Loews (NYSE:L) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Shares of Loews outperformed the industry in a year’s time. Loews Hotels remains on growth track as most properties witnessed higher income. CNA Financial remains focused to deliver solid results focusing on its core competency. The Boardwalk unit is poised to capitalize on rising exports of natural gas and pipeline exports to Mexico as well as industrial demand for natural gas and liquids. Addition of Consolidated Container cemented its network of manufacturing locations in the Unites States. With new drilling rigs contracted through 2019 and demand for oil growing, Loews remains optimistic about the medium and long-term progress. Loews’ shares have outperformed the industry year to date. However, weakening ultra-deepwater and deepwater markets might dampen Diamond Offshore results. It is set to release first quarter results on Apr 30. A Zacks Rank #3 combined with Earnings ESP of 0.00% makes prediction difficult.”
Separately, Desjardins downgraded Loews to a “hold” rating and set a $76.00 price target for the company. in a report on Tuesday, January 30th. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $56.00.
Loews (NYSE:L) last announced its earnings results on Monday, February 12th. The insurance provider reported $0.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.12. The business had revenue of $3.56 billion during the quarter. Loews had a return on equity of 4.08% and a net margin of 8.47%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.73 earnings per share. analysts expect that Loews will post 3.42 earnings per share for the current fiscal year.
In other news, insider Kenneth I. Siegel sold 6,242 shares of the firm’s stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $50.23, for a total value of $313,535.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jonathan M. Tisch sold 7,800 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $47.51, for a total value of $370,578.00. Following the completion of the sale, the insider now owns 2,990,022 shares of the company’s stock, valued at $142,055,945.22. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,316 shares of company stock valued at $697,655. Company insiders own 12.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in L. Focused Wealth Management Inc lifted its position in Loews by 187.5% in the 4th quarter. Focused Wealth Management Inc now owns 2,300 shares of the insurance provider’s stock valued at $115,000 after acquiring an additional 1,500 shares in the last quarter. Calton & Associates Inc. bought a new position in Loews in the 4th quarter valued at about $137,000. Tower Research Capital LLC TRC lifted its position in Loews by 387.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,826 shares of the insurance provider’s stock valued at $142,000 after acquiring an additional 2,246 shares in the last quarter. Stuart Chaussee & Associates Inc. bought a new position in Loews in the 4th quarter valued at about $167,000. Finally, Cerebellum GP LLC bought a new position in Loews in the 4th quarter valued at about $196,000. 64.19% of the stock is currently owned by institutional investors and hedge funds.
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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