Caisse DE Depot ET Placement DU Quebec boosted its position in Loews Corporation (NYSE:L) by 2.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 88,501 shares of the insurance provider’s stock after acquiring an additional 1,800 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Loews were worth $4,253,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Pinebridge Investments L.P. grew its stake in shares of Loews by 69.3% during the 3rd quarter. Pinebridge Investments L.P. now owns 283,488 shares of the insurance provider’s stock valued at $13,568,000 after buying an additional 116,005 shares during the period. OxFORD Asset Management LLP grew its stake in shares of Loews by 26.6% during the 3rd quarter. OxFORD Asset Management LLP now owns 31,360 shares of the insurance provider’s stock valued at $1,500,000 after buying an additional 6,586 shares during the period. Schwab Charles Investment Management Inc. grew its stake in shares of Loews by 3.0% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 1,566,200 shares of the insurance provider’s stock valued at $74,959,000 after buying an additional 45,151 shares during the period. Commonwealth Bank of Australia grew its stake in shares of Loews by 0.4% during the 3rd quarter. Commonwealth Bank of Australia now owns 656,644 shares of the insurance provider’s stock valued at $31,418,000 after buying an additional 2,293 shares during the period. Finally, Grove Bank & Trust grew its stake in shares of Loews by 4,128.2% during the 3rd quarter. Grove Bank & Trust now owns 8,245 shares of the insurance provider’s stock valued at $395,000 after buying an additional 8,050 shares during the period. 59.39% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Ann E. Berman sold 1,383 shares of the company’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $50.30, for a total transaction of $69,564.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark S. Schwartz sold 6,489 shares of the company’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $50.25, for a total transaction of $326,072.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,420,223 shares of company stock valued at $68,779,839. 11.80% of the stock is owned by corporate insiders.
Loews (NYSE:L) last announced its quarterly earnings results on Monday, October 30th. The insurance provider reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.44. Loews had a net margin of 7.04% and a return on equity of 4.08%. The firm had revenue of $3.52 billion during the quarter. During the same period last year, the company posted $0.89 earnings per share. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. analysts predict 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. Investors of record on Wednesday, November 29th will be given a dividend of $0.0625 per share. The ex-dividend date is Tuesday, November 28th. This represents a $0.25 dividend on an annualized basis and a yield of 0.50%. Loews’s dividend payout ratio (DPR) is 8.90%.
Several analysts have recently issued reports on L shares. BidaskClub cut shares of Loews from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Zacks Investment Research cut shares of Loews from a “hold” rating to a “sell” rating in a research report on Tuesday, October 3rd. Finally, ValuEngine cut shares of Loews from a “buy” rating to a “hold” rating in a research report on Thursday, October 26th.
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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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