Parallel Advisors LLC grew its stake in Loews Co. (NYSE:L) by 35.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,927 shares of the insurance provider’s stock after purchasing an additional 1,031 shares during the period. Parallel Advisors LLC’s holdings in Loews were worth $202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently bought and sold shares of L. CSat Investment Advisory L.P. grew its position in Loews by 74.4% in the second quarter. CSat Investment Advisory L.P. now owns 837 shares of the insurance provider’s stock worth $45,000 after acquiring an additional 357 shares during the period. Meeder Asset Management Inc. grew its position in Loews by 267.9% in the third quarter. Meeder Asset Management Inc. now owns 883 shares of the insurance provider’s stock worth $45,000 after acquiring an additional 643 shares during the period. Cornerstone Advisors Inc. grew its position in Loews by 23.8% in the second quarter. Cornerstone Advisors Inc. now owns 1,003 shares of the insurance provider’s stock worth $55,000 after acquiring an additional 193 shares during the period. Steward Partners Investment Advisory LLC purchased a new position in Loews in the second quarter worth approximately $74,000. Finally, Captrust Financial Advisors grew its position in Loews by 20.8% in the second quarter. Captrust Financial Advisors now owns 1,404 shares of the insurance provider’s stock worth $77,000 after acquiring an additional 242 shares during the period. Institutional investors and hedge funds own 63.38% of the company’s stock.
L has been the subject of several analyst reports. Zacks Investment Research upgraded Loews from a “sell” rating to a “hold” rating and set a $50.00 price objective for the company in a research report on Wednesday, August 28th. ValuEngine lowered Loews from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, TheStreet lowered Loews from a “b” rating to a “c+” rating in a research report on Monday, October 28th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $65.20.
Shares of L traded down $0.03 during midday trading on Friday, hitting $51.00. 529,165 shares of the stock were exchanged, compared to its average volume of 1,054,705. Loews Co. has a 52-week low of $42.06 and a 52-week high of $56.20. The stock has a fifty day simple moving average of $50.50 and a 200 day simple moving average of $51.54. The firm has a market cap of $15.02 billion, a P/E ratio of 17.96 and a beta of 0.65. 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 (NYSE:L) last released its quarterly earnings results on Monday, October 28th. The insurance provider reported $0.24 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.51). Loews had a return on equity of 4.45% and a net margin of 3.83%. The firm had revenue of $3.68 billion for the quarter. During the same period in the prior year, the company posted $0.84 EPS. As a group, equities research analysts forecast that Loews Co. will post 2.95 EPS for the current fiscal year.
In other news, VP Marc A. Alpert sold 1,626 shares of the firm’s stock in a transaction 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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 14.20% of the company’s stock.
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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