Rhumbline Advisers Decreases Position in Loews Corporation (L)
Rhumbline Advisers lowered its stake in shares of Loews Corporation (NYSE:L) by 0.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 526,120 shares of the insurance provider’s stock after selling 376 shares during the period. Rhumbline Advisers’ holdings in Loews Corporation were worth $24,628,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Loews Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 18,257,124 shares of the insurance provider’s stock worth $853,885,000 after buying an additional 646,147 shares during the last quarter. BlackRock Inc. boosted its position in shares of Loews Corporation by 2,869.0% in the first quarter. BlackRock Inc. now owns 17,358,322 shares of the insurance provider’s stock worth $811,848,000 after buying an additional 16,773,671 shares during the last quarter. State Street Corp boosted its position in shares of Loews Corporation by 1.9% in the first quarter. State Street Corp now owns 13,162,234 shares of the insurance provider’s stock worth $615,592,000 after buying an additional 249,096 shares during the last quarter. Boston Partners boosted its position in shares of Loews Corporation by 5.0% in the first quarter. Boston Partners now owns 8,223,810 shares of the insurance provider’s stock worth $384,628,000 after buying an additional 391,579 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its position in shares of Loews Corporation by 3.8% in the second quarter. Diamond Hill Capital Management Inc. now owns 4,627,523 shares of the insurance provider’s stock worth $216,614,000 after buying an additional 170,355 shares during the last quarter. 58.80% of the stock is owned by institutional investors and hedge funds.
Loews Corporation (NYSE L) opened at 48.37 on Wednesday. Loews Corporation has a 52 week low of $39.71 and a 52 week high of $49.58. The firm has a 50-day moving average price of $47.86 and a 200 day moving average price of $47.11. The firm has a market capitalization of $16.28 billion, a price-to-earnings ratio of 14.29 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its quarterly earnings data on Monday, July 31st. The insurance provider reported $0.76 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.76. The firm had revenue of $3.36 billion for the quarter. Loews Corporation had a return on equity of 4.84% and a net margin of 8.44%. During the same quarter in the prior year, the business posted $0.59 earnings per share. On average, equities research analysts forecast that Loews Corporation will post $3.03 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Wednesday, August 30th will be paid a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.52%. The ex-dividend date of this dividend is Monday, August 28th. Loews Corporation’s payout ratio is presently 7.53%.
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A number of research firms have issued reports on L. Zacks Investment Research cut Loews Corporation from a “buy” rating to a “hold” rating in a research report on Monday, June 19th. BidaskClub upgraded Loews Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Jefferies Group LLC reiterated a “sell” rating and issued a $35.00 target price on shares of Loews Corporation in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $43.33.
Loews Corporation 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 operation of a chain of hotels. The Company has five segments consisted of its four individual operating subsidiaries, CNA Financial Corporation (CNA), Diamond Offshore Drilling, Inc (Diamond Offshore), Boardwalk Pipeline Partners, LP (Boardwalk Pipeline) and Loews Hotels Holding Corporation (Loews Hotels), and the Corporate segment.
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