California Public Employees Retirement System Sells 112,736 Shares of Loews Corporation $L

California Public Employees Retirement System reduced its stake in shares of Loews Corporation (NYSE:L) by 14.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 688,697 shares of the insurance provider’s stock after selling 112,736 shares during the quarter. California Public Employees Retirement System owned approximately 0.33% of Loews worth $63,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Loews in the second quarter worth about $665,658,000. Nuveen LLC purchased a new position in shares of Loews in the 1st quarter worth approximately $34,166,000. Swedbank AB grew its position in shares of Loews by 44.8% in the 1st quarter. Swedbank AB now owns 556,350 shares of the insurance provider’s stock worth $51,134,000 after buying an additional 172,004 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 acquiring an additional 151,428 shares in the last quarter. Finally, Millennium Management LLC lifted its position in Loews by 140.4% during the first quarter. Millennium Management LLC now owns 251,175 shares of the insurance provider’s stock valued at $23,085,000 after acquiring an additional 146,695 shares during the last quarter. Hedge funds and other institutional investors own 58.33% of the company’s stock.

Loews Stock Up 1.1%

L stock opened at $102.54 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.44. Loews Corporation has a 52 week low of $78.98 and a 52 week high of $109.06. The stock has a market capitalization of $21.19 billion, a PE ratio of 14.86 and a beta of 0.62. The firm has a 50 day moving average of $102.61 and a 200 day moving average of $96.37.

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

Loews Dividend Announcement

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

Insider Transactions at Loews

In other Loews news, Director Walter L. Harris sold 1,442 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $107.88, for a total transaction of $155,562.96. Following the completion of the transaction, the director directly owned 24,594 shares of the company’s stock, valued at approximately $2,653,200.72. This trade represents a 5.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew H. Tisch sold 40,000 shares of Loews stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $107.05, for a total transaction of $4,282,000.00. Following the sale, the director owned 13,019,642 shares of the company’s stock, valued at approximately $1,393,752,676.10. The trade was a 0.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 75,770 shares of company stock valued at $8,072,318. 18.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (a-)” rating on shares of Loews in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Strong Buy”.

Loews 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.