Hartford Investment Management Co. reduced its holdings in shares of Loews Co. (NYSE:L) by 42.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,421 shares of the insurance provider’s stock after selling 21,328 shares during the quarter. Hartford Investment Management Co.’s holdings in Loews were worth $1,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in L. Gotham Asset Management LLC lifted its stake in shares of Loews by 13.7% in the 4th quarter. Gotham Asset Management LLC now owns 9,034 shares of the insurance provider’s stock worth $452,000 after acquiring an additional 1,089 shares during the period. Xact Kapitalforvaltning AB lifted its stake in shares of Loews by 16.6% in the 4th quarter. Xact Kapitalforvaltning AB now owns 26,265 shares of the insurance provider’s stock worth $1,314,000 after acquiring an additional 3,748 shares during the period. Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Loews in the 1st quarter worth approximately $201,000. Diamond Hill Capital Management Inc. lifted its stake in shares of Loews by 3.8% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 5,704,167 shares of the insurance provider’s stock worth $283,668,000 after acquiring an additional 206,886 shares during the period. Finally, Wells Fargo & Company MN lifted its stake in shares of Loews by 2.5% in the 1st quarter. Wells Fargo & Company MN now owns 5,526,667 shares of the insurance provider’s stock worth $274,841,000 after acquiring an additional 133,196 shares during the period. 63.52% of the stock is currently owned by hedge funds and other institutional investors.
L stock opened at $50.11 on Friday. Loews Co. has a 12 month low of $45.01 and a 12 month high of $53.59. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.52. The company has a market cap of $15.90 billion, a P/E ratio of 17.12 and a beta of 0.68.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 11th. Stockholders of record on Wednesday, August 29th will be issued a dividend of $0.0625 per share. The ex-dividend date is Tuesday, August 28th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.50%. Loews’s dividend payout ratio is currently 8.74%.
Several analysts recently commented on L shares. Citigroup raised shares of Loews from a “neutral” rating to a “buy” rating and cut their target price for the company from $63.10 to $30.70 in a research note on Monday, May 14th. Zacks Investment Research lowered shares of Loews from a “hold” rating to a “sell” rating in a research note on Tuesday, May 1st. ValuEngine lowered shares of Loews from a “buy” rating to a “hold” rating in a research note on Friday, May 18th. Finally, Deutsche Bank increased their target price on shares of Loews from $51.00 to $54.00 and gave the company a “hold” rating in a research note on Wednesday, August 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Loews has an average rating of “Hold” and a consensus target price of $53.68.
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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