Loews Corp. (L) Hits New 12-Month High at $41.99
Shares of Loews Corp. (NYSE:L) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $41.99 and last traded at $41.48, with a volume of 253,278 shares changing hands. The stock had previously closed at $41.73.
Several research firms have commented on L. Zacks Investment Research raised Loews Corp. from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research note on Monday, May 16th. TheStreet raised Loews Corp. from a “hold” rating to a “buy” rating in a research note on Thursday, June 2nd.
The company’s 50 day moving average is $41.12 and its 200-day moving average is $39.45. The company has a market capitalization of $13.92 billion and a PE ratio of 794.04.
Loews Corp. (NYSE:L) last announced its earnings results on Monday, August 1st. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.63 by $0.82. The firm earned $2.35 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter last year, the firm posted $0.59 earnings per share. On average, analysts predict that Loews Corp. will post $2.50 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 13th. Stockholders of record on Wednesday, August 31st will be given a dividend of $0.0625 per share. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date of this dividend is Monday, August 29th.
Several hedge funds have made changes to their positions in the company. US Bancorp DE raised its stake in shares of Loews Corp. by 14.4% in the fourth quarter. US Bancorp DE now owns 32,412 shares of the company’s stock worth $1,245,000 after buying an additional 4,077 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Loews Corp. by 16.5% in the fourth quarter. Victory Capital Management Inc. now owns 31,202 shares of the company’s stock worth $1,198,000 after buying an additional 4,414 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of Loews Corp. by 1.1% in the fourth quarter. Morgan Stanley now owns 537,722 shares of the company’s stock worth $20,648,000 after buying an additional 5,789 shares during the last quarter.
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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