Taylor Hoffman Wealth Management Decreases Stock Position in Loews Co. (NYSE:L)

Taylor Hoffman Wealth Management lessened its stake in Loews Co. (NYSE:L) by 12.7% in the third quarter, Holdings Channel reports. The fund owned 7,012 shares of the insurance provider’s stock after selling 1,019 shares during the quarter. Taylor Hoffman Wealth Management’s holdings in Loews were worth $361,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Reinhart Partners Inc. boosted its holdings in Loews by 39.4% in the 3rd quarter. Reinhart Partners Inc. now owns 378,422 shares of the insurance provider’s stock worth $19,481,000 after acquiring an additional 107,013 shares during the period. America First Investment Advisors LLC boosted its holdings in Loews by 0.7% in the 3rd quarter. America First Investment Advisors LLC now owns 279,085 shares of the insurance provider’s stock worth $14,367,000 after acquiring an additional 2,042 shares during the period. First Trust Advisors LP boosted its holdings in Loews by 35.9% in the 3rd quarter. First Trust Advisors LP now owns 164,986 shares of the insurance provider’s stock worth $8,493,000 after acquiring an additional 43,570 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Loews by 11.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 12,244 shares of the insurance provider’s stock worth $630,000 after acquiring an additional 1,271 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in Loews by 35.6% in the 3rd quarter. Parallel Advisors LLC now owns 3,927 shares of the insurance provider’s stock worth $202,000 after acquiring an additional 1,031 shares during the period. Hedge funds and other institutional investors own 63.38% of the company’s stock.

Shares of Loews stock traded down $0.03 on Friday, hitting $51.00. 529,165 shares of the company’s stock traded hands, compared to its average volume of 1,054,705. The stock has a market cap of $15.02 billion, a P/E ratio of 17.96 and a beta of 0.65. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.51. The firm’s 50-day moving average is $50.50 and its 200 day moving average is $51.54. Loews Co. has a 52-week low of $42.06 and a 52-week high of $56.20.

Loews (NYSE:L) last released its earnings results on Monday, October 28th. The insurance provider reported $0.24 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.75 by ($0.51). The business had revenue of $3.68 billion for the quarter. Loews had a net margin of 3.83% and a return on equity of 4.45%. During the same period in the prior year, the business posted $0.84 EPS. Equities research analysts forecast that Loews Co. will post 2.95 EPS for the current year.

A number of research firms have weighed in on L. Zacks Investment Research upgraded Loews from a “sell” rating to a “hold” rating and set a $50.00 price target for the company in a report on Wednesday, August 28th. TheStreet cut Loews from a “b” rating to a “c+” rating in a report on Monday, October 28th. Finally, ValuEngine cut Loews from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Loews currently has an average rating of “Hold” and a consensus price target of $65.20.

In other news, VP Marc A. Alpert sold 1,626 shares of the stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $49.26, for a total transaction of $80,096.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 14.20% of the company’s stock.

Loews Profile

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.

Further Reading: Momentum Indicators

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Institutional Ownership by Quarter for Loews (NYSE:L)

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