Mutual of America Capital Management LLC Cuts Stock Holdings in Loews Co. (NYSE:L)

Mutual of America Capital Management LLC lessened its holdings in Loews Co. (NYSE:L) by 4.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 22,896 shares of the insurance provider’s stock after selling 993 shares during the period. Mutual of America Capital Management LLC’s holdings in Loews were worth $1,711,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. The Manufacturers Life Insurance Company boosted its stake in Loews by 3.7% in 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 acquiring an additional 10,473 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake 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 buying an additional 8,527 shares during the last quarter. Mediolanum International Funds Ltd acquired a new position in Loews during the 1st quarter valued at about $1,516,000. Wells Fargo & Company MN raised its stake in Loews by 8.1% in the fourth quarter. Wells Fargo & Company MN now owns 196,732 shares of the insurance provider’s stock valued at $13,691,000 after buying an additional 14,820 shares during the last quarter. Finally, Bessemer Group Inc. grew its stake in shares of Loews by 453.9% during the first quarter. Bessemer Group Inc. now owns 18,429 shares of the insurance provider’s stock worth $1,443,000 after acquiring an additional 15,102 shares during the last quarter. 58.33% of the stock is currently owned by institutional investors.

Loews Trading Down 0.1 %

Loews stock opened at $78.06 on Thursday. Loews Co. has a 52 week low of $61.43 and a 52 week high of $83.54. The stock has a 50-day moving average price of $79.11 and a 200 day moving average price of $77.06. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $17.28 billion, a price-to-earnings ratio of 11.58 and a beta of 0.82.

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

Loews Announces Dividend

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Royal Bank of Canada raised shares of Loews to a “moderate buy” rating in a report on Friday, July 26th.

Insider Buying and Selling at Loews

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

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.