Axa S.A. Trims Stock Holdings in Loews Co. (NYSE:L)

Axa S.A. cut its holdings in Loews Co. (NYSE:L) by 39.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 82,984 shares of the insurance provider’s stock after selling 53,091 shares during the period. Axa S.A.’s holdings in Loews were worth $6,202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its position in shares of Loews by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 297,181 shares of the insurance provider’s stock valued at $20,681,000 after buying an additional 10,473 shares during the period. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Loews by 5.1% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 174,867 shares of the insurance provider’s stock worth $13,690,000 after acquiring an additional 8,527 shares during the period. Mediolanum International Funds Ltd purchased a new stake in Loews in the 1st quarter worth approximately $1,516,000. Wells Fargo & Company MN boosted its holdings in Loews by 8.1% in the 4th quarter. Wells Fargo & Company MN now owns 196,732 shares of the insurance provider’s stock valued at $13,691,000 after purchasing an additional 14,820 shares during the period. Finally, Bessemer Group Inc. increased its holdings in shares of Loews by 453.9% in the first quarter. Bessemer Group Inc. now owns 18,429 shares of the insurance provider’s stock worth $1,443,000 after purchasing an additional 15,102 shares during the period. 58.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on L. Jefferies Financial Group reduced their target price on Loews from $115.00 to $112.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Royal Bank of Canada raised Loews to a “moderate buy” rating in a report on Friday, July 26th.

Insiders Place Their Bets

In other news, VP Mark S. Schwartz sold 2,628 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $80.88, for a total value of $212,552.64. Following the completion of the sale, the vice president now directly owns 14,933 shares in the company, valued at approximately $1,207,781.04. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Jonathan C. Locker bought 6,200 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was bought at an average cost of $80.63 per share, for a total transaction of $499,906.00. Following the acquisition, the director now directly owns 23,068 shares of the company’s stock, valued at approximately $1,859,972.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mark S. Schwartz sold 2,628 shares of Loews stock in a transaction that occurred on 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 disclosure for this sale can be found here. Insiders sold a total of 91,215 shares of company stock valued at $7,399,013 over the last quarter. 18.70% of the stock is owned by corporate insiders.

Loews Stock Performance

Loews stock opened at $78.90 on Friday. Loews Co. has a fifty-two week low of $61.43 and a fifty-two week high of $83.54. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.34 and a current ratio of 0.34. The stock has a market cap of $17.47 billion, a P/E ratio of 11.71 and a beta of 0.82. The firm’s fifty day moving average price is $79.08 and its 200-day moving average price is $77.10.

Loews (NYSE:L) last released its quarterly earnings results on Monday, July 29th. The insurance provider reported $1.67 earnings per share 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 for the quarter.

Loews Announces Dividend

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

Loews Profile

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.