Loews (NYSE:L) Hits New 52-Week High – Still a Buy?

Loews Co. (NYSE:L)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $84.59 and last traded at $84.33, with a volume of 153847 shares trading hands. The stock had previously closed at $83.67.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. StockNews.com lowered shares of Loews from a “strong-buy” rating to a “buy” rating in a research report on Wednesday. Royal Bank of Canada upgraded shares of Loews to a “moderate buy” rating in a research note on Friday, July 26th. Finally, Jefferies Financial Group dropped their price target on shares of Loews from $115.00 to $112.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st.

Loews Stock Up 0.4 %

The company’s 50 day moving average price is $80.01 and its two-hundred day moving average price is $78.24. The stock has a market cap of $18.40 billion, a P/E ratio of 11.17 and a beta of 0.82. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.48.

Loews Announces Dividend

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

Insider Buying and Selling

In other Loews news, Director Andrew H. Tisch sold 50,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $83.26, for a total transaction of $4,163,000.00. Following the completion of the sale, the director now directly owns 11,939,677 shares of the company’s stock, valued at $994,097,507.02. This trade represents a 0.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jonathan M. Tisch sold 25,000 shares of Loews stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $81.82, for a total value of $2,045,500.00. Following the sale, the insider now owns 461,395 shares of the company’s stock, valued at approximately $37,751,338.90. This trade represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 213,587 shares of company stock valued at $17,586,460. 18.70% of the stock is owned by corporate insiders.

Institutional Trading of Loews

Institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc increased its position in shares of Loews by 244.0% during the second quarter. Versant Capital Management Inc now owns 375 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 266 shares in the last quarter. Brooklyn Investment Group acquired a new position in shares of Loews in the 3rd quarter valued at $40,000. Eastern Bank purchased a new position in shares of Loews in the 3rd quarter valued at about $47,000. Kimelman & Baird LLC purchased a new position in Loews during the 2nd quarter worth approximately $45,000. Finally, Family Firm Inc. purchased a new position in Loews during the 2nd quarter worth approximately $46,000. 58.33% of the stock is currently owned by hedge funds and other institutional investors.

Loews Company 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.