Loews Corporation (L) Downgraded by Zacks Investment Research to “Hold”
Loews Corporation (NYSE:L) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “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 conditions remain tough for Diamond Offshore. However with new drilling rigs that are contracted through 2019 and demand for oil growing, Loews remains optimistic over the medium and long term. Also, shares of Loews have underperformed the Zacks categorized Multi line industry, year to date.”
L has been the subject of several other research reports. BidaskClub raised shares of Loews Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Jefferies Group LLC reissued a “sell” rating and issued a $35.00 price objective on shares of Loews Corporation in a research note on Tuesday, June 6th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Loews Corporation currently has an average rating of “Hold” and a consensus target price of $43.33.
Loews Corporation (NYSE L) traded down 0.37% during midday trading on Monday, hitting $47.96. The stock had a trading volume of 254,363 shares. The company has a market capitalization of $16.15 billion, a PE ratio of 19.18 and a beta of 0.71. The stock’s 50-day moving average is $46.84 and its 200-day moving average is $46.78. Loews Corporation has a 1-year low of $38.17 and a 1-year high of $48.39.
Loews Corporation (NYSE:L) last announced its quarterly earnings results on Monday, May 1st. The insurance provider reported $0.87 EPS for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.21. Loews Corporation had a net margin of 6.23% and a return on equity of 4.67%. The firm had revenue of $3.30 billion during the quarter. During the same period in the previous year, the business posted $0.30 EPS. Equities research analysts forecast that Loews Corporation will post $3.18 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 13th. Shareholders of record on Wednesday, May 31st were paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a yield of 0.52%. The ex-dividend date of this dividend was Friday, May 26th. Loews Corporation’s payout ratio is currently 10.25%.
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A number of hedge funds have recently made changes to their positions in the company. Focused Wealth Management Inc increased its stake in shares of Loews Corporation by 475.0% in the fourth quarter. Focused Wealth Management Inc now owns 2,300 shares of the insurance provider’s stock valued at $108,000 after buying an additional 1,900 shares during the last quarter. Parallel Advisors LLC increased its stake in shares of Loews Corporation by 285.2% in the first quarter. Parallel Advisors LLC now owns 2,681 shares of the insurance provider’s stock valued at $126,000 after buying an additional 1,985 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of Loews Corporation during the first quarter valued at about $127,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Loews Corporation during the first quarter valued at about $175,000. Finally, Cedar Wealth Management LLC increased its stake in shares of Loews Corporation by 5.0% in the first quarter. Cedar Wealth Management LLC now owns 4,010 shares of the insurance provider’s stock valued at $188,000 after buying an additional 190 shares during the last quarter. 58.82% of the stock is owned by institutional investors and hedge funds.
Loews Corporation Company Profile
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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