Millennium Management LLC Boosts Stock Position in Loews Co. (NYSE:L)

Millennium Management LLC increased its position in Loews Co. (NYSE:L - Free Report) by 11.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,480 shares of the insurance provider's stock after purchasing an additional 10,605 shares during the period. Millennium Management LLC's holdings in Loews were worth $8,848,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new position in Loews during the 4th quarter valued at about $623,493,000. Boston Partners increased its position in shares of Loews by 16.9% during the 4th quarter. Boston Partners now owns 1,499,417 shares of the insurance provider's stock valued at $126,983,000 after purchasing an additional 217,115 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Loews by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 4,476,087 shares of the insurance provider's stock valued at $378,087,000 after purchasing an additional 210,594 shares during the last quarter. First Trust Advisors LP increased its position in shares of Loews by 51.2% during the 4th quarter. First Trust Advisors LP now owns 531,038 shares of the insurance provider's stock valued at $44,974,000 after purchasing an additional 179,772 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Loews during the 4th quarter valued at about $12,727,000. Institutional investors own 58.33% of the company's stock.

Insiders Place Their Bets

In other news, SVP Richard Waldo Scott sold 9,019 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $87.92, for a total transaction of $792,950.48. Following the transaction, the senior vice president now owns 33,901 shares in the company, valued at approximately $2,980,575.92. This trade represents a 21.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jonathan M. Tisch sold 47,636 shares of Loews stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $84.88, for a total value of $4,043,343.68. Following the completion of the transaction, the director now owns 6,705,529 shares in the company, valued at $569,165,301.52. This trade represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 106,655 shares of company stock worth $9,069,294 over the last quarter. Company insiders own 19.00% of the company's stock.

Loews Price Performance

Shares of NYSE L traded down $1.08 during midday trading on Wednesday, reaching $87.99. 755,150 shares of the stock traded hands, compared to its average volume of 729,260. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market capitalization of $18.45 billion, a PE ratio of 13.75 and a beta of 0.70. Loews Co. has a one year low of $73.15 and a one year high of $92.42. The company's 50 day moving average is $87.22 and its 200 day moving average is $85.65.

Loews (NYSE:L - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The insurance provider reported $1.74 earnings per share (EPS) for the quarter. The company had revenue of $4.49 billion during the quarter. Loews had a return on equity of 8.04% and a net margin of 8.08%.

Loews Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th will be paid a $0.0625 dividend. The ex-dividend date of this dividend is Wednesday, May 28th. This represents a $0.25 dividend on an annualized basis and a yield of 0.28%. Loews's payout ratio is 4.11%.

Analyst Upgrades and Downgrades

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