Retirement Systems of Alabama boosted its position in Loews Corp. (NYSE:L) by 0.9% during the third quarter, Holdings Channel reports. The firm owned 380,790 shares of the company’s stock after buying an additional 3,266 shares during the period. Retirement Systems of Alabama owned about 0.11% of Loews Corp. worth $15,670,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of L. M&R Capital Management Inc. acquired a new position in shares of Loews Corp. during the second quarter valued at about $106,000. Financial Architects Inc boosted its position in shares of Loews Corp. by 119.3% in the second quarter. Financial Architects Inc now owns 2,621 shares of the company’s stock valued at $108,000 after buying an additional 1,426 shares during the period. Global X Management Co. LLC boosted its position in shares of Loews Corp. by 84.2% in the second quarter. Global X Management Co. LLC now owns 2,892 shares of the company’s stock valued at $119,000 after buying an additional 1,322 shares during the period. Mizuho Asset Management Co. Ltd. boosted its position in shares of Loews Corp. by 72.6% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 3,515 shares of the company’s stock valued at $144,000 after buying an additional 1,479 shares during the period. Finally, Cedar Wealth Management LLC boosted its position in shares of Loews Corp. by 64.3% in the second quarter. Cedar Wealth Management LLC now owns 3,630 shares of the company’s stock valued at $149,000 after buying an additional 1,420 shares during the period. 56.37% of the stock is owned by institutional investors.
Shares of Loews Corp. (NYSE:L) traded up 0.21% on Monday, reaching $44.50. 359,690 shares of the company traded hands. The stock has a market capitalization of $14.99 billion, a P/E ratio of 92.90 and a beta of 0.70. Loews Corp. has a one year low of $33.84 and a one year high of $44.81. The stock’s 50 day moving average price is $42.30 and its 200-day moving average price is $41.09.
Loews Corp. (NYSE:L) last announced its quarterly earnings data on Monday, October 31st. The company reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.28. The firm earned $3.24 billion during the quarter, compared to analyst estimates of $3.21 billion. Loews Corp. had a net margin of 1.24% and a return on equity of 3.42%. The business’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.58 EPS. Equities analysts forecast that Loews Corp. will post $2.68 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 13th. Stockholders of record on Wednesday, November 30th will be issued a $0.0625 dividend. The ex-dividend date is Monday, November 28th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.56%. Loews Corp.’s payout ratio is 50.00%.
Several equities research analysts have recently weighed in on L shares. Zacks Investment Research cut shares of Loews Corp. from a “buy” rating to a “hold” rating in a research report on Tuesday, October 18th. Deutsche Bank AG increased their price objective on shares of Loews Corp. from $42.00 to $43.00 and gave the stock a “hold” rating in a research report on Wednesday, November 2nd. Finally, TheStreet upgraded shares of Loews Corp. from a “hold” rating to a “buy” rating in a research report on Friday, November 18th.
In other news, SVP Richard Waldo Scott sold 7,973 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $42.29, for a total value of $337,178.17. Following the completion of the sale, the senior vice president now directly owns 2,500 shares in the company, valued at approximately $105,725. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 11.70% of the stock is currently owned by insiders.
About Loews Corp.
Loews Corporation is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas, and operation of a chain of hotels.