DNB Asset Management AS lowered its holdings in Loews Co. (NYSE:L) by 4.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,795 shares of the insurance provider’s stock after selling 1,298 shares during the quarter. DNB Asset Management AS’s holdings in Loews were worth $1,428,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Clean Yield Group acquired a new position in shares of Loews during the 4th quarter worth $39,000. JOYN Advisors Inc. raised its stake in shares of Loews by 338.6% during the 4th quarter. JOYN Advisors Inc. now owns 943 shares of the insurance provider’s stock worth $43,000 after buying an additional 728 shares during the last quarter. Stamos Capital Partners L.P. acquired a new position in shares of Loews during the 4th quarter worth $53,000. JNBA Financial Advisors acquired a new position in shares of Loews during the 4th quarter worth $55,000. Finally, Captrust Financial Advisors raised its stake in shares of Loews by 100.9% during the 4th quarter. Captrust Financial Advisors now owns 1,340 shares of the insurance provider’s stock worth $61,000 after buying an additional 673 shares during the last quarter. 65.93% of the stock is owned by institutional investors.
Loews stock traded up $0.84 during midday trading on Friday, reaching $51.37. 1,284,169 shares of the company were exchanged, compared to its average volume of 1,045,528. The stock has a market cap of $15.41 billion, a PE ratio of 18.09 and a beta of 0.69. Loews Co. has a 1 year low of $42.06 and a 1 year high of $52.35. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.51.
Several research analysts have recently issued reports on L shares. Scotiabank reaffirmed an “average” rating and set a $68.00 price target on shares of Loews in a research note on Friday, February 22nd. Zacks Investment Research downgraded Loews from a “hold” rating to a “sell” rating in a research note on Thursday, January 17th. Finally, Barclays reaffirmed an “average” rating and set a $72.00 price target on shares of Loews in a research note on Thursday, February 21st. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $59.67.
In other Loews news, VP Marc A. Alpert sold 4,767 shares of Loews stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $50.95, for a total value of $242,878.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Schwartz sold 11,415 shares of Loews stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $47.85, for a total value of $546,207.75. Following the completion of the sale, the chief accounting officer now owns 1 shares of the company’s stock, valued at approximately $47.85. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,333 shares of company stock valued at $1,633,358. 14.20% of the stock is currently owned by company insiders.
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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.
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