Donald Smith & CO. Inc. Reduces Stake in Loews Corporation (L)
Donald Smith & CO. Inc. cut its position in Loews Corporation (NYSE:L) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,430,997 shares of the insurance provider’s stock after selling 14,290 shares during the quarter. Loews Corporation accounts for 1.6% of Donald Smith & CO. Inc.’s holdings, making the stock its 17th largest holding. Donald Smith & CO. Inc. owned approximately 0.43% of Loews Corporation worth $68,488,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Janus Henderson Group PLC boosted its holdings in Loews Corporation by 4,046.2% in the second quarter. Janus Henderson Group PLC now owns 1,657,777 shares of the insurance provider’s stock valued at $77,601,000 after purchasing an additional 1,617,794 shares during the period. Wells Fargo & Company MN boosted its holdings in Loews Corporation by 13.1% in the second quarter. Wells Fargo & Company MN now owns 4,348,887 shares of the insurance provider’s stock valued at $203,570,000 after purchasing an additional 503,117 shares during the period. Thrivent Financial For Lutherans boosted its holdings in Loews Corporation by 4,388.1% in the second quarter. Thrivent Financial For Lutherans now owns 454,642 shares of the insurance provider’s stock valued at $21,282,000 after purchasing an additional 444,512 shares during the period. PGGM Investments boosted its holdings in Loews Corporation by 188.9% in the third quarter. PGGM Investments now owns 677,650 shares of the insurance provider’s stock valued at $32,432,000 after purchasing an additional 443,056 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Loews Corporation by 2.1% in the second quarter. Vanguard Group Inc. now owns 18,649,024 shares of the insurance provider’s stock valued at $872,960,000 after purchasing an additional 391,900 shares during the period. 59.05% of the stock is owned by institutional investors and hedge funds.
In related news, insider Jonathan M. Tisch sold 1,394,935 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $48.40, for a total value of $67,514,854.00. Following the transaction, the insider now owns 2,169,075 shares in the company, valued at approximately $104,983,230. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Richard Waldo Scott sold 6,471 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $49.80, for a total value of $322,255.80. Following the completion of the transaction, the senior vice president now owns 11,250 shares in the company, valued at approximately $560,250. The disclosure for this sale can be found here. Insiders sold a total of 1,401,603 shares of company stock worth $67,846,868 in the last 90 days. 11.80% of the stock is currently owned by insiders.
Shares of Loews Corporation (L) traded up $0.03 during midday trading on Wednesday, reaching $49.38. The company’s stock had a trading volume of 902,000 shares, compared to its average volume of 852,752. The stock has a market cap of $16,612.75, a P/E ratio of 17.14 and a beta of 0.75. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.35 and a quick ratio of 0.35. Loews Corporation has a 12 month low of $44.07 and a 12 month high of $49.99.
Loews Corporation (NYSE:L) last posted its earnings results on Monday, October 30th. The insurance provider reported $0.46 EPS for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.44. Loews Corporation had a return on equity of 4.08% and a net margin of 7.04%. The business had revenue of $3.52 billion for the quarter. During the same quarter last year, the firm posted $0.89 EPS. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. equities analysts anticipate that Loews Corporation will post 2.75 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 12th. Stockholders of record on Wednesday, November 29th will be given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.51%. The ex-dividend date is Tuesday, November 28th. Loews Corporation’s dividend payout ratio (DPR) is currently 8.90%.
L has been the subject of a number of recent analyst reports. Zacks Investment Research raised Loews Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. BidaskClub downgraded Loews Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Finally, ValuEngine downgraded Loews Corporation from a “buy” rating to a “hold” rating in a report on Thursday, October 26th.
About Loews Corporation
Loews Corporation is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. The Company has five segments consisted of its four individual operating subsidiaries, CNA Financial Corporation (CNA), Diamond Offshore Drilling, Inc (Diamond Offshore), Boardwalk Pipeline Partners, LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels), and the Corporate segment.
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