Loews Corp. (L) Cut to “Hold” at Zacks Investment Research
Loews Corp. (NYSE:L) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Loews is on track to ramp up its hotel business. 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. However, market conditions continue to remain tough for Diamond Offshore, though with new drilling rigs that are contracted through 2019 and demand for oil growing, Loews remains optimistic over medium and long term. Uncertain economic and competitive market conditions are likely to lead to lower insured exposure rates, thereby hurting premiums, income levels and expense ratio. The company is set to release third quarter results on Oct 31 and the Zacks Consensus Estimate for the same remain unchanged ahead of the release. A Zacks Rank #3 increases the predictive power of a beat, but combined with Earnings ESP of 0.00% makes prediction difficult.”
Separately, TheStreet lowered Loews Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 1st.
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Loews Corp. (NYSE:L) traded up 0.68% during mid-day trading on Tuesday, reaching $41.29. The company’s stock had a trading volume of 978,100 shares. The stock has a market cap of $13.92 billion, a PE ratio of 794.04 and a beta of 0.86. The company has a 50 day moving average of $41.09 and a 200-day moving average of $40.44. Loews Corp. has a 52-week low of $33.84 and a 52-week high of $42.07.
Loews Corp. (NYSE:L) last posted its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by $0.82. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.32 billion. Loews Corp. had a return on equity of 2.77% and a net margin of 0.14%. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Equities analysts forecast that Loews Corp. will post $2.50 earnings per share for the current year.
A number of institutional investors have recently made changes to their positions in the company. TIAA CREF Investment Management LLC increased its position in shares of Loews Corp. by 0.3% in the first quarter. TIAA CREF Investment Management LLC now owns 485,703 shares of the company’s stock worth $18,583,000 after buying an additional 1,563 shares during the period. Teachers Advisors Inc. increased its position in shares of Loews Corp. by 2.8% in the first quarter. Teachers Advisors Inc. now owns 337,142 shares of the company’s stock worth $12,899,000 after buying an additional 9,207 shares during the period. ING Groep NV acquired a new position in shares of Loews Corp. during the first quarter worth $236,000. Aviva PLC increased its position in shares of Loews Corp. by 0.3% in the first quarter. Aviva PLC now owns 335,468 shares of the company’s stock worth $12,835,000 after buying an additional 1,013 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in shares of Loews Corp. by 36.3% in the first quarter. Canada Pension Plan Investment Board now owns 88,972 shares of the company’s stock worth $3,404,000 after buying an additional 23,709 shares during the period. 56.96% of the stock is currently owned by hedge funds and other institutional investors.
About Loews Corp.
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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