Loews Co. (NYSE:L) Short Interest Update
Loews Co. (NYSE:L) was the target of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 2,204,700 shares, a decline of 20.1% from the June 30th total of 2,758,000 shares. Approximately 0.8% of the shares of the stock are short sold. Based on an average daily volume of 1,070,000 shares, the short-interest ratio is presently 2.1 days.
In other news, Director Philip A. Laskawy sold 1,280 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $51.95, for a total transaction of $66,496.00. Following the transaction, the director now directly owns 1,277 shares in the company, valued at approximately $66,340.15. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph L. Bower sold 706 shares of Loews stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $51.71, for a total transaction of $36,507.26. Following the sale, the director now directly owns 12,845 shares in the company, valued at approximately $664,214.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,106 shares of company stock worth $1,175,165. Insiders own 14.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in shares of Loews by 7.2% in the fourth quarter. Geode Capital Management LLC now owns 4,326,269 shares of the insurance provider’s stock worth $196,648,000 after acquiring an additional 291,715 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Loews by 11.8% in the first quarter. State of Alaska Department of Revenue now owns 71,094 shares of the insurance provider’s stock worth $3,406,000 after acquiring an additional 7,485 shares during the period. Virtu Financial LLC bought a new position in shares of Loews in the first quarter worth about $242,000. Steinberg Global Asset Management boosted its stake in shares of Loews by 40.0% in the first quarter. Steinberg Global Asset Management now owns 7,000 shares of the insurance provider’s stock worth $348,000 after acquiring an additional 2,000 shares during the period. Finally, Jolley Asset Management LLC boosted its stake in shares of Loews by 4.6% in the first quarter. Jolley Asset Management LLC now owns 88,218 shares of the insurance provider’s stock worth $4,228,000 after acquiring an additional 3,906 shares during the period. Hedge funds and other institutional investors own 62.43% of the company’s stock.
Loews (NYSE:L) last announced its earnings results on Monday, August 5th. The insurance provider reported $0.82 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.07. Loews had a net margin of 5.30% and a return on equity of 4.72%. The firm had revenue of $3.62 billion for the quarter. During the same quarter last year, the business posted $0.76 EPS. Sell-side analysts expect that Loews will post 3.35 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Wednesday, August 28th will be given a dividend of $0.0625 per share. The ex-dividend date is Tuesday, August 27th. This represents a $0.25 dividend on an annualized basis and a yield of 0.52%. Loews’s dividend payout ratio (DPR) is currently 8.80%.
Several analysts have recently commented on the stock. Zacks Investment Research raised shares of Loews from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research report on Tuesday, May 7th. ValuEngine lowered shares of Loews from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $66.60.
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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