Millennium Management LLC Has $23.09 Million 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 boosted its position in Loews Corporation (NYSE:L - Free Report) by 140.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 0.12% of Loews worth $23,085,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Wayfinding Financial LLC purchased a new position in Loews in the first quarter valued at about $25,000. Sierra Ocean LLC increased its holdings in Loews by 805.9% in the first quarter. Sierra Ocean LLC now owns 308 shares of the insurance provider's stock valued at $28,000 after buying an additional 274 shares during the last quarter. Elequin Capital LP acquired a new position in Loews in the first quarter valued at approximately $30,000. Zions Bancorporation National Association UT acquired a new position in Loews in the first quarter valued at approximately $33,000. Finally, NBC Securities Inc. acquired a new position in shares of Loews during the first quarter worth approximately $40,000. 58.33% of the stock is owned by hedge funds and other institutional investors.

Loews Price Performance

L traded down $0.70 during trading on Monday, reaching $96.95. The stock had a trading volume of 635,511 shares, compared to its average volume of 719,246. The firm has a market capitalization of $20.11 billion, a price-to-earnings ratio of 15.41 and a beta of 0.73. Loews Corporation has a 1-year low of $75.16 and a 1-year high of $98.33. The stock has a 50 day moving average of $93.98 and a two-hundred day moving average of $89.93. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.43.

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

Loews Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Wednesday, August 20th were issued a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date was Wednesday, August 20th. Loews's dividend payout ratio 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.