AustralianSuper Pty Ltd Sells 46,057 Shares of Loews Corporation $L

AustralianSuper Pty Ltd lessened its holdings in Loews Corporation (NYSE:L) by 27.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 119,780 shares of the insurance provider’s stock after selling 46,057 shares during the period. AustralianSuper Pty Ltd’s holdings in Loews were worth $12,025,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Loews during the second quarter valued at approximately $665,658,000. Aviva PLC boosted its stake in shares of Loews by 1,921.5% during the 2nd quarter. Aviva PLC now owns 138,816 shares of the insurance provider’s stock worth $12,724,000 after acquiring an additional 131,949 shares during the last quarter. AQR Capital Management LLC grew its position in shares of Loews by 27.5% during the 2nd quarter. AQR Capital Management LLC now owns 592,923 shares of the insurance provider’s stock valued at $53,920,000 after acquiring an additional 127,782 shares during the period. Ossiam grew its position in shares of Loews by 2,586.7% during the 2nd quarter. Ossiam now owns 117,597 shares of the insurance provider’s stock valued at $10,779,000 after acquiring an additional 113,220 shares during the period. Finally, Letson Investment Management Inc. purchased a new stake in shares of Loews in the 3rd quarter worth $10,317,000. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Loews Stock Up 1.8%

Shares of L stock opened at $104.64 on Friday. The company has a market capitalization of $21.62 billion, a price-to-earnings ratio of 15.17 and a beta of 0.61. Loews Corporation has a one year low of $78.98 and a one year high of $109.06. The company’s fifty day moving average price is $104.90 and its 200-day moving average price is $100.11. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.35 and a quick ratio of 0.35.

Loews (NYSE:L) last issued its earnings results on Monday, November 3rd. The insurance provider reported $2.43 earnings per share for the quarter. Loews had a net margin of 7.95% and a return on equity of 7.89%. The company had revenue of $4.67 billion during the quarter.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 9th. Investors of record on Wednesday, November 26th were given a dividend of $0.0625 per share. The ex-dividend date was Wednesday, November 26th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews’s dividend payout ratio (DPR) is currently 3.62%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “buy (a-)” rating on shares of Loews in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat.com, the company presently has an average rating of “Strong Buy”.

Insider Activity at Loews

In other news, Director Walter L. Harris sold 1,442 shares of Loews stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $107.88, for a total transaction of $155,562.96. Following the sale, the director owned 24,594 shares in the company, valued at $2,653,200.72. This trade represents a 5.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles M. Diker sold 1,442 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $107.93, for a total transaction of $155,635.06. Following the completion of the transaction, the director directly owned 21,594 shares in the company, valued at $2,330,640.42. This trade represents a 6.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 125,770 shares of company stock worth $13,325,818 in the last three months. Corporate insiders own 19.00% of the company’s stock.

Loews 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.