Mount Lucas Management LP Reduces Holdings in Loews Co. (NYSE:L)

Mount Lucas Management LP decreased its holdings in Loews Co. (NYSE:L) by 53.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,879 shares of the insurance provider’s stock after selling 50,724 shares during the period. Loews comprises about 1.2% of Mount Lucas Management LP’s investment portfolio, making the stock its 10th biggest holding. Mount Lucas Management LP’s holdings in Loews were worth $3,469,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Optas LLC lifted its holdings in shares of Loews by 1.9% in the second quarter. Optas LLC now owns 8,086 shares of the insurance provider’s stock worth $604,000 after buying an additional 151 shares in the last quarter. Atomi Financial Group Inc. lifted its position in Loews by 4.3% during the third quarter. Atomi Financial Group Inc. now owns 4,111 shares of the insurance provider’s stock valued at $325,000 after purchasing an additional 169 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Loews by 6.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 3,195 shares of the insurance provider’s stock worth $239,000 after buying an additional 186 shares in the last quarter. Ballentine Partners LLC increased its holdings in shares of Loews by 5.2% in the 3rd quarter. Ballentine Partners LLC now owns 3,772 shares of the insurance provider’s stock worth $298,000 after buying an additional 187 shares during the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of Loews by 7.2% in the 3rd quarter. Empowered Funds LLC now owns 2,990 shares of the insurance provider’s stock valued at $236,000 after acquiring an additional 200 shares during the last quarter. Institutional investors own 58.33% of the company’s stock.

Loews Stock Performance

L stock opened at $83.67 on Friday. The firm has a market cap of $18.22 billion, a price-to-earnings ratio of 11.11 and a beta of 0.82. Loews Co. has a twelve month low of $66.60 and a twelve month high of $84.56. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.48. The business’s fifty day simple moving average is $79.83 and its two-hundred day simple moving average is $78.12.

Loews Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Wednesday, November 27th will be paid a $0.0625 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.25 dividend on an annualized basis and a yield of 0.30%. Loews’s dividend payout ratio is currently 3.32%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on L shares. Jefferies Financial Group decreased their price objective on Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. StockNews.com raised shares of Loews from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th. Finally, Royal Bank of Canada raised shares of Loews to a “moderate buy” rating in a research note on Friday, July 26th.

Insiders Place Their Bets

In related news, insider Jonathan M. Tisch sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $81.82, for a total transaction of $2,045,500.00. Following the sale, the insider now owns 461,395 shares of the company’s stock, valued at $37,751,338.90. This trade represents a 5.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ann E. Berman sold 1,087 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $81.38, for a total transaction of $88,460.06. Following the completion of the sale, the director now owns 4,998 shares in the company, valued at $406,737.24. This represents a 17.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 213,587 shares of company stock worth $17,586,460 in the last ninety days. 18.70% of the stock is owned by company insiders.

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.