TheStreet Upgrades Loews Corp. (L) to “Buy”
Loews Corp. (NYSE:L) was upgraded by equities researchers at TheStreet from a “hold” rating to a “buy” rating in a research report issued on Friday.
Other analysts have also recently issued reports about the company. Zacks Investment Research cut Loews Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, October 18th. Deutsche Bank AG upped their price objective on Loews Corp. from $42.00 to $43.00 and gave the stock a “hold” rating in a report on Wednesday, November 2nd.
Shares of Loews Corp. (NYSE:L) opened at 44.20 on Friday. Loews Corp. has a 52 week low of $33.84 and a 52 week high of $44.20. The stock has a market cap of $14.89 billion, a price-to-earnings ratio of 92.28 and a beta of 0.70. The company has a 50-day moving average price of $41.98 and a 200-day moving average price of $41.00.
Loews Corp. (NYSE:L) last posted its quarterly earnings results on Monday, October 31st. The company reported $0.97 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.28. Loews Corp. had a return on equity of 3.42% and a net margin of 1.24%. The company had revenue of $3.24 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same period in the previous year, the firm earned $0.58 EPS. The firm’s revenue was up 3.7% compared to the same quarter last year. Equities analysts anticipate that Loews Corp. will post $2.68 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 13th. Stockholders of record on Wednesday, November 30th will be given a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Monday, November 28th. Loews Corp.’s dividend payout ratio is currently 50.00%.
In other news, SVP Richard Waldo Scott sold 7,973 shares of the business’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $42.29, for a total transaction of $337,178.17. Following the transaction, the senior vice president now owns 2,500 shares of the company’s stock, valued at approximately $105,725. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 11.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in L. D.A. Davidson & CO. increased its position in Loews Corp. by 11.8% in the third quarter. D.A. Davidson & CO. now owns 3,071 shares of the company’s stock valued at $125,000 after buying an additional 324 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Loews Corp. by 3.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 24,508,690 shares of the company’s stock valued at $1,008,533,000 after buying an additional 769,462 shares in the last quarter. Credit Suisse AG increased its position in Loews Corp. by 28.3% in the third quarter. Credit Suisse AG now owns 582,331 shares of the company’s stock valued at $23,963,000 after buying an additional 128,413 shares in the last quarter. Ameritas Investment Partners Inc. increased its position in Loews Corp. by 16.5% in the third quarter. Ameritas Investment Partners Inc. now owns 9,627 shares of the company’s stock valued at $396,000 after buying an additional 1,365 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. increased its position in Loews Corp. by 37.2% in the third quarter. Candriam Luxembourg S.C.A. now owns 29,843 shares of the company’s stock valued at $1,228,000 after buying an additional 8,093 shares in the last quarter. 56.81% of the stock is currently 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.
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