Westpac Banking Corp raised its stake in Loews Corp. (NYSE:L) by 30.9% during the second quarter, Holdings Channel reports. The fund owned 16,405 shares of the company’s stock after buying an additional 3,873 shares during the period. Westpac Banking Corp’s holdings in Loews Corp. were worth $674,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of L. Boston Partners increased its stake in Loews Corp. by 37.7% in the second quarter. Boston Partners now owns 6,949,494 shares of the company’s stock valued at $285,555,000 after buying an additional 1,902,211 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in Loews Corp. during the second quarter valued at about $58,555,000. Renaissance Technologies LLC increased its stake in Loews Corp. by 423.0% in the first quarter. Renaissance Technologies LLC now owns 866,165 shares of the company’s stock valued at $33,139,000 after buying an additional 700,565 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in Loews Corp. by 50.9% in the first quarter. UBS Asset Management Americas Inc. now owns 1,143,368 shares of the company’s stock valued at $43,746,000 after buying an additional 385,838 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Loews Corp. by 22.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,516,126 shares of the company’s stock valued at $58,007,000 after buying an additional 280,372 shares in the last quarter. 56.99% of the stock is currently owned by institutional investors and hedge funds.
Loews Corp. (NYSE:L) opened at 41.06 on Tuesday. Loews Corp. has a 12-month low of $33.84 and a 12-month high of $42.07. The company’s 50-day moving average price is $41.16 and its 200-day moving average price is $40.26. The company has a market cap of $13.84 billion, a PE ratio of 789.62 and a beta of 0.86.
Loews Corp. (NYSE:L) last issued its quarterly earnings results on Monday, August 1st. The company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of $0.63 by $0.82. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.32 billion. Loews Corp. had a net margin of 0.14% and a return on equity of 2.77%. During the same period last year, the company posted $0.59 EPS. Equities analysts anticipate that Loews Corp. will post $2.50 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 13th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.0625 per share. The ex-dividend date was Monday, August 29th. This represents a $0.25 dividend on an annualized basis and a yield of 0.61%. Loews Corp.’s dividend payout ratio (DPR) is currently 833.33%.
Several equities analysts have recently weighed in on L shares. Zacks Investment Research cut Loews Corp. from a “buy” rating to a “hold” rating in a report on Monday, June 6th. TheStreet cut Loews Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 1st.
About Loews Corp.
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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