Mackenzie Financial Corp Has $2.87 Million Position in Loews Corporation $L

Mackenzie Financial Corp reduced its stake in shares of Loews Corporation (NYSE:L) by 51.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,325 shares of the insurance provider’s stock after selling 33,363 shares during the period. Mackenzie Financial Corp’s holdings in Loews were worth $2,871,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new stake in Loews during the second quarter valued at $665,658,000. Geode Capital Management LLC increased its position in Loews by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 4,609,107 shares of the insurance provider’s stock worth $420,722,000 after purchasing an additional 28,552 shares during the last quarter. Northern Trust Corp raised its stake in shares of Loews by 7.2% during the 1st quarter. Northern Trust Corp now owns 2,249,036 shares of the insurance provider’s stock worth $206,709,000 after purchasing an additional 151,428 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Loews by 5.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,496,606 shares of the insurance provider’s stock valued at $137,553,000 after buying an additional 73,197 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Loews by 0.7% during the 2nd quarter. Hsbc Holdings PLC now owns 728,940 shares of the insurance provider’s stock valued at $66,761,000 after buying an additional 4,750 shares during the last quarter. 58.33% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Loews

In other Loews news, Director Ann E. Berman sold 1,444 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $108.10, for a total transaction of $156,096.40. Following the completion of the sale, the director directly owned 6,686 shares in the company, valued at $722,756.60. This represents a 17.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul J. Fribourg sold 1,442 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $108.13, for a total value of $155,923.46. Following the completion of the sale, the director directly owned 400 shares in the company, valued at approximately $43,252. This represents a 78.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 75,770 shares of company stock worth $8,072,318 in the last quarter. 19.00% of the stock is owned by corporate insiders.

Loews Stock Performance

L opened at $104.41 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.35 and a current ratio of 0.35. The company has a market cap of $21.58 billion, a PE ratio of 15.13 and a beta of 0.62. The stock has a 50-day moving average of $102.48 and a 200-day moving average of $95.97. Loews Corporation has a 52-week low of $78.98 and a 52-week high of $109.06.

Loews (NYSE:L) last issued its quarterly earnings data on Monday, November 3rd. The insurance provider reported $2.43 earnings per share for the quarter. The business had revenue of $4.67 billion for the quarter. Loews had a return on equity of 7.89% and a net margin of 7.95%.

Loews Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 9th. Investors of record on Wednesday, November 26th will be issued a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Loews’s dividend payout ratio is currently 3.62%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a report on Monday. One analyst has rated the stock with a Strong Buy rating, According to MarketBeat, the company has a consensus rating of “Strong Buy”.

About Loews

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.