Loews (NYSE:L) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “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. However, weakening ultra-deepwater and deepwater markets might dampen Diamond Offshore results. Shares of Loews have underperformed the industry year to date. The company witnessed its 2017 estimates moving north while the same for 2018 moved south.”
Several other equities research analysts also recently weighed in on L. BidaskClub downgraded Loews from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. ValuEngine downgraded Loews from a “buy” rating to a “hold” rating in a research report on Thursday, October 26th.
Loews (NYSE:L) last issued its quarterly earnings data on Monday, October 30th. The insurance provider reported $0.46 EPS for the quarter, beating the consensus estimate of $0.02 by $0.44. Loews had a return on equity of 4.08% and a net margin of 7.04%. The firm had revenue of $3.52 billion during the quarter. During the same quarter in the prior year, the company posted $0.89 EPS. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. research analysts forecast that Loews will post 2.75 earnings per share for the current fiscal year.
In other news, Director Ann E. Berman sold 1,383 shares of the stock in a transaction dated Wednesday, November 29th. The shares were sold at an average price of $50.30, for a total transaction of $69,564.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jonathan M. Tisch sold 1,394,935 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $48.40, for a total transaction of $67,514,854.00. Following the completion of the transaction, the insider now directly owns 2,169,075 shares in the company, valued at $104,983,230. The disclosure for this sale can be found here. Insiders have sold a total of 1,420,223 shares of company stock worth $68,779,839 over the last ninety days. 11.80% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Commerce Bank increased its holdings in shares of Loews by 0.3% during the 2nd quarter. Commerce Bank now owns 7,229 shares of the insurance provider’s stock worth $339,000 after buying an additional 24 shares during the last quarter. D.A. Davidson & CO. increased its holdings in Loews by 1.0% in the 2nd quarter. D.A. Davidson & CO. now owns 2,828 shares of the insurance provider’s stock valued at $132,000 after purchasing an additional 27 shares during the last quarter. Capstone Investment Advisors Netherlands B.V. increased its holdings in Loews by 0.9% in the 2nd quarter. Capstone Investment Advisors Netherlands B.V. now owns 6,076 shares of the insurance provider’s stock valued at $284,000 after purchasing an additional 57 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Loews by 6.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,240 shares of the insurance provider’s stock valued at $105,000 after purchasing an additional 140 shares during the last quarter. Finally, Sentry Investment Management LLC increased its holdings in Loews by 1.1% in the 2nd quarter. Sentry Investment Management LLC now owns 17,543 shares of the insurance provider’s stock valued at $821,000 after purchasing an additional 187 shares during the last quarter. 59.39% of the stock is currently owned by institutional investors and hedge funds.
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Loews 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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