1832 Asset Management L.P. Sells 419 Shares of Loews Co. (NYSE:L)

1832 Asset Management L.P. reduced its position in shares of Loews Co. (NYSE:L) by 1.6% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 26,492 shares of the insurance provider’s stock after selling 419 shares during the quarter. 1832 Asset Management L.P.’s holdings in Loews were worth $1,980,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in L. Versant Capital Management Inc increased its holdings in shares of Loews by 244.0% during the 2nd quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 266 shares during the last quarter. Family Firm Inc. bought a new position in shares of Loews in the second quarter valued at about $46,000. Able Wealth Management LLC acquired a new stake in shares of Loews during the 4th quarter worth about $48,000. Innealta Capital LLC bought a new stake in shares of Loews during the 2nd quarter worth about $51,000. Finally, Blue Trust Inc. grew its stake in Loews by 80.9% in the 2nd quarter. Blue Trust Inc. now owns 693 shares of the insurance provider’s stock valued at $54,000 after buying an additional 310 shares during the last quarter. Institutional investors and hedge funds own 58.33% of the company’s stock.

Insider Buying and Selling at Loews

In other Loews news, VP Mark S. Schwartz sold 2,628 shares of the stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $80.88, for a total value of $212,552.64. Following the completion of the transaction, the vice president now directly owns 14,933 shares in the company, valued at $1,207,781.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Jonathan M. Tisch sold 62,500 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $80.84, for a total transaction of $5,052,500.00. Following the completion of the sale, the insider now owns 6,781,634 shares of the company’s stock, valued at approximately $548,227,292.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Mark S. Schwartz sold 2,628 shares of Loews stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $80.88, for a total transaction of $212,552.64. Following the completion of the sale, the vice president now directly owns 14,933 shares of the company’s stock, valued at $1,207,781.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 91,215 shares of company stock valued at $7,399,013. 18.70% of the stock is currently owned by corporate insiders.

Loews Price Performance

NYSE:L opened at $78.06 on Thursday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.34 and a current ratio of 0.34. Loews Co. has a 52 week low of $61.43 and a 52 week high of $83.54. The firm’s 50-day simple moving average is $79.11 and its 200 day simple moving average is $77.06. The firm has a market cap of $17.28 billion, a price-to-earnings ratio of 11.58 and a beta of 0.82.

Loews (NYSE:L) last posted its quarterly earnings results on Monday, July 29th. The insurance provider reported $1.67 EPS for the quarter. Loews had a return on equity of 9.26% and a net margin of 9.14%. The business had revenue of $4.27 billion during the quarter.

Loews Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Wednesday, August 21st were paid a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.32%. The ex-dividend date was Wednesday, August 21st. Loews’s payout ratio is presently 3.71%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on L. Jefferies Financial Group reduced their price objective on Loews from $115.00 to $112.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Royal Bank of Canada raised Loews to a “moderate buy” rating in a report on Friday, July 26th.

About Loews

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.