Gateway Investment Advisers LLC lessened its holdings in Loews Co. (NYSE:L) by 11.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,225 shares of the insurance provider’s stock after selling 1,490 shares during the period. Gateway Investment Advisers LLC’s holdings in Loews were worth $538,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Clean Yield Group acquired a new stake in Loews during the fourth quarter valued at $39,000. JOYN Advisors Inc. boosted its position in Loews by 338.6% during the fourth quarter. JOYN Advisors Inc. now owns 943 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 728 shares during the last quarter. Stamos Capital Partners L.P. acquired a new stake in Loews during the fourth quarter valued at $53,000. JNBA Financial Advisors acquired a new stake in Loews during the fourth quarter valued at $55,000. Finally, Captrust Financial Advisors boosted its position in Loews by 100.9% during the fourth quarter. Captrust Financial Advisors now owns 1,340 shares of the insurance provider’s stock valued at $61,000 after purchasing an additional 673 shares during the last quarter. 66.47% of the stock is owned by institutional investors and hedge funds.
In other Loews news, CAO Mark S. Schwartz sold 11,415 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $47.85, for a total transaction of $546,207.75. Following the transaction, the chief accounting officer now directly owns 1 shares in the company, valued at $47.85. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Ann E. Berman sold 1,399 shares of the firm’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $48.24, for a total value of $67,487.76. Following the transaction, the director now owns 1,500 shares in the company, valued at $72,360. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,566 shares of company stock worth $1,390,479. Corporate insiders own 12.30% of the company’s stock.
Loews (NYSE:L) last posted its earnings results on Monday, February 11th. The insurance provider reported ($0.53) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($1.06). Loews had a net margin of 4.52% and a return on equity of 4.16%. The company had revenue of $3.29 billion for the quarter. During the same quarter in the prior year, the business posted $0.81 EPS. Analysts anticipate that Loews Co. will post 3.2 earnings per share for the current fiscal year.
A number of analysts recently issued reports on L shares. Scotiabank reissued an “average” rating and set a $68.00 price objective on shares of Loews in a research report on Friday, February 22nd. Barclays reissued an “average” rating and set a $72.00 price objective on shares of Loews in a research report on Thursday, February 21st. Finally, Zacks Investment Research cut Loews from a “hold” rating to a “sell” rating in a research report on Thursday, January 17th. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. Loews currently has an average rating of “Hold” and an average price target of $59.24.
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Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.
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