Illinois Municipal Retirement Fund Sells 47,007 Shares of Loews Corporation $L

Illinois Municipal Retirement Fund trimmed its position in Loews Corporation (NYSE:L) by 36.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,575 shares of the insurance provider’s stock after selling 47,007 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Loews were worth $8,189,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. CPC Advisors LLC bought a new stake in Loews in the third quarter worth $6,568,000. Swedbank AB lifted its position in Loews by 9.7% during the third quarter. Swedbank AB now owns 443,106 shares of the insurance provider’s stock valued at $44,483,000 after purchasing an additional 39,313 shares during the last quarter. Assetmark Inc. grew its stake in shares of Loews by 182.2% in the 2nd quarter. Assetmark Inc. now owns 1,967 shares of the insurance provider’s stock worth $180,000 after buying an additional 1,270 shares in the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Loews in the 3rd quarter worth about $3,827,000. Finally, Truist Financial Corp increased its holdings in shares of Loews by 388.3% in the 3rd quarter. Truist Financial Corp now owns 14,331 shares of the insurance provider’s stock worth $1,439,000 after buying an additional 11,396 shares during the last quarter. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Loews

In other Loews news, Director Ann E. Berman sold 1,922 shares of the company’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $110.16, for a total value of $211,727.52. Following the transaction, the director directly owned 4,998 shares in the company, valued at $550,579.68. This represents a 27.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew H. Tisch sold 50,000 shares of the firm’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $105.07, for a total transaction of $5,253,500.00. Following the transaction, the director directly owned 12,909,642 shares in the company, valued at $1,356,416,084.94. This trade represents a 0.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 131,187 shares of company stock worth $13,921,541 over the last quarter. 19.00% of the stock is owned by insiders.

Analyst Ratings Changes

Separately, Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Loews in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the stock has a consensus rating of “Strong Buy”.

Loews Price Performance

L stock opened at $108.70 on Friday. The stock has a market cap of $22.40 billion, a PE ratio of 13.62 and a beta of 0.61. Loews Corporation has a 12 month low of $78.98 and a 12 month high of $114.90. The company has a 50-day moving average price of $105.47 and a 200 day moving average price of $101.46. The company has a current ratio of 0.36, a quick ratio of 0.35 and a debt-to-equity ratio of 0.43.

Loews (NYSE:L) last announced its earnings results on Monday, February 9th. The insurance provider reported $1.94 earnings per share (EPS) for the quarter. The business had revenue of $4.73 billion during the quarter. Loews had a return on equity of 8.86% and a net margin of 9.03%.

Loews Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Wednesday, February 25th will be issued a dividend of $0.0625 per share. The ex-dividend date is Wednesday, February 25th. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. Loews’s payout ratio is presently 3.13%.

Loews Company Profile

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.