Millennium Management LLC Decreases Holdings in Loews Co. (NYSE:L)

Millennium Management LLC reduced its holdings in shares of Loews Co. (NYSE:L) by 49.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 253,932 shares of the insurance provider’s stock after selling 248,357 shares during the quarter. Millennium Management LLC owned approximately 0.09% of Loews worth $13,072,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in L. M&T Bank Corp boosted its holdings in shares of Loews by 1.6% in the second quarter. M&T Bank Corp now owns 13,770 shares of the insurance provider’s stock valued at $752,000 after acquiring an additional 214 shares during the period. Parallel Advisors LLC increased its stake in Loews by 8.4% in the second quarter. Parallel Advisors LLC now owns 2,896 shares of the insurance provider’s stock valued at $158,000 after purchasing an additional 224 shares during the period. Captrust Financial Advisors increased its stake in Loews by 20.8% in the second quarter. Captrust Financial Advisors now owns 1,404 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 242 shares during the period. Wetherby Asset Management Inc. raised its holdings in shares of Loews by 4.0% in the second quarter. Wetherby Asset Management Inc. now owns 7,165 shares of the insurance provider’s stock valued at $392,000 after buying an additional 275 shares during the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Loews by 1.1% in the second quarter. CIBC Asset Management Inc now owns 26,693 shares of the insurance provider’s stock valued at $1,459,000 after buying an additional 296 shares during the last quarter. 61.64% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently issued reports on the company. Zacks Investment Research raised Loews from a “sell” rating to a “hold” rating and set a $50.00 price target on the stock in a report on Wednesday, August 28th. TheStreet downgraded Loews from a “b” rating to a “c+” rating in a research note on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating, The company has a consensus rating of “Hold” and a consensus price target of $63.33.

In other news, SVP Kenneth I. Siegel sold 3,026 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $51.14, for a total transaction of $154,749.64. Following the transaction, the senior vice president now directly owns 5,625 shares of the company’s stock, valued at approximately $287,662.50. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Marc A. Alpert sold 1,626 shares of the stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $49.26, for a total transaction of $80,096.76. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,821 shares of company stock worth $752,129. Insiders own 14.20% of the company’s stock.

Loews stock opened at $49.15 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.33 and a quick ratio of 0.33. The business has a 50 day simple moving average of $50.44 and a 200-day simple moving average of $51.52. Loews Co. has a 12 month low of $42.06 and a 12 month high of $56.20. The stock has a market capitalization of $15.14 billion, a PE ratio of 17.31 and a beta of 0.67.

Loews (NYSE:L) last posted its quarterly earnings data on Monday, October 28th. The insurance provider reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.51). The firm had revenue of $3.68 billion during the quarter. Loews had a net margin of 3.83% and a return on equity of 4.45%. During the same quarter last year, the business posted $0.84 EPS. As a group, equities research analysts anticipate that Loews Co. will post 2.95 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Wednesday, November 27th will be paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.51%. The ex-dividend date of this dividend is Tuesday, November 26th. Loews’s dividend payout ratio (DPR) is presently 8.80%.

Loews 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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Institutional Ownership by Quarter for Loews (NYSE:L)

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