Renaissance Technologies LLC Sells 39,400 Shares of Loews Corporation $L

Key Points

• Renaissance Technologies reduced its Loews stake by 10.4%, selling 39,400 shares and retaining 339,200 shares worth approximately $36.2 million. Institutional investors collectively own 58.33% of Loews.
• Other major investors increased their positions, including Norges Bank’s new $577.3 million stake, Goldman Sachs’ 32.1% increase, and Caisse de dépôt et placement du Québec’s 819% increase.
• Loews reported quarterly EPS of $1.63 on $4.55 billion in revenue and recently paid a quarterly dividend of $0.0625 per share. The stock had a consensus “Buy” rating, although Weiss Ratings downgraded it from “buy (a-)” to “buy (b+).”

Renaissance Technologies LLC lowered its stake in shares of Loews Corporation (NYSE:L - Free Report) by 10.4% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 339,200 shares of the insurance provider's stock after selling 39,400 shares during the period. Renaissance Technologies LLC owned approximately 0.16% of Loews worth $36,206,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Norges Bank acquired a new stake in Loews during the fourth quarter worth about $577,279,000. Goldman Sachs Group Inc. raised its holdings in Loews by 32.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,237,922 shares of the insurance provider's stock valued at $340,986,000 after acquiring an additional 786,381 shares in the last quarter. Caisse de depot et placement du Quebec lifted its position in shares of Loews by 819.0% in the 4th quarter. Caisse de depot et placement du Quebec now owns 448,032 shares of the insurance provider's stock worth $47,182,000 after acquiring an additional 399,281 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Loews by 9.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,984,234 shares of the insurance provider's stock worth $419,581,000 after acquiring an additional 344,995 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of Loews by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 4,999,186 shares of the insurance provider's stock worth $524,599,000 after purchasing an additional 271,234 shares in the last quarter. Institutional investors own 58.33% of the company's stock.

Insider Activity

In related news, Director Dino Robusto bought 5,000 shares of the business's stock in a transaction that occurred on Friday, May 29th. The stock was acquired at an average price of $104.74 per share, for a total transaction of $523,700.00. Following the transaction, the director directly owned 10,235 shares of the company's stock, valued at $1,072,013.90. This represents a 95.51% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 19.00% of the company's stock.

Loews Price Performance

Shares of Loews stock opened at $119.64 on Wednesday. The firm has a market cap of $24.62 billion, a P/E ratio of 15.20 and a beta of 0.52. The firm's 50-day simple moving average is $111.14 and its 200-day simple moving average is $108.86. Loews Corporation has a twelve month low of $89.32 and a twelve month high of $121.01. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.36 and a current ratio of 0.36.

Loews (NYSE:L - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The insurance provider reported $1.63 earnings per share (EPS) for the quarter. The firm had revenue of $4.55 billion during the quarter. Loews had a net margin of 8.83% and a return on equity of 8.51%.

Loews Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Wednesday, May 27th were paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. The ex-dividend date was Wednesday, May 27th. Loews's dividend payout ratio is currently 3.18%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings lowered Loews from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Monday, July 13th. One analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy".

About Loews

Loews Corporation NYSE: L is a diversified holding company that owns and operates businesses across insurance, hospitality, energy-related operations and other industrial and investment activities. The company holds controlling and significant minority interests in subsidiaries that run as standalone businesses, with corporate oversight focused on capital allocation, risk management and long-term value creation for shareholders.

One of Loews' principal businesses is insurance, conducted through CNA Financial, a commercial property and casualty insurer that underwrites a range of business insurance products for corporate and institutional clients.

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