Stone Ridge Asset Management LLC trimmed its position in Loews Co. (NYSE:L) by 10.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,155 shares of the insurance provider’s stock after selling 4,600 shares during the quarter. Stone Ridge Asset Management LLC’s holdings in Loews were worth $2,108,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. TCI Wealth Advisors Inc. lifted its position in shares of Loews by 100.0% in the fourth quarter. TCI Wealth Advisors Inc. now owns 600 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 300 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in Loews by 0.4% during the third quarter. Public Employees Retirement System of Ohio now owns 91,134 shares of the insurance provider’s stock valued at $4,692,000 after acquiring an additional 341 shares in the last quarter. Parallel Advisors LLC raised its position in Loews by 9.0% during the fourth quarter. Parallel Advisors LLC now owns 4,282 shares of the insurance provider’s stock valued at $225,000 after acquiring an additional 355 shares in the last quarter. DNB Asset Management AS raised its position in Loews by 1.3% during the fourth quarter. DNB Asset Management AS now owns 30,779 shares of the insurance provider’s stock valued at $1,616,000 after acquiring an additional 381 shares in the last quarter. Finally, Strs Ohio raised its position in Loews by 1.0% during the third quarter. Strs Ohio now owns 40,000 shares of the insurance provider’s stock valued at $2,059,000 after acquiring an additional 399 shares in the last quarter. Institutional investors own 61.55% of the company’s stock.
L traded down $0.02 during midday trading on Friday, hitting $54.06. 25,313 shares of the company’s stock traded hands, compared to its average volume of 877,970. The company has a market cap of $16.04 billion, a PE ratio of 17.66 and a beta of 0.64. The stock’s fifty day simple moving average is $52.36 and its 200-day simple moving average is $50.89. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.33 and a quick ratio of 0.33. Loews Co. has a one year low of $45.87 and a one year high of $56.88.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 26th will be given a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Tuesday, February 25th. Loews’s dividend payout ratio is 7.00%.
In other Loews news, VP Marc A. Alpert sold 3,526 shares of Loews stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $54.13, for a total transaction of $190,862.38. Following the sale, the vice president now owns 7,538 shares in the company, valued at $408,031.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth I. Siegel sold 3,617 shares of Loews stock in a transaction on Thursday, February 13th. The stock was sold at an average price of $54.01, for a total transaction of $195,354.17. Following the sale, the senior vice president now owns 7,538 shares in the company, valued at approximately $407,127.38. The disclosure for this sale can be found here. In the last three months, insiders sold 52,830 shares of company stock worth $2,777,816. Insiders own 14.20% of the company’s stock.
L has been the topic of several recent research reports. TD Securities cut their price objective on shares of Loews from $82.00 to $80.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. TheStreet raised shares of Loews from a “c+” rating to a “b-” rating in a research report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $67.50.
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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