Oppenheimer Asset Management Inc. Has $799,000 Stock Holdings in Loews Co. (NYSE:L)

Posted by Defense World Staff on May 6th, 2023

Oppenheimer Asset Management Inc. trimmed its holdings in shares of Loews Co. (NYSE:L – Get Rating) by 5.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,699 shares of the insurance provider’s stock after selling 729 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Loews were worth $799,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of L. Vanguard Group Inc. lifted its stake in Loews by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 23,444,021 shares of the insurance provider’s stock valued at $1,168,450,000 after purchasing an additional 201,136 shares during the last quarter. BlackRock Inc. lifted its stake in Loews by 0.6% in the 3rd quarter. BlackRock Inc. now owns 14,716,477 shares of the insurance provider’s stock valued at $733,468,000 after purchasing an additional 83,726 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Loews by 2.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,570,752 shares of the insurance provider’s stock valued at $78,288,000 after purchasing an additional 40,726 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Loews by 0.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,567,823 shares of the insurance provider’s stock valued at $101,627,000 after purchasing an additional 12,319 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Loews by 0.7% in the 3rd quarter. Nuveen Asset Management LLC now owns 1,007,059 shares of the insurance provider’s stock valued at $50,192,000 after purchasing an additional 6,586 shares during the last quarter. 64.00% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Loews

In related news, major shareholder Corp Loews purchased 4,800 shares of the stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average cost of $39.79 per share, with a total value of $190,992.00. Following the acquisition, the insider now directly owns 243,958,688 shares in the company, valued at $9,707,116,195.52. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Philip A. Laskawy sold 625 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $60.96, for a total transaction of $38,100.00. Following the transaction, the director now directly owns 7,365 shares of the company’s stock, valued at $448,970.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Corp Loews bought 4,800 shares of the stock in a transaction dated Wednesday, May 3rd. The shares were acquired at an average cost of $39.79 per share, for a total transaction of $190,992.00. Following the completion of the acquisition, the insider now directly owns 243,958,688 shares of the company’s stock, valued at approximately $9,707,116,195.52. The disclosure for this purchase can be found here. Insiders have sold a total of 21,209 shares of company stock valued at $1,321,163 in the last three months. 18.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on shares of Loews in a research note on Thursday, March 16th. They issued a “buy” rating for the company.

Loews Stock Up 0.9 %

Loews stock opened at $58.62 on Friday. The stock has a market cap of $13.36 billion, a P/E ratio of 13.29 and a beta of 0.82. The company has a quick ratio of 0.35, a current ratio of 0.32 and a debt-to-equity ratio of 0.53. Loews Co. has a twelve month low of $49.36 and a twelve month high of $66.34. The company’s 50-day moving average price is $57.28 and its two-hundred day moving average price is $57.87.

Loews (NYSE:L – Get Rating) last released its quarterly earnings results on Monday, February 6th. The insurance provider reported $1.63 earnings per share for the quarter. The firm had revenue of $3.79 billion for the quarter. Loews had a net margin of 7.27% and a return on equity of 7.68%.

Loews Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 7th. Shareholders of record on Wednesday, February 22nd were issued a $0.0625 dividend. The ex-dividend date of this dividend was Tuesday, February 21st. This represents a $0.25 annualized dividend and a yield of 0.43%. Loews’s dividend payout ratio is currently 5.67%.

Loews Profile

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Loews Corp. is a holding company, which engages in the business of commercial property and casualty insurance, transportation and storage of natural gas and natural gas liquids, and operation of a chain of hotels. It operates through the following segments: CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation, and Corporate.