Davis Selected Advisers Reduces Position in Loews Co. (NYSE:L)

Davis Selected Advisers lowered its holdings in Loews Co. (NYSE:L) by 0.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 626,859 shares of the insurance provider’s stock after selling 2,700 shares during the period. Davis Selected Advisers owned approximately 0.28% of Loews worth $46,851,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Versant Capital Management Inc grew its holdings in Loews by 244.0% during the 2nd quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock valued at $28,000 after buying an additional 266 shares in the last quarter. Northwest Financial Advisors bought a new stake in Loews during the 4th quarter worth approximately $28,000. Principal Securities Inc. purchased a new stake in Loews in the 4th quarter worth approximately $38,000. Family Firm Inc. bought a new position in Loews in the 2nd quarter valued at $46,000. Finally, Able Wealth Management LLC purchased a new position in shares of Loews during the 4th quarter valued at $48,000. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Loews

In related news, VP Mark S. Schwartz sold 2,628 shares of the company’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $80.88, for a total transaction of $212,552.64. Following the completion of the sale, the vice president now directly owns 14,933 shares in the company, valued at approximately $1,207,781.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, VP Mark S. Schwartz sold 2,628 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $80.88, for a total transaction of $212,552.64. Following the transaction, the vice president now owns 14,933 shares in the company, valued at approximately $1,207,781.04. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ann E. Berman sold 1,087 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $81.38, for a total value of $88,460.06. Following the transaction, the director now owns 4,998 shares of the company’s stock, valued at approximately $406,737.24. The disclosure for this sale can be found here. Insiders sold 91,215 shares of company stock worth $7,399,013 in the last ninety days. 18.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on L. Jefferies Financial Group cut their price objective on Loews from $115.00 to $112.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Royal Bank of Canada raised shares of Loews to a “moderate buy” rating in a report on Friday, July 26th.

Loews Price Performance

NYSE:L traded up $0.56 during mid-day trading on Monday, reaching $79.95. The stock had a trading volume of 12,057 shares, compared to its average volume of 714,541. The stock has a market capitalization of $17.55 billion, a P/E ratio of 11.78 and a beta of 0.82. Loews Co. has a one year low of $61.43 and a one year high of $83.54. The firm has a 50 day moving average price of $78.32 and a two-hundred day moving average price of $76.73. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.34 and a current ratio of 0.34.

Loews (NYSE:L) last released its earnings results on Monday, July 29th. The insurance provider reported $1.67 EPS for the quarter. The company had revenue of $4.27 billion for the quarter. Loews had a net margin of 9.14% and a return on equity of 9.26%.

Loews Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Wednesday, August 21st were issued a $0.0625 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $0.25 annualized dividend and a dividend yield of 0.31%. Loews’s dividend payout ratio is currently 3.71%.

Loews Company Profile

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.