Engineers Gate Manager LP Decreases Position in Loews Corporation $L

Key Points

• Engineers Gate Manager LP cut its Loews stake by 54.5% in the second quarter, selling 36,972 shares and retaining 30,917 shares valued at approximately $3.5 million.
• Institutional ownership remains significant at 58.33%, with California State Teachers Retirement System sharply increasing its position and major firms including BlackRock and Norges Bank establishing new stakes.
• Loews reported $2.16 in quarterly EPS on $4.73 billion in revenue and declared a quarterly dividend of $0.0625 per share. The stock held an average “Buy” rating despite Weiss Ratings lowering its rating from “buy (a-)” to “buy (b+).”

Engineers Gate Manager LP lowered its stake in shares of Loews Corporation (NYSE:L - Free Report) by 54.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,917 shares of the insurance provider's stock after selling 36,972 shares during the quarter. Engineers Gate Manager LP's holdings in Loews were worth $3,500,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. California State Teachers Retirement System grew its holdings in Loews by 6,731.5% during the 2nd quarter. California State Teachers Retirement System now owns 49,841,155 shares of the insurance provider's stock worth $5,642,517,000 after acquiring an additional 49,111,581 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Loews in the 2nd quarter valued at $1,621,369,000. Norges Bank purchased a new stake in shares of Loews during the 4th quarter worth $577,279,000. Legal & General Group Plc purchased a new stake in shares of Loews during the 2nd quarter worth $140,248,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Loews during the second quarter worth $107,461,000. 58.33% of the stock is currently owned by institutional investors and hedge funds.

Loews Stock Performance

Shares of Loews stock opened at $108.66 on Monday. The firm has a market capitalization of $22.21 billion, a P/E ratio of 13.32 and a beta of 0.51. Loews Corporation has a 52 week low of $95.71 and a 52 week high of $121.01. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.44. The firm's 50 day moving average is $113.21 and its two-hundred day moving average is $110.20.

Loews (NYSE:L - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The insurance provider reported $2.16 earnings per share for the quarter. Loews had a net margin of 9.02% and a return on equity of 8.60%. The business had revenue of $4.73 billion during the quarter.

Loews Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Wednesday, August 19th were paid a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a yield of 0.2%. The ex-dividend date was Wednesday, August 19th. Loews's dividend payout ratio (DPR) is currently 3.06%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Loews from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, September 8th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy".

Loews Profile

Loews Corporation NYSE: L is a diversified holding company whose businesses operate primarily in the insurance, energy infrastructure, hospitality and packaging sectors. Rather than operating as a single-industry company, Loews manages a portfolio of independently run subsidiaries and focuses on long-term ownership, financial strength and disciplined capital allocation.

Its principal businesses include CNA Financial Corporation, a commercial property and casualty insurance provider; Boardwalk Pipelines, which owns and operates natural gas pipeline and storage assets; Loews Hotels & Co, which manages luxury and upper-upscale hotels and resorts; and Altium Packaging, a manufacturer of rigid plastic containers and packaging solutions.

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