Loews Co. (NYSE:L) was the target of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totalling 3,076,200 shares, a decrease of 16.6% from the May 30th total of 3,688,600 shares. Based on an average daily volume of 1,110,000 shares, the short-interest ratio is currently 2.8 days. Currently, 1.1% of the shares of the stock are sold short.
In related news, VP Marc A. Alpert sold 4,767 shares of the stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $50.95, for a total transaction of $242,878.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark S. Schwartz sold 9,083 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $53.42, for a total transaction of $485,213.86. Following the sale, the vice president now directly owns 5,000 shares of the company’s stock, valued at $267,100. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,000 shares of company stock valued at $1,892,556. Company insiders own 14.20% of the company’s stock.
Large investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Loews in the 4th quarter valued at approximately $320,954,000. FIL Ltd acquired a new position in Loews in the 1st quarter valued at approximately $33,254,000. California Public Employees Retirement System increased its stake in Loews by 19.3% in the 1st quarter. California Public Employees Retirement System now owns 1,921,584 shares of the insurance provider’s stock valued at $92,102,000 after buying an additional 310,725 shares during the period. Geode Capital Management LLC increased its stake in Loews by 7.2% in the 4th quarter. Geode Capital Management LLC now owns 4,326,269 shares of the insurance provider’s stock valued at $196,648,000 after buying an additional 291,715 shares during the period. Finally, Envestnet Asset Management Inc. increased its stake in Loews by 178.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 367,187 shares of the insurance provider’s stock valued at $17,599,000 after buying an additional 235,245 shares during the period. Institutional investors and hedge funds own 62.68% of the company’s stock.
Shares of NYSE:L traded up $0.08 during mid-day trading on Friday, hitting $55.38. The stock had a trading volume of 934,654 shares, compared to its average volume of 1,044,476. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $16.86 billion, a P/E ratio of 19.50 and a beta of 0.66. Loews has a 12-month low of $42.06 and a 12-month high of $56.20. The firm’s 50 day simple moving average is $53.75.
Loews (NYSE:L) last issued its quarterly earnings results on Monday, April 29th. The insurance provider reported $1.27 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.96 by $0.31. The business had revenue of $3.76 billion during the quarter. Loews had a net margin of 5.17% and a return on equity of 4.72%. During the same quarter last year, the company posted $0.80 EPS. As a group, equities research analysts anticipate that Loews will post 3.4 EPS for the current fiscal year.
Several research firms recently commented on L. Zacks Investment Research lowered shares of GENEL ENERGY PL/ADR from a “buy” rating to a “hold” rating in a research note on Tuesday, May 7th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Loews presently has an average rating of “Hold” and an average target price of $64.50.
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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