Loews Corporation $L Position Reduced by Mackenzie Financial Corp

Mackenzie Financial Corp trimmed its position in Loews Corporation (NYSE:L) by 51.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,325 shares of the insurance provider’s stock after selling 33,363 shares during the period. Mackenzie Financial Corp’s holdings in Loews were worth $2,871,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Loomis Sayles & Co. L P acquired a new stake in Loews in the 2nd quarter valued at about $52,000. Virtus Investment Advisers LLC bought a new stake in shares of Loews in the 2nd quarter worth approximately $1,490,000. Norges Bank acquired a new stake in Loews during the second quarter valued at approximately $665,658,000. Hsbc Holdings PLC lifted its stake in Loews by 0.7% during the second quarter. Hsbc Holdings PLC now owns 728,940 shares of the insurance provider’s stock valued at $66,761,000 after purchasing an additional 4,750 shares during the last quarter. Finally, Capital Fund Management S.A. boosted its holdings in Loews by 44.7% during the second quarter. Capital Fund Management S.A. now owns 70,269 shares of the insurance provider’s stock worth $6,441,000 after buying an additional 21,716 shares in the last quarter. 58.33% of the stock is currently owned by institutional investors and hedge funds.

Loews Price Performance

L stock opened at $104.41 on Friday. Loews Corporation has a one year low of $78.98 and a one year high of $109.06. The firm has a 50-day moving average of $102.48 and a two-hundred day moving average of $95.97. The firm has a market capitalization of $21.58 billion, a PE ratio of 15.13 and a beta of 0.62. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.44.

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

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 9th. Stockholders of record on Wednesday, November 26th will be issued a $0.0625 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.2%. Loews’s dividend payout ratio is presently 3.62%.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director Paul J. Fribourg sold 1,442 shares of Loews stock in a transaction on Monday, December 1st. The stock was sold at an average price of $108.13, for a total transaction of $155,923.46. Following the transaction, the director owned 400 shares in the company, valued at approximately $43,252. The trade was a 78.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles M. Diker sold 1,442 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $107.93, for a total value of $155,635.06. Following the transaction, the director directly owned 21,594 shares in the company, valued at $2,330,640.42. The trade was a 6.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 75,770 shares of company stock valued at $8,072,318 over the last quarter. 19.00% of the stock is owned by insiders.

Loews Company Profile

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.