Gabelli Funds LLC Lowers Position in Loews Corporation $L

Key Points

• Gabelli Funds LLC has reduced its holdings in Loews Corporation by 5.1%, now owning approximately 238,200 shares valued at $21.89 million.
• Loews Corporation reported $4.56 billion in revenue for the last quarter with an earnings per share of $1.87.
• The company announced a quarterly dividend of $0.0625 per share, resulting in a 0.3% dividend yield for shareholders.

Gabelli Funds LLC cut its holdings in Loews Corporation (NYSE:L - Free Report) by 5.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 238,200 shares of the insurance provider's stock after selling 12,800 shares during the period. Gabelli Funds LLC owned about 0.11% of Loews worth $21,893,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in L. Jane Street Group LLC increased its holdings in Loews by 218.1% during the first quarter. Jane Street Group LLC now owns 142,050 shares of the insurance provider's stock worth $13,056,000 after buying an additional 97,391 shares during the last quarter. Jump Financial LLC boosted its position in shares of Loews by 52.0% in the first quarter. Jump Financial LLC now owns 3,712 shares of the insurance provider's stock valued at $341,000 after acquiring an additional 1,270 shares during the period. Northwestern Mutual Wealth Management Co. grew its position in shares of Loews by 100,600.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 3,021 shares of the insurance provider's stock worth $278,000 after purchasing an additional 3,018 shares in the last quarter. AlphaQuest LLC increased its stake in Loews by 7,264.3% during the 1st quarter. AlphaQuest LLC now owns 5,155 shares of the insurance provider's stock worth $474,000 after acquiring an additional 5,085 shares during the period. Finally, Allstate Corp increased its position in shares of Loews by 53.1% in the first quarter. Allstate Corp now owns 14,196 shares of the insurance provider's stock worth $1,305,000 after purchasing an additional 4,926 shares during the period. Institutional investors own 58.33% of the company's stock.

Loews Stock Up 0.3%

Loews stock traded up $0.30 during trading on Friday, hitting $96.82. 556,232 shares of the company were exchanged, compared to its average volume of 775,514. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.43. The business's 50 day moving average is $92.71 and its 200 day moving average is $88.88. Loews Corporation has a 52 week low of $75.16 and a 52 week high of $97.41. The company has a market capitalization of $20.08 billion, a P/E ratio of 15.39 and a beta of 0.69.

Loews (NYSE:L - Get Free Report) last announced its earnings results on Monday, August 4th. The insurance provider reported $1.87 earnings per share (EPS) for the quarter. The firm had revenue of $4.56 billion during the quarter. Loews had a return on equity of 7.43% and a net margin of 7.47%.

Loews Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Wednesday, August 20th will be paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date is Wednesday, August 20th. Loews's dividend payout ratio is presently 3.97%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Loews from a "hold" rating to a "buy" rating in a report on Tuesday, May 6th.

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.