Whitener Capital Management Inc. reduced its position in shares of Loews Co. (NYSE:L) by 8.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,516 shares of the insurance provider’s stock after selling 230 shares during the period. Whitener Capital Management Inc.’s holdings in Loews were worth $114,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. Clean Yield Group acquired a new position in Loews during the fourth quarter valued at approximately $39,000. Focused Wealth Management Inc boosted its position in Loews by 21.1% during the fourth quarter. Focused Wealth Management Inc now owns 2,300 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 400 shares during the last quarter. Squar Milner Financial Services LLC raised its stake in Loews by 121.0% in the third quarter. Squar Milner Financial Services LLC now owns 4,055 shares of the insurance provider’s stock valued at $204,000 after buying an additional 2,220 shares during the period. Dupont Capital Management Corp raised its stake in Loews by 173.5% in the fourth quarter. Dupont Capital Management Corp now owns 4,203 shares of the insurance provider’s stock valued at $191,000 after buying an additional 2,666 shares during the period. Finally, Quantamental Technologies LLC bought a new stake in Loews in the fourth quarter valued at approximately $203,000. 64.24% of the stock is owned by institutional investors.
In other Loews news, insider Andrew H. Tisch sold 22,916 shares of the firm’s stock in a transaction on Wednesday, January 2nd. The stock was sold at an average price of $45.10, for a total transaction of $1,033,511.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO David B. Edelson sold 18,073 shares of the firm’s stock in a transaction on Tuesday, January 8th. The stock was sold at an average price of $45.70, for a total value of $825,936.10. Following the transaction, the chief financial officer now owns 17,501 shares in the company, valued at approximately $799,795.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 41,653 shares of company stock worth $1,891,638. 12.30% of the stock is owned by corporate insiders.
Loews (NYSE:L) last announced its earnings results on Monday, February 11th. The insurance provider reported ($0.53) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($1.06). The firm had revenue of $3.29 billion for the quarter. Loews had a return on equity of 4.75% and a net margin of 8.94%. During the same quarter in the prior year, the business posted $0.81 EPS. Analysts forecast that Loews Co. will post 2.75 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Wednesday, February 27th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.54%. Loews’s dividend payout ratio (DPR) is currently 8.74%.
Several analysts have issued reports on L shares. CIBC restated an “average” rating and issued a $70.00 price objective on shares of Loews in a research note on Thursday, November 15th. Raymond James restated a “buy” rating and issued a $66.00 price objective on shares of Loews in a research note on Wednesday, November 14th. Finally, Zacks Investment Research upgraded Loews from a “sell” rating to a “hold” rating in a research note on Tuesday, January 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $54.94.
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Loews Company Profile
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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