Zacks Investment Research upgraded shares of Loews Corp. (NYSE:L) from a hold rating to a buy rating in a research note published on Tuesday. They currently have $46.00 target price 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 cut shares of Loews Corp. from a buy rating to a hold rating in a report on Monday, August 1st.
Loews Corp. (NYSE:L) traded up 0.91% on Tuesday, hitting $41.24. 183,173 shares of the stock traded hands. The company has a market capitalization of $13.90 billion, a PE ratio of 793.08 and a beta of 0.86. The firm has a 50-day moving average price of $41.14 and a 200-day moving average price of $40.27. Loews Corp. has a 12 month low of $33.84 and a 12 month high of $42.07.
Loews Corp. (NYSE:L) last released its quarterly 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. Loews Corp. had a net margin of 0.14% and a return on equity of 2.77%. The firm earned $2.35 billion during the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the business posted $0.59 earnings per share. Analysts forecast 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. Stockholders of record on Wednesday, August 31st were issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.61%. The ex-dividend date of this dividend was Monday, August 29th. Loews Corp.’s dividend payout ratio is currently 833.33%.
Several institutional investors have recently made changes to their positions in L. Point View Wealth Management Inc. raised its position in shares of Loews Corp. by 0.4% in the second quarter. Point View Wealth Management Inc. now owns 10,719 shares of the company’s stock valued at $440,000 after buying an additional 42 shares during the last quarter. Cadence Capital Management LLC raised its position in shares of Loews Corp. by 1.5% in the second quarter. Cadence Capital Management LLC now owns 5,739 shares of the company’s stock valued at $236,000 after buying an additional 86 shares during the last quarter. Advantus Capital Management Inc raised its position in shares of Loews Corp. by 0.3% in the second quarter. Advantus Capital Management Inc now owns 25,907 shares of the company’s stock valued at $1,065,000 after buying an additional 90 shares during the last quarter. Veritable L.P. raised its position in shares of Loews Corp. by 2.4% in the second quarter. Veritable L.P. now owns 5,713 shares of the company’s stock valued at $235,000 after buying an additional 136 shares during the last quarter. Finally, Heritage Wealth Advisors raised its position in shares of Loews Corp. by 2.5% in the second quarter. Heritage Wealth Advisors now owns 5,637 shares of the company’s stock valued at $231,000 after buying an additional 137 shares during the last quarter. 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.