Hennessy Advisors Inc. Purchases Shares of 98,000 Loews Corporation $L

Key Points

• Hennessy Advisors Inc. acquired a new stake in Loews Corporation, purchasing 98,000 shares valued at approximately $8.98 million during the second quarter.
• Institutional investors now own 58.33% of Loews' stock, reflecting increased interest from various hedge funds.
• Loews Corporation recently announced a quarterly dividend of $0.0625 per share, which equates to an annualized yield of 0.2%.

Hennessy Advisors Inc. purchased a new stake in Loews Corporation (NYSE:L - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 98,000 shares of the insurance provider's stock, valued at approximately $8,983,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new stake in Loews in the first quarter valued at $25,000. Sierra Ocean LLC grew its holdings in shares of Loews by 805.9% during the first quarter. Sierra Ocean LLC now owns 308 shares of the insurance provider's stock worth $28,000 after purchasing an additional 274 shares during the last quarter. Elequin Capital LP purchased a new position in shares of Loews during the first quarter worth about $30,000. Zions Bancorporation National Association UT purchased a new position in shares of Loews during the first quarter worth about $33,000. Finally, NBC Securities Inc. purchased a new position in shares of Loews during the first quarter worth about $40,000. 58.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Loews in a report on Saturday, September 27th. One analyst has rated the stock with a Buy rating, According to MarketBeat.com, Loews presently has an average rating of "Buy".

Loews Stock Performance

NYSE L opened at $101.68 on Friday. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.43. Loews Corporation has a 52-week low of $75.16 and a 52-week high of $102.41. The business's 50-day moving average price is $96.08 and its 200 day moving average price is $91.16. The firm has a market cap of $21.09 billion, a P/E ratio of 16.17 and a beta of 0.73.

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

Loews Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Wednesday, August 20th were issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend was Wednesday, August 20th. Loews's payout ratio is currently 3.97%.

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.

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