Loews Corporation (NYSE:L) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, June 19th.
According to Zacks, “Loews Hotels remains on growth track as most properties witnessed a higher income. The Boardwalk unit is poised to capitalize on increasing exports of natural gas and pipeline exports to Mexico as well as industrial demand for natural gas and liquids. Addition of Consolidated Container will strengthen its network of manufacturing locations throughout the U.S. Market conditions remain tough for Diamond Offshore. However with new drilling rigs that are contracted through 2019 and demand for oil growing, Loews remains optimistic over the medium and long term. Also, shares of Loews have underperformed the Zacks categorized Multi line industry, year to date.”
Other equities research analysts also recently issued reports about the stock. Jefferies Group LLC reissued a “sell” rating and issued a $35.00 price target on shares of Loews Corporation in a report on Tuesday, June 6th. BidaskClub raised shares of Loews Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $43.33.
Shares of Loews Corporation (NYSE:L) opened at 46.90 on Monday. The company has a 50 day moving average of $46.86 and a 200 day moving average of $46.86. Loews Corporation has a 52 week low of $39.71 and a 52 week high of $48.39. The firm has a market cap of $15.79 billion, a PE ratio of 18.76 and a beta of 0.70.
Loews Corporation (NYSE:L) last posted its quarterly earnings data on Monday, May 1st. The insurance provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.21. The business had revenue of $3.30 billion during the quarter. Loews Corporation had a net margin of 6.23% and a return on equity of 4.67%. During the same period in the previous year, the company earned $0.30 EPS. On average, equities research analysts anticipate that Loews Corporation will post $3.14 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 13th. Shareholders of record on Wednesday, May 31st were paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.53%. The ex-dividend date of this dividend was Friday, May 26th. Loews Corporation’s dividend payout ratio is presently 10.25%.
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Hedge funds have recently bought and sold shares of the stock. Bank of Montreal Can raised its stake in Loews Corporation by 21.8% in the second quarter. Bank of Montreal Can now owns 139,622 shares of the insurance provider’s stock worth $6,535,000 after buying an additional 25,034 shares in the last quarter. America First Investment Advisors LLC raised its stake in Loews Corporation by 2.2% in the second quarter. America First Investment Advisors LLC now owns 252,569 shares of the insurance provider’s stock worth $11,823,000 after buying an additional 5,535 shares in the last quarter. DnB Asset Management AS raised its stake in Loews Corporation by 2.8% in the second quarter. DnB Asset Management AS now owns 40,593 shares of the insurance provider’s stock worth $1,900,000 after buying an additional 1,100 shares in the last quarter. Pensionfund Sabic purchased a new stake in Loews Corporation during the second quarter worth approximately $1,451,000. Finally, Pensionfund DSM Netherlands purchased a new stake in Loews Corporation during the second quarter worth approximately $2,949,000. 58.53% of the stock is owned by institutional investors.
Loews Corporation Company Profile
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 operation of a chain of hotels. The Company has five segments consisted of its four individual operating subsidiaries, CNA Financial Corporation (CNA), Diamond Offshore Drilling, Inc (Diamond Offshore), Boardwalk Pipeline Partners, LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels), and the Corporate segment.
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