Oppenheimer & Co. Inc. Decreases Holdings in Loews Co. (NYSE:L)

Oppenheimer & Co. Inc. trimmed its position in shares of Loews Co. (NYSE:L) by 27.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,123 shares of the insurance provider’s stock after selling 4,925 shares during the period. Oppenheimer & Co. Inc.’s holdings in Loews were worth $676,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in L. Oppenheimer Asset Management Inc. increased its stake in Loews by 31.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 27,676 shares of the insurance provider’s stock worth $1,425,000 after purchasing an additional 6,576 shares during the period. California Public Employees Retirement System increased its stake in Loews by 7.6% in the 3rd quarter. California Public Employees Retirement System now owns 2,260,660 shares of the insurance provider’s stock worth $116,379,000 after purchasing an additional 160,381 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Loews by 7.0% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,113,175 shares of the insurance provider’s stock worth $57,306,000 after purchasing an additional 72,913 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in Loews by 0.5% in the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 154,781 shares of the insurance provider’s stock worth $7,968,000 after purchasing an additional 800 shares during the period. Finally, State of Tennessee Treasury Department increased its stake in Loews by 2.9% in the 3rd quarter. State of Tennessee Treasury Department now owns 96,459 shares of the insurance provider’s stock worth $4,965,000 after purchasing an additional 2,711 shares during the period. 63.38% of the stock is currently owned by institutional investors.

L opened at $51.00 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.33 and a current ratio of 0.33. Loews Co. has a 52-week low of $42.06 and a 52-week high of $56.20. The stock has a market capitalization of $15.02 billion, a PE ratio of 17.96 and a beta of 0.65. The stock’s 50 day moving average price is $50.50 and its 200-day moving average price is $51.54.

Loews (NYSE:L) last posted its earnings results on Monday, October 28th. The insurance provider reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $3.68 billion for the quarter. During the same quarter in the previous year, the business earned $0.84 earnings per share. Research analysts forecast that Loews Co. will post 2.95 EPS for the current fiscal year.

In related news, VP Marc A. Alpert sold 1,626 shares of Loews stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $49.26, for a total transaction of $80,096.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 14.20% of the stock is currently owned by insiders.

A number of equities analysts have commented on the company. Zacks Investment Research raised Loews from a “sell” rating to a “hold” rating and set a $50.00 price target on the stock in a research note on Wednesday, August 28th. TheStreet cut Loews from a “b” rating to a “c+” rating in a research note on Monday, October 28th. Finally, ValuEngine cut Loews from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Loews has a consensus rating of “Hold” and an average price target of $65.20.

About Loews

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.

Featured Story: Diversification in Investing

Want to see what other hedge funds are holding L? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Loews Co. (NYSE:L).

Institutional Ownership by Quarter for Loews (NYSE:L)

Receive News & Ratings for Loews Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Loews and related companies with MarketBeat.com's FREE daily email newsletter.