Citigroup Inc. reduced its stake in shares of Loews Co. (NYSE:L) by 25.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 199,567 shares of the insurance provider’s stock after selling 67,031 shares during the period. Citigroup Inc.’s holdings in Loews were worth $10,907,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. Alaska Permanent Fund Corp bought a new stake in Loews during the second quarter worth approximately $2,388,000. O Shaughnessy Asset Management LLC boosted its position in shares of Loews by 32.7% during the second quarter. O Shaughnessy Asset Management LLC now owns 28,085 shares of the insurance provider’s stock valued at $1,534,000 after buying an additional 6,921 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Loews by 3.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 41,934 shares of the insurance provider’s stock valued at $2,292,000 after buying an additional 1,290 shares during the period. Foster Group Inc. purchased a new position in shares of Loews during the second quarter valued at approximately $201,000. Finally, Meeder Asset Management Inc. boosted its position in shares of Loews by 41.5% during the second quarter. Meeder Asset Management Inc. now owns 13,474 shares of the insurance provider’s stock valued at $736,000 after buying an additional 3,951 shares during the period. 59.00% of the stock is currently owned by institutional investors.
Shares of NYSE L opened at $52.26 on Tuesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.34 and a current ratio of 0.34. The firm has a market capitalization of $13.45 billion, a price-to-earnings ratio of 9.04 and a beta of 0.93. The stock has a 50 day moving average price of $54.51 and a 200 day moving average price of $54.76. Loews Co. has a 52-week low of $32.75 and a 52-week high of $59.39.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 31st. Investors of record on Wednesday, August 18th were paid a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend was Tuesday, August 17th.
In other news, CFO David B. Edelson sold 12,863 shares of the company’s stock in a transaction on Wednesday, August 11th. The stock was sold at an average price of $55.92, for a total transaction of $719,298.96. Following the transaction, the chief financial officer now directly owns 41,063 shares of the company’s stock, valued at $2,296,242.96. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Philip A. Laskawy sold 561 shares of the company’s stock in a transaction on Wednesday, September 1st. The stock was sold at an average price of $55.62, for a total value of $31,202.82. Following the transaction, the director now directly owns 1,500 shares in the company, valued at $83,430. The disclosure for this sale can be found here. Insiders sold 22,590 shares of company stock valued at $1,259,765 in the last three months. 16.20% of the stock is currently owned by insiders.
Several brokerages have issued reports on L. Royal Bank of Canada boosted their target price on Loews from $96.00 to $103.00 and gave the company an “outperform” rating in a research report on Monday, July 26th. TheStreet upgraded Loews from a “c” rating to a “b-” rating in a report on Wednesday, August 4th.
Loews Company Profile
Loews Corp. operates as a holding company, which engages in the oil and gas business. It operates through the following segments: CNA Financial, Diamond Offshore, Boardwalk Pipeline, Loews Hotels and Corporate. The CNA Financial segment offers property, casualty, insurance, and underwriting services.
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