Macquarie Group Ltd. cut its holdings in shares of Loews Co. (NYSE:L) by 6.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,800 shares of the insurance provider’s stock after selling 500 shares during the period. Macquarie Group Ltd.’s holdings in Loews were worth $355,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. grew its stake in Loews by 4.1% in 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. Geode Capital Management LLC boosted its holdings in Loews by 7.2% in the fourth quarter. Geode Capital Management LLC now owns 4,326,269 shares of the insurance provider’s stock worth $196,648,000 after acquiring an additional 291,715 shares in the last quarter. Northern Trust Corp boosted its holdings in Loews by 5.3% in the fourth quarter. Northern Trust Corp now owns 3,758,591 shares of the insurance provider’s stock worth $171,091,000 after acquiring an additional 189,513 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its holdings in Loews by 4,728.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,401,027 shares of the insurance provider’s stock worth $75,000 after acquiring an additional 3,330,590 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Loews by 18.8% in the fourth quarter. Bank of New York Mellon Corp now owns 2,478,852 shares of the insurance provider’s stock worth $112,837,000 after acquiring an additional 393,140 shares in the last quarter. 65.42% of the stock is currently owned by hedge funds and other institutional investors.
In other Loews news, SVP Richard Waldo Scott sold 4,591 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $47.80, for a total value of $219,449.80. Following the transaction, the senior vice president now owns 29,732 shares of the company’s stock, valued at $1,421,189.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ann E. Berman sold 1,399 shares of the 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 completion of the transaction, the director now directly owns 1,500 shares in the company, valued at approximately $72,360. The disclosure for this sale can be found here. In the last three months, insiders sold 29,566 shares of company stock worth $1,390,479. 12.30% of the stock is owned by corporate insiders.
Loews (NYSE:L) last released its earnings results on Monday, February 11th. The insurance provider reported ($0.53) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($1.06). The company had revenue of $3.29 billion during the quarter. Loews had a return on equity of 4.16% and a net margin of 4.52%. During the same quarter last year, the business earned $0.81 earnings per share. On average, research analysts predict that Loews Co. will post 3.2 EPS for the current year.
Several research firms have commented on L. Scotiabank reissued an “average” rating and issued a $68.00 target price on shares of Loews in a report on Friday, February 22nd. Barclays reissued an “average” rating and issued a $72.00 target price on shares of Loews in a report on Thursday, February 21st. Finally, Zacks Investment Research downgraded Loews from a “hold” rating to a “sell” rating in a report on Thursday, January 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $59.24.
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Loews Company Profile
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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