Artisan Partners Limited Partnership cut its holdings in Loews Corporation (NYSE:L) by 2.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,036,369 shares of the insurance provider’s stock after selling 48,543 shares during the quarter. Artisan Partners Limited Partnership owned approximately 0.60% of Loews Corporation worth $95,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC boosted its position in Loews Corporation by 8.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,988 shares of the insurance provider’s stock valued at $327,000 after acquiring an additional 558 shares in the last quarter. First Trust Advisors LP boosted its position in Loews Corporation by 11.1% during the 1st quarter. First Trust Advisors LP now owns 13,989 shares of the insurance provider’s stock valued at $654,000 after acquiring an additional 1,403 shares in the last quarter. US Bancorp DE boosted its position in Loews Corporation by 4.0% during the 1st quarter. US Bancorp DE now owns 21,266 shares of the insurance provider’s stock valued at $994,000 after acquiring an additional 813 shares in the last quarter. Meadow Creek Investment Management LLC boosted its position in Loews Corporation by 5.8% during the 1st quarter. Meadow Creek Investment Management LLC now owns 10,010 shares of the insurance provider’s stock valued at $468,000 after acquiring an additional 550 shares in the last quarter. Finally, State of Wisconsin Investment Board boosted its position in Loews Corporation by 22.3% during the 1st quarter. State of Wisconsin Investment Board now owns 187,420 shares of the insurance provider’s stock valued at $8,766,000 after acquiring an additional 34,151 shares in the last quarter. 58.58% of the stock is currently owned by institutional investors.
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Loews Corporation (L) traded up 0.25% during mid-day trading on Tuesday, reaching $47.62. The company’s stock had a trading volume of 106,314 shares. Loews Corporation has a one year low of $39.71 and a one year high of $49.58. The firm’s 50 day moving average is $47.60 and its 200-day moving average is $47.13. The stock has a market cap of $16.03 billion, a P/E ratio of 14.07 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its earnings results on Monday, July 31st. The insurance provider reported $0.76 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.76. The business had revenue of $3.36 billion for the quarter. Loews Corporation had a net margin of 8.44% and a return on equity of 4.84%. During the same quarter in the prior year, the company earned $0.59 earnings per share. Equities analysts expect that Loews Corporation will post $3.05 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Wednesday, August 30th were paid a $0.0625 dividend. The ex-dividend date was Monday, August 28th. This represents a $0.25 dividend on an annualized basis and a yield of 0.53%. Loews Corporation’s dividend payout ratio is currently 7.53%.
Several analysts have weighed in on L shares. BidaskClub cut Loews Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Zacks Investment Research cut Loews Corporation from a “hold” rating to a “sell” rating in a research report on Friday, July 14th. Finally, Jefferies Group LLC reaffirmed a “sell” rating and set a $35.00 price objective on shares of Loews Corporation in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the stock. Loews Corporation currently has an average rating of “Hold” and an average target price of $43.33.
Loews Corporation 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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