Loews Co. (NYSE:L – Get Free Report) was the recipient of a significant decline in short interest during the month of September. As of September 15th, there was short interest totalling 1,670,000 shares, a decline of 9.2% from the August 31st total of 1,840,000 shares. Based on an average trading volume of 688,600 shares, the short-interest ratio is currently 2.4 days. Currently, 0.9% of the shares of the stock are short sold.
Wall Street Analyst Weigh In
Separately, StockNews.com began coverage on Loews in a research report on Thursday, August 17th. They set a “buy” rating on the stock.
Insider Buying and Selling at Loews
In other news, Director Paul J. Fribourg sold 561 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $62.56, for a total transaction of $35,096.16. Following the sale, the director now directly owns 3,292 shares in the company, valued at $205,947.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Paul J. Fribourg sold 561 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $62.56, for a total transaction of $35,096.16. Following the sale, the director now directly owns 3,292 shares in the company, valued at $205,947.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Corp Loews purchased 4,456,050 shares of Loews stock in a transaction dated Wednesday, August 2nd. The shares were purchased at an average price of $39.29 per share, for a total transaction of $175,078,204.50. Following the completion of the acquisition, the insider now owns 248,414,738 shares of the company’s stock, valued at approximately $9,760,215,056.02. The disclosure for this purchase can be found here. Company insiders own 18.30% of the company’s stock.
Institutional Investors Weigh In On Loews
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Kinneret Advisory LLC increased its holdings in shares of Loews by 2.3% in the first quarter. Kinneret Advisory LLC now owns 7,244 shares of the insurance provider’s stock worth $470,000 after purchasing an additional 162 shares during the period. Contravisory Investment Management Inc. increased its holdings in shares of Loews by 2.7% in the second quarter. Contravisory Investment Management Inc. now owns 6,895 shares of the insurance provider’s stock worth $409,000 after purchasing an additional 181 shares during the period. United Capital Financial Advisers LLC increased its holdings in shares of Loews by 2.7% in the fourth quarter. United Capital Financial Advisers LLC now owns 6,849 shares of the insurance provider’s stock worth $400,000 after purchasing an additional 183 shares during the period. Rockefeller Capital Management L.P. grew its position in Loews by 40.2% in the fourth quarter. Rockefeller Capital Management L.P. now owns 705 shares of the insurance provider’s stock worth $40,000 after acquiring an additional 202 shares in the last quarter. Finally, Empirical Finance LLC grew its position in Loews by 3.8% in the first quarter. Empirical Finance LLC now owns 5,832 shares of the insurance provider’s stock worth $338,000 after acquiring an additional 216 shares in the last quarter. Institutional investors own 54.03% of the company’s stock.
Loews Stock Performance
Shares of NYSE:L traded down $0.31 during mid-day trading on Tuesday, reaching $61.99. The company had a trading volume of 298,084 shares, compared to its average volume of 786,665. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.52. The firm has a market cap of $13.98 billion, a price-to-earnings ratio of 11.84 and a beta of 0.82. The company’s 50-day moving average price is $62.89 and its 200-day moving average price is $59.73. Loews has a one year low of $50.68 and a one year high of $65.39.
Loews (NYSE:L – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The insurance provider reported $1.58 EPS for the quarter. The company had revenue of $3.93 billion for the quarter. Loews had a net margin of 8.21% and a return on equity of 8.72%.
Loews Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Wednesday, August 16th were issued a dividend of $0.0625 per share. The ex-dividend date was Tuesday, August 15th. This represents a $0.25 dividend on an annualized basis and a yield of 0.40%. Loews’s payout ratio is 4.75%.
About Loews
Loews Corp. is a holding company, which engages in the business of commercial property and casualty insurance, transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. It operates through the following segments: CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation, and Corporate.