Magnetar Financial LLC Cuts Stock Position in Loews Co. (NYSE:L)

Magnetar Financial LLC decreased its holdings in shares of Loews Co. (NYSE:L) by 94.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,309 shares of the insurance provider’s stock after selling 53,517 shares during the quarter. Magnetar Financial LLC’s holdings in Loews were worth $247,000 as of its most recent SEC filing.

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

Loews Trading Down 0.1 %

Shares of L opened at $78.06 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. The firm has a market capitalization of $17.28 billion, a price-to-earnings ratio of 11.58 and a beta of 0.82. The company has a 50-day moving average of $79.11 and a 200 day moving average of $77.06. Loews Co. has a 1-year low of $61.43 and a 1-year high of $83.54.

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

Loews Dividend Announcement

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

Insider Activity at Loews

In other Loews news, insider Jonathan M. Tisch sold 62,500 shares of the firm’s stock in a transaction dated 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 owns 6,781,634 shares of the company’s stock, valued at approximately $548,227,292.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Ann E. Berman sold 1,087 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.38, for a total transaction of $88,460.06. Following the completion of the sale, the director now directly owns 4,998 shares in the company, valued at approximately $406,737.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jonathan M. Tisch sold 62,500 shares of Loews stock in a transaction dated Thursday, September 5th. The shares were 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 owns 6,781,634 shares in the company, valued at approximately $548,227,292.56. The disclosure for this sale can be found here. Insiders sold 91,215 shares of company stock worth $7,399,013 over the last three months. 18.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on L shares. Jefferies Financial Group decreased their price objective on shares of Loews from $115.00 to $112.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Royal Bank of Canada raised Loews to a “moderate buy” rating in a research note on Friday, July 26th.

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.