Mediolanum International Funds Ltd Sells 12,211 Shares of Loews Corporation (NYSE:L)

Key Points

• Mediolanum International Funds Ltd has significantly reduced its holdings in Loews Corporation by 42.7%, now owning 16,354 shares valued at $1,482,000 after selling 12,211 shares.
• Multiple hedge funds have increased their stakes in Loews Corporation, with notable raises from Thrivent Financial (+19.6%) and Mitsubishi UFJ Asset Management (+19.7%) among others.
• Loews Corporation reported a quarterly earnings result with an EPS of $1.74 and declared a quarterly dividend of $0.0625, yielding 0.27% for shareholders.

Mediolanum International Funds Ltd decreased its holdings in shares of Loews Corporation (NYSE:L - Free Report) by 42.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,354 shares of the insurance provider's stock after selling 12,211 shares during the quarter. Mediolanum International Funds Ltd's holdings in Loews were worth $1,482,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its stake in shares of Loews by 19.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 9,988 shares of the insurance provider's stock valued at $846,000 after acquiring an additional 1,637 shares during the period. American Century Companies Inc. raised its stake in shares of Loews by 6.9% in the fourth quarter. American Century Companies Inc. now owns 89,589 shares of the insurance provider's stock valued at $7,587,000 after acquiring an additional 5,750 shares during the period. Korea Investment CORP raised its stake in shares of Loews by 11.5% in the fourth quarter. Korea Investment CORP now owns 154,018 shares of the insurance provider's stock valued at $13,044,000 after acquiring an additional 15,879 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Loews by 19.7% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 304,101 shares of the insurance provider's stock valued at $25,651,000 after acquiring an additional 50,104 shares during the period. Finally, UniSuper Management Pty Ltd raised its stake in shares of Loews by 17.5% in the fourth quarter. UniSuper Management Pty Ltd now owns 26,616 shares of the insurance provider's stock valued at $2,254,000 after acquiring an additional 3,961 shares during the period. Hedge funds and other institutional investors own 58.33% of the company's stock.

Loews Trading Up 0.8%

Shares of L traded up $0.74 during midday trading on Tuesday, hitting $91.14. The stock had a trading volume of 611,215 shares, compared to its average volume of 759,436. Loews Corporation has a 1 year low of $75.16 and a 1 year high of $93.23. The firm has a market cap of $19.11 billion, a PE ratio of 14.96 and a beta of 0.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.33 and a quick ratio of 0.33. The stock's 50 day moving average is $89.92 and its 200 day moving average is $87.43.

Loews (NYSE:L - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The insurance provider reported $1.74 EPS for the quarter. The firm had revenue of $4.49 billion for the quarter. Loews had a net margin of 7.47% and a return on equity of 7.43%.

Loews Dividend Announcement

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

Insider Activity at Loews

In other Loews news, SVP Richard Waldo Scott sold 9,019 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $87.92, for a total transaction of $792,950.48. Following the transaction, the senior vice president directly owned 33,901 shares in the company, valued at $2,980,575.92. This represents a 21.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.70% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised shares of Loews from a "hold" rating to a "buy" rating in a research note 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.