Loews Corporation $L Shares Sold by AXQ Capital LP

Key Points

• AXQ Capital LP cut its Loews stake by 80.5% in the second quarter, selling 23,226 shares and retaining 5,641 shares worth approximately $639,000.
• Several major institutions initiated or expanded positions in Loews, including BlackRock, Norges Bank, Legal & General, Bank of New York Mellon and Goldman Sachs. Institutional investors collectively own 58.33% of the company.
• Loews reported quarterly EPS of $2.16 on $4.73 billion in revenue and pays a $0.0625 quarterly dividend. The stock had a consensus “Strong Buy” rating, with shares recently opening at $109.22.

AXQ Capital LP decreased its position in shares of Loews Corporation (NYSE:L - Free Report) by 80.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,641 shares of the insurance provider's stock after selling 23,226 shares during the quarter. AXQ Capital LP's holdings in Loews were worth $639,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Loews during the 2nd quarter worth approximately $1,621,369,000. Norges Bank acquired a new stake in Loews during the 4th quarter valued at $577,279,000. Legal & General Group Plc acquired a new stake in Loews during the 2nd quarter valued at $140,248,000. Bank of New York Mellon Corp purchased a new position in Loews during the second quarter worth $107,461,000. Finally, Goldman Sachs Group Inc. increased its position in Loews by 32.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider's stock worth $340,986,000 after buying an additional 786,381 shares in the last quarter. Institutional investors and hedge funds own 58.33% of the company's stock.

Loews Stock Down 0.1%

Shares of Loews stock opened at $109.22 on Monday. The business has a 50-day moving average of $113.81 and a 200-day moving average of $110.22. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market capitalization of $22.33 billion, a PE ratio of 13.38 and a beta of 0.51. Loews Corporation has a 1-year low of $95.10 and a 1-year high of $121.01.

Loews (NYSE:L - Get Free Report) last announced its earnings results on Monday, August 3rd. The insurance provider reported $2.16 earnings per share (EPS) for the quarter. The business 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 disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Wednesday, August 19th were issued a dividend of $0.0625 per share. The ex-dividend date was Wednesday, August 19th. This represents a $0.25 annualized dividend and a yield of 0.2%. Loews's payout ratio is currently 3.06%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings upgraded Loews from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of "Strong Buy".

About Loews

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.

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