Loews Corporation $L Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Loews stake by 6,731.5% in the second quarter, acquiring 49.1 million additional shares and bringing its ownership to approximately 24.38%, valued at $5.64 billion.
• Loews reported quarterly earnings of $2.16 per share on $4.73 billion in revenue, with an 8.60% return on equity and a 9.02% net margin.
• The stock opened at $108.61, while Weiss Ratings downgraded it from “buy (a-)” to “buy (b+)”; MarketBeat’s overall analyst consensus remains Buy. Loews also declared a quarterly dividend of $0.0625, equivalent to a 0.2% annual yield.

California State Teachers Retirement System raised its stake in shares of Loews Corporation (NYSE:L - Free Report) by 6,731.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 49,841,155 shares of the insurance provider's stock after acquiring an additional 49,111,581 shares during the period. California State Teachers Retirement System owned approximately 24.38% of Loews worth $5,642,517,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in L. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Loews in the second quarter valued at approximately $26,000. Fiduciary Financial Advisors acquired a new stake in shares of Loews during the second quarter worth $26,000. DV Equities LLC purchased a new position in Loews in the 4th quarter valued at $25,000. Keating Financial Advisory Services Inc. purchased a new position in Loews in the 2nd quarter valued at $28,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Loews in the 3rd quarter valued at $30,000. 58.33% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Weiss Ratings downgraded shares of Loews from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy".

Loews Price Performance

Shares of NYSE:L opened at $108.61 on Thursday. Loews Corporation has a 52 week low of $95.29 and a 52 week high of $121.01. The company has a 50-day moving average price of $113.51 and a 200 day moving average price of $110.21. The company has a market cap of $22.20 billion, a P/E ratio of 13.31 and a beta of 0.51. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 0.44.

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

Loews Announces Dividend

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

About Loews

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.

Want to see what other hedge funds are holding L? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Loews Corporation (NYSE:L - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.