-two week low of $89.20 and a fifty-two week high of $114.90. The stock has a market capitalization of $22.83 billion, a PE ratio of 14.10 and a beta of 0.53.

Loews (NYSE:L) last issued its quarterly earnings data on Monday, May 4th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter. The company had revenue of $4.55 billion for the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%.

Loews Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Wednesday, May 27th were given a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, May 27th. Loews’s dividend payout ratio (DPR) is 3.18%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, the company has an average rating of “Strong Buy”.

Loews Company Profile

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.