As of its most recent SEC filing, Edgestream Partners L.P. has reduced its stake in Loews Co. (NYSE:L) by a significant 61.7%. The fund now owns only 73,532 shares of the insurance provider’s stock after selling 118,650 shares during the fourth quarter. This amounts to a total worth of $4,289,000.
This news comes shortly after Loews posted its earnings results on May 1st and reported $1.61 earnings per share for the quarter. These results were impressive given that Loews had a return on equity of 7.68% and a net margin of 7.27%. Additionally, the firm generated $3.78 billion in revenue during the quarter.
Interestingly, there was also some insider activity at Loews recently as major shareholder Corp Loews purchased 34,996 shares of the company’s stock on May 1st at an average cost of $38.93 per share. The total value of this transaction amounted to $1,362,394.28 and now brings the insider’s total share count to 243,918,659 – valued at approximately $9,495,753,394.87.
It is worth noting that company insiders currently own around 18.30% of the company’s stock.
While Edgestream Partners L.P.’s decision to reduce its stake in Loews may seem concerning to some investors at first glance, it is important to look at these moves within a larger context that includes such positive factors as strong earnings and significant insider buying.
All in all, Loews remains a compelling investment opportunity with a lot going for it both fundamentally and financially speaking – assuming an investor does their due diligence when considering whether or not to buy into this insurance provider’s impressive portfolio positions moving forward into June 4th and beyond into future stretches of time from here forward moving ahead into the future as envisioned.
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Loews Corporation: Recent Stock Updates, Company News, and Potential for Growth
Loews Corporation: A Look at Recent Stock Updates and Company News
As of June 4, 2023, Loews Corporation has seen an increased stake in their stock by several hedge funds. AMF Tjanstepension AB acquired a new position in shares of Loews during the fourth quarter valued at $26,333,000 while National Pension Service increased its holdings to 385,399 shares of the insurance provider’s stock valued at $24,982,000 after purchasing an additional 367,407 shares during the period. Meanwhile, Martingale Asset Management L P increased their holdings by 587.8% during the fourth quarter while Renaissance Technologies LLC similarly jumped by 495.4%. Finally, Los Angeles Capital Management LLC grew its holdings of Loews by 83.9% through acquiring an additional 231,291 shares during the period. Currently, institutional investors hold approximately 64.00% of Loews’ stock.
During trading on Friday (June 2), each share of Loews’ stock was traded for $57.94 with a total trade volume of around 182,629 shares- roughly under one-fourth of its average volume which currently sits at approximately 828,993. The company is marked at a total market capitalization value of $13.20 billion with a price-earnings ratio of just over thirteen and beta ratio sitting at .83.
Currently boasting a fifty-day moving average price of $57.33 with a two-hundred day moving average price hovering around $58.16; this insurance provider has seen more noticeable changes in recent news updates outside that affecting their stocks so far in June.
Perhaps surprisingly considering their current financial standings are reports indicating major shareholder Corp Loew’s recent purchase of nearly thirty-five thousand shares from within the company during May causing significant gains as they now own well over two hundred million shares worth billions themselves.
This investment could be seen as particularly enticing for investors after the company announced their quarterly dividend for June 6th which will be paid to shareholders of record Wednesday, May 24th in the amount of $0.0625 per share. This represents an annualized dividend of $0.25 and a yield of 0.43%.
A recent report from StockNews.com assumed coverage on Loews on May 18th giving it a “buy” rating on its stock- while not directly causing any changes within the industry itself, it does provide some important insight towards trends continuing to foster growth and development within Loews as well as aiding towards projecting potential progression in their stock shares over time.
All told, it might be worthwhile for both those already invested or looking into placing possible stakes themselves to keep an eye on further changes set to be made throughout the ongoing month and beyond as Loews continues to build its status within various financial industries.