Gabelli Funds LLC Sells 3,000 Shares of Loews Co. (NYSE:L)

Gabelli Funds LLC reduced its stake in shares of Loews Co. (NYSE:L) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 266,500 shares of the insurance provider’s stock after selling 3,000 shares during the quarter. Gabelli Funds LLC’s holdings in Loews were worth $19,918,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its holdings in shares of Loews by 244.0% in 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. Principal Securities Inc. purchased a new stake in Loews in the 4th quarter worth about $38,000. Family Firm Inc. bought a new stake in Loews in the second quarter worth about $46,000. Able Wealth Management LLC purchased a new position in shares of Loews during the fourth quarter valued at approximately $48,000. Finally, Innealta Capital LLC bought a new position in shares of Loews during the second quarter valued at approximately $51,000. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

L has been the subject of a number of recent analyst reports. Jefferies Financial Group dropped 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 upgraded Loews to a “moderate buy” rating in a research report on Friday, July 26th.

Loews Price Performance

Shares of L stock opened at $78.54 on Monday. The company’s 50-day simple moving average is $79.09 and its two-hundred day simple moving average is $77.01. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. Loews Co. has a one year low of $61.43 and a one year high of $83.54. The company has a market capitalization of $17.39 billion, a P/E ratio of 11.65 and a beta of 0.82.

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

Loews Announces Dividend

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

Insider Buying and Selling

In other news, insider Jonathan M. Tisch sold 62,500 shares of the 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 transaction, the insider now directly owns 6,781,634 shares in the company, valued at $548,227,292.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Jonathan M. Tisch sold 62,500 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $80.84, for a total value of $5,052,500.00. Following the completion of the transaction, the insider now directly owns 6,781,634 shares of the company’s stock, valued at approximately $548,227,292.56. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Mark S. Schwartz sold 2,628 shares of the company’s stock in a transaction 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 sale, the vice president now owns 14,933 shares of the company’s stock, 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 three months. 18.70% of the stock is owned by company insiders.

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.