Mirae Asset Global Investments Co. Ltd. Makes New $4.35 Million Investment in Loews Corporation $L

Key Points

• Mirae Asset Global Investments initiated a $4.35 million position in Loews during the third quarter, buying 41,667 shares.
• Other institutions also expanded or opened holdings, and hedge funds and institutional investors collectively own 58.33% of Loews.
• Loews reported quarterly EPS of $1.50 on revenue of $4.76 billion. MarketBeat’s consensus analyst rating is “Buy,” though Weiss Ratings recently downgraded its rating from “buy (A-)” to “buy (B+).”

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Loews Corporation (NYSE:L - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 41,667 shares of the insurance provider's stock, valued at approximately $4,351,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Bank of America Corp DE acquired a new position in Loews during the 2nd quarter valued at approximately $79,560,000. Amundi increased its position in Loews by 12.6% in the second quarter. Amundi now owns 752,222 shares of the insurance provider's stock worth $85,159,000 after buying an additional 84,243 shares during the period. Squarepoint Ops LLC increased its position in Loews by 739.2% in the second quarter. Squarepoint Ops LLC now owns 37,690 shares of the insurance provider's stock worth $4,267,000 after buying an additional 33,199 shares during the period. Deutsche Bank AG bought a new stake in Loews in the second quarter valued at $69,529,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Loews in the second quarter valued at $28,758,000. 58.33% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered shares of Loews from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday. One research analyst has rated the stock with a Buy rating. According to data from MarketBeat.com, Loews currently has a consensus rating of "Buy".

Loews Stock Performance

Shares of NYSE L traded down $1.30 during midday trading on Friday, reaching $109.83. 757,846 shares of the company traded hands, compared to its average volume of 646,542. The company has a market cap of $22.45 billion, a price-to-earnings ratio of 15.19 and a beta of 0.49. The stock has a 50-day moving average price of $108.63 and a 200 day moving average price of $109.53. Loews Corporation has a 52 week low of $101.08 and a 52 week high of $121.01. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.36 and a quick ratio of 0.36.

Loews (NYSE:L - Get Free Report) last announced its earnings results on Monday, November 2nd. The insurance provider reported $1.50 earnings per share (EPS) for the quarter. The firm had revenue of $4.76 billion during the quarter. Loews had a net margin of 7.93% and a return on equity of 7.54%.

About Loews

Loews Corporation NYSE: L is a diversified holding company with operating businesses in insurance, energy infrastructure, hospitality and packaging. The company manages its portfolio through a combination of wholly owned subsidiaries and a significant ownership interest in CNA Financial Corporation, a commercial property and casualty insurance provider.

Loews' wholly owned businesses include Boardwalk Pipelines, which owns and operates natural gas and natural gas liquids pipeline and storage assets; Loews Hotels & Co, which operates upscale hotels and resorts under brands including Loews Hotels and Universal's hotels; and Altium Packaging, a manufacturer of rigid plastic containers and packaging products.

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