Nissay Asset Management Corp Japan ADV increased its stake in Loews Co. (NYSE:L) by 9.7% during the 2nd quarter, Holdings Channel reports. The fund owned 28,163 shares of the insurance provider’s stock after purchasing an additional 2,481 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Loews were worth $966,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Franklin Resources Inc. lifted its position in shares of Loews by 3.6% during the 4th quarter. Franklin Resources Inc. now owns 11,255 shares of the insurance provider’s stock valued at $591,000 after acquiring an additional 396 shares during the period. State of Alaska Department of Revenue lifted its position in shares of Loews by 1.9% during the 1st quarter. State of Alaska Department of Revenue now owns 129,724 shares of the insurance provider’s stock valued at $4,516,000 after acquiring an additional 2,360 shares during the period. IBM Retirement Fund lifted its position in shares of Loews by 55.9% during the 1st quarter. IBM Retirement Fund now owns 5,965 shares of the insurance provider’s stock valued at $208,000 after acquiring an additional 2,138 shares during the period. Gateway Investment Advisers LLC acquired a new stake in shares of Loews during the 1st quarter valued at approximately $2,395,000. Finally, Nisa Investment Advisors LLC raised its position in shares of Loews by 21.1% during the 1st quarter. Nisa Investment Advisors LLC now owns 123,095 shares of the insurance provider’s stock worth $4,287,000 after purchasing an additional 21,445 shares during the last quarter. Institutional investors and hedge funds own 60.32% of the company’s stock.
In other Loews news, major shareholder Corp Loews purchased 93,384 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was bought at an average cost of $34.24 per share, for a total transaction of $3,197,468.16. Following the acquisition, the insider now owns 242,743,157 shares of the company’s stock, valued at approximately $8,311,525,695.68. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders acquired a total of 348,093 shares of company stock valued at $11,400,428 over the last quarter. 15.20% of the stock is currently owned by insiders.
Shares of Loews stock opened at $36.41 on Friday. The business has a 50 day moving average price of $34.63 and a 200 day moving average price of $39.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.31 and a quick ratio of 0.31. The company has a market capitalization of $10.25 billion, a P/E ratio of 17.85 and a beta of 0.75. Loews Co. has a 1 year low of $27.33 and a 1 year high of $56.88.
Loews (NYSE:L) last issued its quarterly earnings results on Monday, May 4th. The insurance provider reported ($0.25) earnings per share for the quarter. The business had revenue of $3.10 billion during the quarter. Loews had a negative net margin of 0.66% and a positive return on equity of 2.88%.
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States and internationally. It operates through CNA Financial Corporation; Diamond Offshore Drilling, Inc; Boardwalk Pipeline Partners, LP; and Loews Hotels Holding Corporation segments. The company offers specialty insurance products, such as management and professional liability insurance coverages and products; surety and fidelity bonds; and warranty and alternative risk services.
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