Hennessy Advisors Inc. Reduces Position in Loews Corporation $L

Hennessy Advisors Inc. trimmed its holdings in shares of Loews Corporation (NYSE:L) by 6.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 85,200 shares of the insurance provider’s stock after selling 5,600 shares during the quarter. Hennessy Advisors Inc.’s holdings in Loews were worth $8,972,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of L. Danske Bank A S purchased a new stake in shares of Loews during the third quarter worth about $35,724,000. Dark Forest Capital Management LP increased its position in shares of Loews by 582.8% during the third quarter. Dark Forest Capital Management LP now owns 221,212 shares of the insurance provider’s stock worth $22,207,000 after acquiring an additional 188,812 shares during the last quarter. Amundi increased its position in shares of Loews by 41.6% during the third quarter. Amundi now owns 610,657 shares of the insurance provider’s stock worth $62,513,000 after acquiring an additional 179,383 shares during the last quarter. SG Americas Securities LLC increased its holdings in Loews by 5,379.4% in the fourth quarter. SG Americas Securities LLC now owns 165,807 shares of the insurance provider’s stock valued at $17,461,000 after buying an additional 162,781 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its holdings in Loews by 43.2% in the third quarter. CANADA LIFE ASSURANCE Co now owns 446,639 shares of the insurance provider’s stock valued at $44,492,000 after buying an additional 134,777 shares during the last quarter. 58.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “buy (a-)” rating on shares of Loews in a report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat, Loews currently has a consensus rating of “Strong Buy”.

Insider Activity

In other news, Director Andrew H. Tisch sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $108.81, for a total transaction of $5,440,500.00. Following the completion of the transaction, the director directly owned 12,480,400 shares of the company’s stock, valued at approximately $1,357,992,324. This represents a 0.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ann E. Berman sold 1,922 shares of the company’s stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $110.16, for a total value of $211,727.52. Following the transaction, the director directly owned 4,998 shares of the company’s stock, valued at $550,579.68. This trade represents a 27.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 105,417 shares of company stock valued at $11,549,723. 19.00% of the stock is currently owned by insiders.

Loews Stock Up 0.0%

Shares of Loews stock opened at $111.38 on Monday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.43. The firm has a market cap of $22.92 billion, a P/E ratio of 13.96 and a beta of 0.59. Loews Corporation has a fifty-two week low of $82.49 and a fifty-two week high of $114.90. The business has a 50-day moving average price of $108.75 and a 200 day moving average price of $105.54.

Loews (NYSE:L) last announced its quarterly earnings data on Monday, February 9th. The insurance provider reported $1.94 earnings per share for the quarter. The firm had revenue of $4.73 billion during the quarter. Loews had a return on equity of 8.86% and a net margin of 9.03%.

Loews Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Wednesday, February 25th were issued a dividend of $0.0625 per share. The ex-dividend date of this dividend was Wednesday, February 25th. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. Loews’s dividend payout ratio is 3.13%.

Loews Profile

Loews Corporation (NYSE: L) is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews’ principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.