Millennium Management LLC Raises Stock Position in Loews Corporation $L

Key Points

• Millennium Management LLC has significantly increased its stake in Loews Corporation by purchasing an additional 146,695 shares, raising its total holdings by 140.4% to 251,175 shares valued at approximately $23.1 million.
• Loews Corporation recently reported earnings of $1.87 per share for the quarter with a revenue of $4.56 billion and announced a quarterly dividend of $0.0625 per share.
• The stock of Loews Corporation has seen a slight decline of 0.3% recently, trading at about $97.72, with a market cap of $20.27 billion.

Millennium Management LLC increased its position in shares of Loews Corporation (NYSE:L - Free Report) by 140.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 251,175 shares of the insurance provider's stock after acquiring an additional 146,695 shares during the quarter. Millennium Management LLC owned approximately 0.12% of Loews worth $23,085,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Wayfinding Financial LLC acquired a new stake in Loews during the first quarter worth approximately $25,000. Sierra Ocean LLC boosted its position in 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 acquiring an additional 274 shares during the last quarter. Elequin Capital LP acquired a new stake in Loews during the first quarter worth approximately $30,000. Zions Bancorporation National Association UT acquired a new position in shares of Loews in the 1st quarter valued at $33,000. Finally, NBC Securities Inc. acquired a new position in shares of Loews in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 58.33% of the company's stock.

Loews Trading Up 0.3%

Shares of L traded up $0.33 during mid-day trading on Thursday, reaching $97.12. The company had a trading volume of 971,261 shares, compared to its average volume of 708,761. The stock has a market cap of $20.15 billion, a price-to-earnings ratio of 15.44 and a beta of 0.73. The firm has a fifty day simple moving average of $94.31 and a 200-day simple moving average of $90.09. Loews Corporation has a fifty-two week low of $75.16 and a fifty-two week high of $98.33. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.43.

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

Loews Announces Dividend

The business also recently declared 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 dividend yield of 0.3%. The ex-dividend date was Wednesday, August 20th. Loews's dividend payout ratio (DPR) is 3.97%.

Loews Company 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.