Wallace Capital Management Lowers stake in Loews Corporation (L)

Loews Corporation (L) : Wallace Capital Management reduced its stake in Loews Corporation by 36.03% during the most recent quarter end. The investment management company now holds a total of 323,878 shares of Loews Corporation which is valued at $14,237,677 after selling 182,457 shares in Loews Corporation , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Loews Corporation makes up approximately 2.49% of Wallace Capital Management’s portfolio.

Other Hedge Funds, Including , Cubist Systematic Strategies reduced its stake in L by selling 15,653 shares or 68.16% in the most recent quarter. The Hedge Fund company now holds 7,313 shares of L which is valued at $321,479. Loews Corporation makes up approx 0.02% of Cubist Systematic Strategies’s portfolio.Kiltearn Partners Llp boosted its stake in L in the latest quarter, The investment management firm added 59,000 additional shares and now holds a total of 2,764,000 shares of Loews Corporation which is valued at $120,178,720. Loews Corporation makes up approx 4.39% of Kiltearn Partners Llp’s portfolio.Winslow Asset Management Inc reduced its stake in L by selling 2,644 shares or 4.69% in the most recent quarter. The Hedge Fund company now holds 53,694 shares of L which is valued at $2,246,020. Loews Corporation makes up approx 0.52% of Winslow Asset Management Inc’s portfolio.Mutual Of America Capital Management boosted its stake in L in the latest quarter, The investment management firm added 1,044 additional shares and now holds a total of 31,931 shares of Loews Corporation which is valued at $1,334,396. Loews Corporation makes up approx 0.03% of Mutual Of America Capital Management’s portfolio.

Loews Corporation closed down -0.13 points or -0.30% at $43.86 with 13,87,258 shares getting traded on Monday. Post opening the session at $43.9, the shares hit an intraday low of $43.7 and an intraday high of $44 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Loews Corporation reported $0.97 EPS for the quarter, beating the analyst consensus estimate by $ 0.25 according to the earnings call on Oct 31, 2016. Analyst had a consensus of $0.72. The company had revenue of $3287.00 million for the quarter.The company’s revenue was up 3.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.

Investors should note that on Nov 8, 2016, Loews Corporation announced a cash dividend of $0.0625. The company’s management has announced Nov 28, 2016 as the ex-dividend date and fixed the record date on Nov 30, 2016. The payable date has been fixed on Dec 13, 2016.

Loews Corporation is a holding company. The Company through its subsidiaries is engaged in commercial property and casualty insurance; operation of offshore oil and gas drilling rigs; transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas and operation of a chain of hotels. The Company’s subsidiaries include CNA Financial Corporation (CNA); Diamond Offshore Drilling Inc. (Diamond Offshore); Boardwalk Pipeline Partners LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels). CNA’s insurance products primarily include commercial property and casualty coverages including surety. Diamond Offshore is engaged in the business of operating drilling rigs. Boardwalk Pipeline is engaged in natural gas and natural gas liquids transportation and storage and natural gas gathering and processing. The subsidiaries of Loews Hotels Holding Corporation operate a chain of 21 hotels.

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