Insider Buying: Loews Co. (NYSE:L) Director Acquires 6,200 Shares of Stock

Loews Co. (NYSE:L) Director Jonathan C. Locker acquired 6,200 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was acquired at an average cost of $80.63 per share, with a total value of $499,906.00. Following the purchase, the director now directly owns 23,068 shares in the company, valued at approximately $1,859,972.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Loews Stock Down 0.7 %

Loews stock traded down $0.53 during trading hours on Wednesday, reaching $79.95. The stock had a trading volume of 646,794 shares, compared to its average volume of 736,668. The company has a market cap of $17.70 billion, a price-to-earnings ratio of 11.94 and a beta of 0.83. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. The business’s 50 day moving average price is $76.06 and its 200-day moving average price is $75.47. Loews Co. has a 52 week low of $61.29 and a 52 week high of $83.54.

Loews (NYSE:L) last issued its quarterly earnings results on Monday, July 29th. The insurance provider reported $1.67 earnings per share for the quarter. The business had revenue of $4.27 billion for the quarter. Loews had a return on equity of 9.40% and a net margin of 9.14%.

Loews Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 29th were issued a dividend of $0.0625 per share. The ex-dividend date was Wednesday, May 29th. This represents a $0.25 annualized dividend and a dividend yield of 0.31%. Loews’s dividend payout ratio is presently 3.71%.

Institutional Trading of Loews

Hedge funds and other institutional investors have recently modified their holdings of the business. Altshuler Shaham Ltd purchased a new stake in Loews in the fourth quarter valued at approximately $26,000. Versant Capital Management Inc increased its holdings in shares of Loews by 244.0% in the second quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock valued at $28,000 after purchasing an additional 266 shares during the period. Northwest Financial Advisors acquired a new position in shares of Loews in the fourth quarter valued at approximately $28,000. Desjardins Global Asset Management Inc. grew its holdings in Loews by 225.2% during the fourth quarter. Desjardins Global Asset Management Inc. now owns 491 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 340 shares during the period. Finally, Principal Securities Inc. purchased a new stake in shares of Loews in the fourth quarter valued at $38,000. 58.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on L shares. Jefferies Financial Group dropped their price target on shares of Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a report on Wednesday. Royal Bank of Canada upgraded shares of Loews to a “moderate buy” rating in a research note on Friday, July 26th.

About Loews

Loews Corporation provides commercial property and casualty insurance in the United States and internationally. The company offers specialty insurance products, such as management and professional liability, and other coverage products; surety and fidelity bonds; property insurance products that include standard and excess property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto, surplus, and umbrella coverages.