Millennium Management LLC Grows Stock Holdings in Loews Co. (NYSE:L)

Millennium Management LLC boosted its stake in shares of Loews Co. (NYSE:L) by 11.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 104,480 shares of the insurance provider’s stock after purchasing an additional 10,605 shares during the period. Millennium Management LLC’s holdings in Loews were worth $8,848,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in L. Halbert Hargrove Global Advisors LLC bought a new stake in Loews during the fourth quarter valued at approximately $26,000. Itau Unibanco Holding S.A. boosted its stake in shares of Loews by 387.6% during the 4th quarter. Itau Unibanco Holding S.A. now owns 434 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 345 shares during the last quarter. Human Investing LLC bought a new stake in shares of Loews during the 4th quarter valued at $51,000. Graney & King LLC purchased a new stake in shares of Loews in the 4th quarter worth $56,000. Finally, Intact Investment Management Inc. bought a new position in Loews in the 4th quarter worth $68,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Insider Transactions at Loews

In other Loews news, Director Jonathan M. Tisch sold 50,000 shares of Loews stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $84.66, for a total value of $4,233,000.00. Following the sale, the director now owns 6,755,529 shares of the company’s stock, valued at $571,923,085.14. The trade was a 0.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Richard Waldo Scott sold 9,019 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $87.92, for a total value of $792,950.48. Following the sale, the senior vice president now directly owns 33,901 shares in the company, valued at $2,980,575.92. This trade represents a 21.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 156,655 shares of company stock valued at $13,323,294 over the last 90 days. Company insiders own 18.70% of the company’s stock.

Loews Price Performance

NYSE L opened at $87.86 on Monday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.50. Loews Co. has a 12 month low of $73.15 and a 12 month high of $92.42. The stock has a market cap of $18.42 billion, a price-to-earnings ratio of 13.73 and a beta of 0.70. The company’s 50 day moving average is $87.20 and its two-hundred day moving average is $85.59.

Loews (NYSE:L) last announced its quarterly earnings data on Monday, May 5th. The insurance provider reported $1.74 EPS for the quarter. The firm had revenue of $4.49 billion for the quarter. Loews had a net margin of 8.08% and a return on equity of 8.04%.

Loews Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th will be given a $0.0625 dividend. The ex-dividend date is Wednesday, May 28th. This represents a $0.25 annualized dividend and a dividend yield of 0.28%. Loews’s payout ratio is 4.11%.

Analyst Ratings Changes

Separately, Wall Street Zen raised Loews from a “hold” rating to a “buy” rating in a report on Tuesday, May 6th.

About Loews

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.