Loews Corp. (L) Stock Rating Lowered by Zacks Investment Research
Loews Corp. (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, “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 cut shares of 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 0.59% during midday trading on Tuesday, hitting $41.25. 337,538 shares of the stock traded hands. The firm has a market cap of $13.91 billion, a P/E ratio of 793.27 and a beta of 0.86. Loews Corp. has a 1-year low of $33.84 and a 1-year high of $42.07. The company has a 50-day moving average price of $41.08 and a 200-day moving average price of $40.43.
Loews Corp. (NYSE:L) last announced its earnings results on Monday, August 1st. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.63 by $0.82. Loews Corp. had a return on equity of 2.77% and a net margin of 0.14%. The firm earned $2.35 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the business earned $0.59 earnings per share. Analysts predict that Loews Corp. will post $2.50 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Point View Wealth Management Inc. boosted its stake in Loews Corp. by 0.4% in the second quarter. Point View Wealth Management Inc. now owns 10,719 shares of the company’s stock worth $440,000 after buying an additional 42 shares during the period. Cadence Capital Management LLC raised its position in Loews Corp. by 1.5% in the second quarter. Cadence Capital Management LLC now owns 5,739 shares of the company’s stock worth $236,000 after buying an additional 86 shares in the last quarter. Advantus Capital Management Inc raised its position in Loews Corp. by 0.3% in the second quarter. Advantus Capital Management Inc now owns 25,907 shares of the company’s stock worth $1,065,000 after buying an additional 90 shares in the last quarter. Veritable L.P. raised its position in Loews Corp. by 2.4% in the second quarter. Veritable L.P. now owns 5,713 shares of the company’s stock worth $235,000 after buying an additional 136 shares in the last quarter. Finally, Heritage Wealth Advisors raised its position in Loews Corp. by 2.5% in the second quarter. Heritage Wealth Advisors now owns 5,637 shares of the company’s stock worth $231,000 after buying an additional 137 shares in the last quarter. Institutional investors and hedge funds own 56.96% of the company’s stock.
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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