Parametric Portfolio Associates LLC Purchases 121,360 Shares of Loews Corporation (L)
Parametric Portfolio Associates LLC increased its position in shares of Loews Corporation (NYSE:L) by 26.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 576,523 shares of the insurance provider’s stock after purchasing an additional 121,360 shares during the period. Parametric Portfolio Associates LLC owned approximately 0.17% of Loews Corporation worth $26,987,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also recently added to or reduced their stakes in the stock. Commerce Bank raised its stake in Loews Corporation by 0.3% in the 2nd quarter. Commerce Bank now owns 7,229 shares of the insurance provider’s stock worth $339,000 after purchasing an additional 24 shares in the last quarter. Cleararc Capital Inc. boosted its holdings in Loews Corporation by 0.4% in the 1st quarter. Cleararc Capital Inc. now owns 6,744 shares of the insurance provider’s stock valued at $315,000 after purchasing an additional 26 shares during the period. D.A. Davidson & CO. boosted its holdings in Loews Corporation by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 2,828 shares of the insurance provider’s stock valued at $132,000 after purchasing an additional 27 shares during the period. CIBC Asset Management Inc boosted its holdings in Loews Corporation by 0.3% in the 2nd quarter. CIBC Asset Management Inc now owns 28,352 shares of the insurance provider’s stock valued at $1,327,000 after purchasing an additional 73 shares during the period. Finally, Soros Fund Management LLC boosted its holdings in Loews Corporation by 1.8% in the 1st quarter. Soros Fund Management LLC now owns 5,600 shares of the insurance provider’s stock valued at $262,000 after purchasing an additional 100 shares during the period. 58.58% of the stock is owned by institutional investors and hedge funds.
Loews Corporation (NYSE:L) opened at 47.86 on Monday. The firm has a 50-day moving average of $47.57 and a 200 day moving average of $47.13. The company has a market capitalization of $16.11 billion, a price-to-earnings ratio of 14.14 and a beta of 0.71. Loews Corporation has a 12-month low of $40.61 and a 12-month high of $49.58.
Loews Corporation (NYSE:L) last announced its quarterly earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.76. Loews Corporation had a net margin of 8.44% and a return on equity of 4.84%. The firm had revenue of $3.36 billion for the quarter. During the same period in the previous year, the company posted $0.59 earnings per share. Analysts expect that Loews Corporation will post $3.05 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Wednesday, August 30th were paid a dividend of $0.0625 per share. The ex-dividend date of this dividend was Monday, August 28th. This represents a $0.25 annualized dividend and a yield of 0.52%. Loews Corporation’s dividend payout ratio is currently 7.53%.
Several brokerages have weighed in on L. Zacks Investment Research cut Loews Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 14th. BidaskClub downgraded Loews Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Finally, Jefferies Group LLC reissued a “sell” rating and set a $35.00 target price on shares of Loews Corporation in a report on Tuesday, June 6th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Loews Corporation has an average rating of “Hold” and a consensus target price of $43.33.
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Loews Corporation 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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