Jolley Asset Management LLC trimmed its position in Loews Co. (NYSE:L) by 2.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 85,228 shares of the insurance provider’s stock after selling 1,824 shares during the period. Loews comprises about 2.5% of Jolley Asset Management LLC’s portfolio, making the stock its 23rd largest holding. Jolley Asset Management LLC’s holdings in Loews were worth $4,474,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of L. Bank of America Corp DE raised its position in Loews by 2.7% in the second quarter. Bank of America Corp DE now owns 926,333 shares of the insurance provider’s stock valued at $50,644,000 after purchasing an additional 24,643 shares during the period. First Trust Advisors LP grew its stake in shares of Loews by 35.9% in the third quarter. First Trust Advisors LP now owns 164,986 shares of the insurance provider’s stock worth $8,493,000 after acquiring an additional 43,570 shares in the last quarter. BlackRock Inc. grew its stake in shares of Loews by 3.8% in the second quarter. BlackRock Inc. now owns 19,005,207 shares of the insurance provider’s stock worth $1,039,014,000 after acquiring an additional 700,123 shares in the last quarter. First Allied Advisory Services Inc. grew its stake in shares of Loews by 16.0% in the third quarter. First Allied Advisory Services Inc. now owns 6,419 shares of the insurance provider’s stock worth $331,000 after acquiring an additional 885 shares in the last quarter. Finally, California Public Employees Retirement System grew its stake in shares of Loews by 7.6% in the third quarter. California Public Employees Retirement System now owns 2,260,660 shares of the insurance provider’s stock worth $116,379,000 after acquiring an additional 160,381 shares in the last quarter. Institutional investors own 61.67% of the company’s stock.
In other news, SVP Kenneth I. Siegel sold 3,026 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $51.14, for a total value of $154,749.64. Following the completion of the sale, the senior vice president now directly owns 5,625 shares of the company’s stock, valued at $287,662.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David B. Edelson sold 9,741 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $50.89, for a total transaction of $495,719.49. Following the completion of the sale, the chief financial officer now directly owns 26,927 shares of the company’s stock, valued at $1,370,315.03. The disclosure for this sale can be found here. Insiders sold 37,925 shares of company stock valued at $1,963,681 in the last 90 days. 14.20% of the stock is currently owned by insiders.
Loews (NYSE:L) last released its quarterly earnings data on Monday, October 28th. The insurance provider reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.75 by ($0.51). Loews had a net margin of 3.83% and a return on equity of 4.45%. The company had revenue of $3.68 billion during the quarter. During the same period in the previous year, the company earned $0.84 EPS. Sell-side analysts expect that Loews Co. will post 2.95 earnings per share for the current fiscal year.
A number of equities analysts recently commented on the stock. TheStreet downgraded shares of Loews from a “b” rating to a “c+” rating in a research note on Monday, October 28th. TD Securities lowered their target price on shares of Loews from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $67.50.
Loews Company Profile
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.
Featured Article: Why are percentage decliners important?
Want to see what other hedge funds are holding L? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Loews Co. (NYSE:L).
Receive News & Ratings for Loews Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Loews and related companies with MarketBeat.com's FREE daily email newsletter.