Zacks Investment Research upgraded shares of Loews Corp. (NYSE:L) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The firm currently has $46.00 price target on the stock.
According to Zacks, “Loews is on track to ramp up its hotel business. 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. However, market conditions continue to remain tough for Diamond Offshore, though with new drilling rigs that are contracted through 2019 and demand for oil growing, Loews remains optimistic over medium and long term. The Zacks Consensus Estimate moved north by a cents for 2016 but remianed unchanged for 2017 over the last 60 days. Uncertain economic and competitive market conditions are likely to lead to lower insured exposure rates, thereby hurting premiums, income levels and expense ratio. With respect to earnings performance, the company missed expectations in three of the last four quarters, with an average miss of 23.33%.”
Separately, TheStreet downgraded Loews Corp. from a buy rating to a hold rating in a research note on Monday, August 1st.
Shares of Loews Corp. (NYSE:L) traded up 0.02% during mid-day trading on Tuesday, reaching $41.17. The company’s stock had a trading volume of 31,207 shares. Loews Corp. has a 1-year low of $33.84 and a 1-year high of $42.07. The company’s 50-day moving average is $41.14 and its 200 day moving average is $40.29. The firm has a market capitalization of $13.88 billion, a P/E ratio of 791.73 and a beta of 0.86.
Loews Corp. (NYSE:L) last announced its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of $0.63 by $0.82. Loews Corp. had a net margin of 0.14% and a return on equity of 2.77%. The company earned $2.35 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter last year, the business posted $0.59 earnings per share. On average, analysts expect that Loews Corp. will post $2.50 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 13th. Investors of record on Wednesday, August 31st were issued a dividend of $0.0625 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.25 annualized dividend and a yield of 0.61%. Loews Corp.’s dividend payout ratio is presently 833.33%.
A number of institutional investors have recently modified their holdings of L. Rafferty Asset Management LLC boosted its position in shares of Loews Corp. by 36.2% in the first quarter. Rafferty Asset Management LLC now owns 37,509 shares of the company’s stock valued at $1,435,000 after buying an additional 9,971 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Loews Corp. by 36.3% in the first quarter. Canada Pension Plan Investment Board now owns 88,972 shares of the company’s stock valued at $3,404,000 after buying an additional 23,709 shares in the last quarter. Aviva PLC boosted its position in shares of Loews Corp. by 0.3% in the first quarter. Aviva PLC now owns 335,468 shares of the company’s stock valued at $12,835,000 after buying an additional 1,013 shares in the last quarter. ING Groep NV purchased a new position in shares of Loews Corp. during the first quarter valued at about $236,000. Finally, Hikari Power Ltd purchased a new position in shares of Loews Corp. during the first quarter valued at about $1,848,000. 56.99% of the stock is owned by hedge funds and other institutional investors.
Loews Corp. 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 gathering and processing of natural gas, and operation of a chain of hotels.
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