Parallel Advisors LLC increased its stake in shares of Loews Co. (NYSE:L) by 35.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,927 shares of the insurance provider’s stock after buying an additional 1,031 shares during the quarter. Parallel Advisors LLC’s holdings in Loews were worth $202,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC boosted its holdings in Loews by 22,489.9% in the 2nd quarter. Nuveen Asset Management LLC now owns 1,547,405 shares of the insurance provider’s stock valued at $84,596,000 after purchasing an additional 1,540,555 shares in the last quarter. BlackRock Inc. boosted its holdings in Loews by 3.8% in the 2nd quarter. BlackRock Inc. now owns 19,005,207 shares of the insurance provider’s stock valued at $1,039,014,000 after purchasing an additional 700,123 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in Loews by 203.1% in the 2nd quarter. Acadian Asset Management LLC now owns 568,230 shares of the insurance provider’s stock valued at $31,064,000 after purchasing an additional 380,774 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Loews by 2.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 17,100,855 shares of the insurance provider’s stock valued at $919,513,000 after purchasing an additional 368,723 shares in the last quarter. Finally, Man Group plc boosted its holdings in Loews by 306.6% in the 2nd quarter. Man Group plc now owns 473,967 shares of the insurance provider’s stock valued at $25,913,000 after purchasing an additional 357,405 shares in the last quarter. 63.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of L stock traded down $0.03 during midday trading on Friday, reaching $51.00. 529,165 shares of the company traded hands, compared to its average volume of 1,054,705. The firm’s 50 day simple moving average is $50.50 and its two-hundred day simple moving average is $51.54. Loews Co. has a 1-year low of $42.06 and a 1-year high of $56.20. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.33 and a quick ratio of 0.33. The firm has a market cap of $15.02 billion, a PE ratio of 17.96 and a beta of 0.65.
Loews (NYSE:L) last posted its quarterly earnings results on Monday, October 28th. The insurance provider reported $0.24 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.75 by ($0.51). Loews had a net margin of 3.83% and a return on equity of 4.45%. The company had revenue of $3.68 billion for the quarter. During the same period last year, the firm posted $0.84 EPS. As a group, research analysts anticipate that Loews Co. will post 2.95 earnings per share for the current fiscal year.
In other news, VP Marc A. Alpert sold 1,626 shares of Loews stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $49.26, for a total transaction of $80,096.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 14.20% of the stock is currently owned by company insiders.
A number of equities research analysts have weighed in on the company. ValuEngine lowered Loews from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. TheStreet downgraded shares of Loews from a “b” rating to a “c+” rating in a research report on Monday, October 28th. Finally, Zacks Investment Research upgraded shares of Loews from a “sell” rating to a “hold” rating and set a $50.00 price target for the company in a research report on Wednesday, August 28th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $65.20.
Loews Company Profile
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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