Foundation Resource Management Inc. Sells 1,055 Shares of Loews Co. (NYSE:L)

Foundation Resource Management Inc. decreased its holdings in shares of Loews Co. (NYSE:L) by 0.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,702 shares of the insurance provider’s stock after selling 1,055 shares during the period. Loews accounts for about 1.2% of Foundation Resource Management Inc.’s holdings, making the stock its 29th largest holding. Foundation Resource Management Inc. owned about 0.05% of Loews worth $7,286,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. JPMorgan Chase & Co. raised its stake in Loews by 0.6% in the fourth quarter. JPMorgan Chase & Co. now owns 14,831,832 shares of the insurance provider’s stock worth $865,140,000 after buying an additional 88,346 shares in the last quarter. Norges Bank purchased a new position in shares of Loews during the fourth quarter valued at approximately $420,569,000. Geode Capital Management LLC boosted its position in shares of Loews by 1.3% in the 1st quarter. Geode Capital Management LLC now owns 4,064,740 shares of the insurance provider’s stock worth $235,292,000 after purchasing an additional 51,482 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Loews by 1.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,630,397 shares of the insurance provider’s stock worth $95,101,000 after buying an additional 17,451 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in Loews by 616.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 1,342,534 shares of the insurance provider’s stock valued at $9,537,000 after buying an additional 1,155,120 shares in the last quarter. Hedge funds and other institutional investors own 54.03% of the company’s stock.

Insider Activity at Loews

In other Loews news, major shareholder Corp Loews purchased 4,456,050 shares of the business’s stock in a transaction on Wednesday, August 2nd. The stock was acquired at an average price of $39.29 per share, for a total transaction of $175,078,204.50. Following the purchase, the insider now owns 248,414,738 shares of the company’s stock, valued at approximately $9,760,215,056.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Loews news, major shareholder Corp Loews acquired 4,456,050 shares of the stock in a transaction on Wednesday, August 2nd. The stock was acquired at an average price of $39.29 per share, for a total transaction of $175,078,204.50. Following the completion of the transaction, the insider now directly owns 248,414,738 shares of the company’s stock, valued at $9,760,215,056.02. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul J. Fribourg sold 561 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $62.56, for a total value of $35,096.16. Following the sale, the director now owns 3,292 shares in the company, valued at $205,947.52. The disclosure for this sale can be found here. 18.30% of the stock is currently owned by company insiders.

Loews Stock Performance

NYSE L traded up $0.36 during trading hours on Tuesday, hitting $64.92. The company’s stock had a trading volume of 111,186 shares, compared to its average volume of 781,552. Loews Co. has a 12 month low of $49.36 and a 12 month high of $65.05. The company’s 50 day simple moving average is $62.11 and its two-hundred day simple moving average is $59.28. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.33 and a quick ratio of 0.33. The company has a market cap of $14.64 billion, a P/E ratio of 12.27 and a beta of 0.84.

Loews (NYSE:L) last released its quarterly earnings data on Monday, July 31st. The insurance provider reported $1.58 earnings per share for the quarter. Loews had a net margin of 8.21% and a return on equity of 8.72%. The firm had revenue of $3.93 billion during the quarter.

Loews Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 29th. Shareholders of record on Wednesday, August 16th were paid a dividend of $0.0625 per share. The ex-dividend date was Tuesday, August 15th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.39%. Loews’s dividend payout ratio is currently 4.75%.

Wall Street Analyst Weigh In

Separately, StockNews.com started coverage on shares of Loews in a report on Thursday, August 17th. They set a “buy” rating on the stock.

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 property, marine and boiler, and machinery coverages; and casualty insurance products, such as workers' compensation, general and product liability, and commercial auto and umbrella coverages.