Loews (L) Lifted to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Loews (NYSE:L) from a sell rating to a hold rating in a report published on Tuesday.
According to Zacks, “Shares of Loews have lost in a year, narrower than the industry’s decline. Loews Hotels is on a growth track as most properties continue to post solid operational results. CNA Financial remains focused to deliver stellar results riding on its core competency. The Boardwalk unit is poised to capitalize on the rising exports of natural gas and pipeline exports to Mexico as well as high industrial demand for natural gas and liquids. A sturdy balance sheet drives regular buybacks, boosting the bottom line. However, soft ultra-deepwater and deepwater markets continue to weigh on Diamond Offshore results. With new drilling rigs contracted through 2019 and demand for oil rising, Loews is optimistic about its medium and long-term progress.”
Other analysts also recently issued research reports about the stock. Raymond James reaffirmed a buy rating and set a $66.00 price objective on shares of Loews in a research report on Wednesday, November 14th. CIBC reaffirmed an average rating and set a $70.00 price objective on shares of Loews in a research report on Thursday, November 15th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $58.45.
Loews (NYSE:L) last posted its earnings results on Monday, November 5th. The insurance provider reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.10). The company had revenue of $3.61 billion during the quarter. Loews had a return on equity of 4.75% and a net margin of 8.94%. The company’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.53 earnings per share. On average, sell-side analysts expect that Loews will post 3 earnings per share for the current year.
In other Loews news, Director Ann E. Berman sold 2,216 shares of the business’s stock in a transaction that occurred on Tuesday, November 6th. The stock was sold at an average price of $49.27, for a total value of $109,182.32. Following the completion of the sale, the director now owns 1,500 shares in the company, valued at $73,905. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David B. Edelson sold 18,073 shares of the business’s stock in a transaction that occurred on Tuesday, January 8th. The shares were sold at an average price of $45.70, for a total value of $825,936.10. Following the completion of the sale, the chief financial officer now owns 17,501 shares of the company’s stock, valued at approximately $799,795.70. The disclosure for this sale can be found here. Insiders have sold 43,869 shares of company stock valued at $2,000,821 in the last three months. 12.30% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Whitener Capital Management Inc. purchased a new stake in shares of Loews in the third quarter worth $137,000. Federated Investors Inc. PA grew its stake in shares of Loews by 385.9% in the second quarter. Federated Investors Inc. PA now owns 3,304 shares of the insurance provider’s stock worth $160,000 after acquiring an additional 2,624 shares during the last quarter. Squar Milner Financial Services LLC grew its stake in shares of Loews by 121.0% in the third quarter. Squar Milner Financial Services LLC now owns 4,055 shares of the insurance provider’s stock worth $204,000 after acquiring an additional 2,220 shares during the last quarter. Atria Investments LLC purchased a new stake in shares of Loews in the third quarter worth $232,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Loews in the third quarter worth $239,000. Institutional investors own 63.30% of the company’s stock.
Loews Company Profile
Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.
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