Diamond Hill Capital Management Inc. Cuts Stake in Loews Corporation (NYSE:L)

Diamond Hill Capital Management Inc. reduced its position in Loews Corporation (NYSE:L - Free Report) by 45.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 152,220 shares of the insurance provider's stock after selling 125,008 shares during the quarter. Diamond Hill Capital Management Inc. owned 0.07% of Loews worth $13,991,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of L. Thrivent Financial for Lutherans boosted its holdings in shares of Loews by 19.6% in the 4th quarter. Thrivent Financial for Lutherans now owns 9,988 shares of the insurance provider's stock worth $846,000 after purchasing an additional 1,637 shares in the last quarter. American Century Companies Inc. increased its stake in Loews by 6.9% in the 4th quarter. American Century Companies Inc. now owns 89,589 shares of the insurance provider's stock worth $7,587,000 after purchasing an additional 5,750 shares during the period. Prudential Financial Inc. increased its stake in Loews by 14.8% in the 4th quarter. Prudential Financial Inc. now owns 162,256 shares of the insurance provider's stock worth $13,741,000 after purchasing an additional 20,874 shares during the period. TIAA Trust National Association increased its stake in Loews by 16.7% in the 4th quarter. TIAA Trust National Association now owns 4,838 shares of the insurance provider's stock worth $410,000 after purchasing an additional 693 shares during the period. Finally, Korea Investment CORP increased its stake in Loews by 11.5% in the 4th quarter. Korea Investment CORP now owns 154,018 shares of the insurance provider's stock worth $13,044,000 after purchasing an additional 15,879 shares during the period. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Richard Waldo Scott sold 9,019 shares of the company's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $87.92, for a total value of $792,950.48. Following the transaction, the senior vice president owned 33,901 shares in the company, valued at $2,980,575.92. The trade was a 21.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 19.00% of the company's stock.

Wall Street Analyst Weigh In

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

Loews Trading Up 0.4%

NYSE L traded up $0.39 on Friday, hitting $91.65. The company's stock had a trading volume of 436,659 shares, compared to its average volume of 824,540. Loews Corporation has a 52-week low of $75.16 and a 52-week high of $93.23. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.47. The company's 50-day simple moving average is $89.90 and its 200 day simple moving average is $87.31. The firm has a market cap of $19.22 billion, a P/E ratio of 15.05 and a beta of 0.70.

Loews (NYSE:L - Get Free Report) last announced its earnings results on Monday, May 5th. The insurance provider reported $1.74 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 $4.49 billion during the quarter.

Loews Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Wednesday, May 28th were given a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.27%. The ex-dividend date was Wednesday, May 28th. Loews's dividend payout ratio is currently 4.11%.

Loews Profile

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.