State of Wisconsin Investment Board decreased its holdings in shares of Loews Co. (NYSE:L) by 0.4% in the 1st quarter, HoldingsChannel reports. The fund owned 240,275 shares of the insurance provider’s stock after selling 850 shares during the period. State of Wisconsin Investment Board’s holdings in Loews were worth $11,516,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. raised its position in shares of Loews by 4.1% during the fourth quarter. BlackRock Inc. now owns 18,932,642 shares of the insurance provider’s stock worth $861,813,000 after purchasing an additional 739,962 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Loews by 0.4% in the 1st quarter. JPMorgan Chase & Co. now owns 16,732,132 shares of the insurance provider’s stock valued at $801,972,000 after purchasing an additional 74,337 shares in the last quarter. Norges Bank purchased a new position in shares of Loews in the 4th quarter valued at about $320,954,000. Geode Capital Management LLC increased its stake in shares of Loews by 7.2% in the 4th quarter. Geode Capital Management LLC now owns 4,326,269 shares of the insurance provider’s stock valued at $196,648,000 after purchasing an additional 291,715 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of Loews by 5.3% in the 4th quarter. Northern Trust Corp now owns 3,758,591 shares of the insurance provider’s stock valued at $171,091,000 after purchasing an additional 189,513 shares in the last quarter. 62.75% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Loews from a “hold” rating to a “buy” rating and set a $57.00 price target for the company in a research note on Tuesday, May 7th. Scotiabank restated an “average” rating and issued a $68.00 price target on shares of Loews in a research note on Friday, February 22nd. Finally, Barclays reiterated an “average” rating and issued a $72.00 price objective on shares of Loews in a report on Thursday, February 21st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $64.50.
Loews (NYSE:L) last posted its quarterly earnings data on Monday, April 29th. The insurance provider reported $1.27 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.31. Loews had a return on equity of 4.72% and a net margin of 5.17%. The company had revenue of $3.76 billion for the quarter. During the same quarter in the previous year, the firm posted $0.80 earnings per share. As a group, analysts expect that Loews Co. will post 3.4 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Wednesday, May 29th were issued a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Tuesday, May 28th. Loews’s payout ratio is 8.80%.
In other news, SVP Kenneth I. Siegel sold 11,037 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $53.18, for a total transaction of $586,947.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph L. Bower sold 812 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $47.56, for a total value of $38,618.72. Following the transaction, the director now owns 10,886 shares in the company, valued at $517,738.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 36,812 shares of company stock worth $1,931,175. 14.20% of the stock is currently owned by insiders.
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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