Loews Corp. (NYSE:L) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $46.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.41% from the stock’s previous close.
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 report on Monday, August 1st.
Shares of Loews Corp. (NYSE:L) traded down 0.76% during mid-day trading on Tuesday, hitting $40.61. The stock had a trading volume of 247,888 shares. The company has a market capitalization of $13.69 billion, a P/E ratio of 780.96 and a beta of 0.86. The stock’s 50-day moving average price is $41.16 and its 200 day moving average price is $40.26. Loews Corp. has a 1-year low of $33.84 and a 1-year high of $42.07.
Loews Corp. (NYSE:L) last posted its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of $0.63 by $0.82. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.32 billion. Loews Corp. had a return on equity of 2.77% and a net margin of 0.14%. During the same period in the previous year, the firm posted $0.59 earnings per share. On average, analysts predict that Loews Corp. will post $2.50 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 13th. Shareholders of record on Wednesday, August 31st were given a $0.0625 dividend. The ex-dividend date 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 bought and sold shares of the stock. Boston Partners boosted 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. acquired a new stake in Loews Corp. during the second quarter valued at approximately $58,555,000. Renaissance Technologies LLC boosted 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. boosted 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, AXA boosted its stake in Loews Corp. by 238.0% in the second quarter. AXA now owns 461,600 shares of the company’s stock valued at $18,967,000 after buying an additional 325,050 shares in the last quarter. Hedge funds and other institutional investors own 56.99% of the company’s stock.
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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