Loews Corporation (NYSE:L) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Shares of Loews have underperformed the industry year to date. The estimates were also revised down in the last 60 days. Weakening ultra-deepwater and deepwater markets might dampen Diamond Offshore results. Nonetheless, Loews Hotels remains on growth track as most properties witnessed a higher income. 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. Addition of Consolidated Container will strengthen its network of manufacturing locations throughout the U.S. Market. With new drilling rigs that are contracted through 2019 and demand for oil growing, Loews remains optimistic over the medium and long term.”
Other research analysts have also issued reports about the company. BidaskClub raised Loews Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Jefferies Group LLC reissued a “sell” rating and set a $35.00 price target on shares of Loews Corporation in a research report on Tuesday, June 6th. Three investment analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $39.00.
Shares of Loews Corporation (L) traded up 0.87% during mid-day trading on Tuesday, reaching $48.96. The company’s stock had a trading volume of 129,235 shares. The company has a market capitalization of $16.48 billion, a PE ratio of 14.47 and a beta of 0.71. The firm’s 50 day moving average is $47.30 and its 200-day moving average is $47.18. Loews Corporation has a 52-week low of $40.73 and a 52-week high of $49.58.
Loews Corporation (NYSE:L) last announced its earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.76. The company 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 period last year, the firm earned $0.59 earnings per share. Analysts forecast that Loews Corporation will post $3.05 EPS for the current year.
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Large investors have recently bought and sold shares of the stock. Beacon Financial Group acquired a new position in Loews Corporation in the 3rd quarter worth about $1,598,000. Sentry Investment Management LLC increased its position in Loews Corporation by 1.1% in the 2nd quarter. Sentry Investment Management LLC now owns 17,543 shares of the insurance provider’s stock worth $821,000 after purchasing an additional 187 shares during the last quarter. Toronto Dominion Bank increased its position in Loews Corporation by 25.5% in the 2nd quarter. Toronto Dominion Bank now owns 93,653 shares of the insurance provider’s stock worth $4,383,000 after purchasing an additional 19,019 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Loews Corporation in the 2nd quarter worth about $245,000. Finally, WINTON GROUP Ltd acquired a new position in Loews Corporation in the 2nd quarter worth about $613,000. 58.58% of the stock is currently owned by hedge funds and other institutional investors.
About Loews Corporation
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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