Loews Corp. (L) Raised to Buy at Zacks Investment Research
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 currently has a $46.00 price target on the stock. Zacks Investment Research’s target price suggests 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 cut Loews Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 1st.
Shares of Loews Corp. (NYSE:L) traded down 0.76% during midday trading on Tuesday, reaching $40.61. 247,888 shares of the company’s stock were exchanged. Loews Corp. has a 1-year low of $33.84 and a 1-year high of $42.07. The company has a market capitalization of $13.69 billion, a PE ratio of 780.96 and a beta of 0.86. The firm has a 50-day moving average of $41.16 and a 200-day moving average of $40.26.
Loews Corp. (NYSE:L) last issued its earnings results on Monday, August 1st. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.63 by $0.82. The firm earned $2.35 billion during the quarter, compared to the consensus estimate 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 last year, the business earned $0.59 earnings per share. Equities analysts expect that Loews Corp. will post $2.50 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 13th. Shareholders 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 dividend on an annualized basis and a dividend yield of 0.61%. Loews Corp.’s payout ratio is presently 833.33%.
Several hedge funds and other 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 worth $1,435,000 after buying an additional 9,971 shares during the last quarter. Canada Pension Plan Investment Board raised its stake 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 worth $3,404,000 after buying an additional 23,709 shares during the period. Aviva PLC raised its stake in shares of Loews Corp. by 0.3% in the first quarter. Aviva PLC now owns 335,468 shares of the company’s stock worth $12,835,000 after buying an additional 1,013 shares during the period. ING Groep NV acquired a new stake in shares of Loews Corp. during the first quarter worth $236,000. Finally, Hikari Power Ltd acquired a new stake in shares of Loews Corp. during the first quarter worth $1,848,000. 56.99% of the stock is owned by institutional investors.
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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