Conning Inc. reduced its stake in shares of Loews Corporation (NYSE:L) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,290 shares of the insurance provider’s stock after selling 121 shares during the period. Conning Inc.’s holdings in Loews Corporation were worth $294,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of the stock. First Quadrant L P CA raised its position in Loews Corporation by 7.0% in the first quarter. First Quadrant L P CA now owns 323,398 shares of the insurance provider’s stock valued at $15,125,000 after buying an additional 21,098 shares in the last quarter. Glen Harbor Capital Management LLC raised its position in Loews Corporation by 5.8% in the first quarter. Glen Harbor Capital Management LLC now owns 12,740 shares of the insurance provider’s stock valued at $596,000 after buying an additional 700 shares in the last quarter. First Citizens Bank & Trust Co. bought a new position in Loews Corporation during the first quarter valued at $995,000. ProShare Advisors LLC raised its position in Loews Corporation by 5.7% in the first quarter. ProShare Advisors LLC now owns 106,281 shares of the insurance provider’s stock valued at $4,971,000 after buying an additional 5,744 shares in the last quarter. Finally, First Manhattan Co. raised its position in Loews Corporation by 7.8% in the first quarter. First Manhattan Co. now owns 353,398 shares of the insurance provider’s stock valued at $14,542,000 after buying an additional 25,631 shares in the last quarter. Institutional investors and hedge funds own 58.80% of the company’s stock.
Shares of Loews Corporation (NYSE L) opened at 47.58 on Monday. The company has a market capitalization of $16.02 billion, a P/E ratio of 14.06 and a beta of 0.71. Loews Corporation has a 12-month low of $39.71 and a 12-month high of $49.58. The company’s 50 day moving average is $47.94 and its 200 day moving average is $47.13.
Loews Corporation (NYSE:L) last posted its quarterly earnings data on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.76. Loews Corporation had a net margin of 8.44% and a return on equity of 4.84%. The company had revenue of $3.36 billion for the quarter. During the same quarter last year, the business earned $0.59 earnings per share. Analysts expect that Loews Corporation will post $3.03 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Wednesday, August 30th will be issued a $0.0625 dividend. The ex-dividend date of this dividend is Monday, August 28th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.53%. Loews Corporation’s dividend payout ratio (DPR) is presently 7.53%.
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Several research analysts have recently commented on L shares. Jefferies Group LLC restated a “sell” rating and set a $35.00 price target on shares of Loews Corporation in a research note on Tuesday, June 6th. BidaskClub upgraded shares of Loews Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research lowered shares of Loews Corporation from a “buy” rating to a “hold” rating in a research note on Monday, June 19th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. Loews Corporation has an average rating of “Hold” and an average price target of $43.33.
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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