Loews Corp. (L) Stake Increased by Retirement Systems of Alabama
Retirement Systems of Alabama raised its stake in Loews Corp. (NYSE:L) by 43.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 377,524 shares of the company’s stock after buying an additional 114,038 shares during the period. Retirement Systems of Alabama owned 0.11% of Loews Corp. worth $15,512,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of L. 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 worth $33,139,000 after buying an additional 700,565 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Loews Corp. during the first quarter worth about $768,000. 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 worth $43,746,000 after buying an additional 385,838 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Loews Corp. by 5.5% in the first quarter. Envestnet Asset Management Inc. now owns 20,347 shares of the company’s stock worth $778,000 after buying an additional 1,055 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Loews Corp. during the first quarter worth about $411,000. 56.99% of the stock is owned by institutional investors and hedge funds.
Loews Corp. (NYSE:L) traded up 0.93% during trading on Friday, reaching $41.15. The company’s stock had a trading volume of 1,261,304 shares. Loews Corp. has a 52 week low of $33.84 and a 52 week high of $42.07. The company’s 50 day moving average price is $41.16 and its 200 day moving average price is $40.21. The company has a market cap of $13.87 billion, a P/E ratio of 791.35 and a beta of 0.87.
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 analysts’ consensus estimates of $0.63 by $0.82. Loews Corp. had a return on equity of 2.77% and a net margin of 0.14%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period in the prior year, the business earned $0.59 EPS. On average, equities analysts anticipate that Loews Corp. will post $2.50 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 13th. Investors of record on Wednesday, August 31st were paid a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a yield of 0.61%. The ex-dividend date was Monday, August 29th. Loews Corp.’s dividend payout ratio is presently 833.33%.
Several equities analysts have weighed in on L shares. Zacks Investment Research lowered Loews Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, June 28th. TheStreet lowered 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.
Receive News & Stock Ratings for Loews Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Loews Corp. and related stocks with our FREE daily email newsletter.