D. E. Shaw & Co. Inc. Decreases Stake in Loews Co. (NYSE:L)

D. E. Shaw & Co. Inc. reduced its position in Loews Co. (NYSE:L) by 0.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 447,158 shares of the insurance provider’s stock after selling 3,364 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Loews were worth $33,421,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in L. Versant Capital Management Inc lifted its position in shares of Loews by 244.0% during the second quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 266 shares in the last quarter. Family Firm Inc. purchased a new stake in Loews during the 2nd quarter worth about $46,000. Able Wealth Management LLC bought a new position in Loews in the 4th quarter worth about $48,000. Innealta Capital LLC purchased a new position in Loews during the 2nd quarter valued at about $51,000. Finally, Blue Trust Inc. increased its position in shares of Loews by 80.9% during the second 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 period. 58.33% of the stock is owned by hedge funds and other institutional investors.

Loews Price Performance

Loews stock opened at $78.90 on Friday. The business has a 50-day simple moving average of $79.08 and a 200 day simple moving average of $77.10. Loews Co. has a 52 week low of $61.43 and a 52 week high of $83.54. The stock has a market cap of $17.47 billion, a price-to-earnings ratio of 11.71 and a beta of 0.82. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.50.

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

Loews Announces Dividend

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

Insider Buying and Selling

In other news, Director Jonathan C. Locker acquired 6,200 shares of Loews stock in a transaction dated Tuesday, July 30th. The shares were purchased at an average cost of $80.63 per share, for a total transaction of $499,906.00. Following the transaction, the director now owns 23,068 shares of the company’s stock, valued at $1,859,972.84. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Loews news, VP Mark S. Schwartz sold 2,628 shares of the company’s stock in a transaction dated 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 in the company, valued at $1,207,781.04. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Jonathan C. Locker acquired 6,200 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was bought at an average price of $80.63 per share, for a total transaction of $499,906.00. Following the acquisition, the director now owns 23,068 shares of the company’s stock, valued at approximately $1,859,972.84. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 91,215 shares of company stock worth $7,399,013. Corporate insiders own 18.70% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Royal Bank of Canada upgraded shares of Loews to a “moderate buy” rating in a research report on Friday, July 26th. Jefferies Financial Group cut their price target on shares of Loews from $115.00 to $112.00 and set a “buy” rating for the company in a report on Wednesday, July 31st.

Loews Company 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.