Loews Corporation $L Stake Lowered by Hennessy Advisors Inc.

Hennessy Advisors Inc. cut its stake in shares of Loews Corporation (NYSE:L) by 6.2% in the 4th quarter, Holdings Channel reports. The firm owned 85,200 shares of the insurance provider’s stock after selling 5,600 shares during the quarter. Hennessy Advisors Inc.’s holdings in Loews were worth $8,972,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC increased its holdings in shares of Loews by 22.6% in the first quarter. Integrated Wealth Concepts LLC now owns 3,575 shares of the insurance provider’s stock valued at $329,000 after buying an additional 658 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Loews by 9.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,937 shares of the insurance provider’s stock valued at $2,108,000 after buying an additional 2,057 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Loews by 12.2% in the first quarter. Empowered Funds LLC now owns 3,807 shares of the insurance provider’s stock valued at $350,000 after buying an additional 414 shares in the last quarter. Woodline Partners LP increased its holdings in shares of Loews by 37.5% in the first quarter. Woodline Partners LP now owns 14,926 shares of the insurance provider’s stock valued at $1,372,000 after buying an additional 4,071 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Loews by 53.5% in the second quarter. Cetera Investment Advisers now owns 7,156 shares of the insurance provider’s stock valued at $656,000 after buying an additional 2,493 shares in the last quarter. 58.33% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Loews

In other Loews news, VP Marc A. Alpert sold 3,495 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $109.87, for a total transaction of $383,995.65. Following the sale, the vice president directly owned 16,325 shares of the company’s stock, valued at $1,793,627.75. The trade was a 17.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann E. Berman sold 1,922 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $110.16, for a total transaction of $211,727.52. Following the sale, the director directly owned 4,998 shares in the company, valued at approximately $550,579.68. This trade represents a 27.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 105,417 shares of company stock valued at $11,549,723 in the last three months. 19.00% of the stock is currently owned by company insiders.

Loews Price Performance

Shares of NYSE:L opened at $111.38 on Monday. The company’s fifty day moving average is $108.75 and its two-hundred day moving average is $105.54. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.43. Loews Corporation has a 12-month low of $82.49 and a 12-month high of $114.90. The company has a market cap of $22.92 billion, a P/E ratio of 13.96 and a beta of 0.59.

Loews (NYSE:L) last announced its earnings results on Monday, February 9th. The insurance provider reported $1.94 earnings per share (EPS) for the quarter. Loews had a net margin of 9.03% and a return on equity of 8.86%. The company had revenue of $4.73 billion for the quarter.

Loews Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Wednesday, February 25th were paid a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, February 25th. Loews’s payout ratio is 3.13%.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Loews in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, Loews presently has an average rating of “Strong Buy”.

Loews Profile

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.