Global X Management Co. LLC raised its stake in shares of Loews Corporation (NYSE:L) by 33.0% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 9,257 shares of the insurance provider’s stock after buying an additional 2,298 shares during the period. Global X Management Co. LLC’s holdings in Loews Corporation were worth $433,000 as of its most recent filing with the SEC.
A number of other hedge funds have also made changes to their positions in L. Norges Bank purchased a new position in Loews Corporation during the fourth quarter valued at $533,915,000. Boston Partners raised its position in Loews Corporation by 5.0% in the first quarter. Boston Partners now owns 8,223,810 shares of the insurance provider’s stock valued at $384,628,000 after buying an additional 391,579 shares during the period. BNP Paribas Arbitrage SA raised its position in Loews Corporation by 203.4% in the first quarter. BNP Paribas Arbitrage SA now owns 440,624 shares of the insurance provider’s stock valued at $20,608,000 after buying an additional 295,404 shares during the period. Karp Capital Management Corp purchased a new position in Loews Corporation during the first quarter valued at $12,125,000. Finally, Prudential Financial Inc. raised its position in Loews Corporation by 31.7% in the first quarter. Prudential Financial Inc. now owns 974,923 shares of the insurance provider’s stock valued at $45,597,000 after buying an additional 234,786 shares during the period. Institutional investors and hedge funds own 58.82% of the company’s stock.
Loews Corporation (NYSE:L) traded down 0.98% during trading on Tuesday, hitting $47.52. 260,027 shares of the stock traded hands. The firm’s 50-day moving average is $46.88 and its 200-day moving average is $46.83. Loews Corporation has a 12 month low of $38.17 and a 12 month high of $48.39. The stock has a market cap of $16.00 billion, a P/E ratio of 19.01 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its quarterly earnings results on Monday, May 1st. The insurance provider reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.21. Loews Corporation had a return on equity of 4.67% and a net margin of 6.23%. The firm had revenue of $3.30 billion during the quarter. During the same period in the prior year, the business earned $0.30 earnings per share. On average, analysts forecast that Loews Corporation will post $3.14 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 13th. Investors of record on Wednesday, May 31st were issued a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 0.52%. The ex-dividend date was Friday, May 26th. Loews Corporation’s dividend payout ratio is presently 10.25%.
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Several equities analysts have recently weighed in on L shares. Jefferies Group LLC reaffirmed a “sell” rating and set a $35.00 target price on shares of Loews Corporation in a report on Tuesday, June 6th. Zacks Investment Research lowered shares of Loews Corporation from a “buy” rating to a “hold” rating in a report on Monday. Finally, BidaskClub raised shares of Loews Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. One investment 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’s stock. Loews Corporation presently has an average rating of “Hold” and an average price target of $43.33.
About Loews Corporation
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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