Loews Corporation (L) Shares Sold by Rafferty Asset Management LLC
Rafferty Asset Management LLC lessened its holdings in Loews Corporation (NYSE:L) by 18.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 41,291 shares of the insurance provider’s stock after selling 9,525 shares during the period. Rafferty Asset Management LLC’s holdings in Loews Corporation were worth $1,933,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Aviva PLC lifted its stake in Loews Corporation by 2.9% in the second quarter. Aviva PLC now owns 170,632 shares of the insurance provider’s stock valued at $7,989,000 after purchasing an additional 4,860 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in Loews Corporation by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 17,100 shares of the insurance provider’s stock valued at $800,000 after purchasing an additional 100 shares during the last quarter. Hosking Partners LLP lifted its stake in Loews Corporation by 1.7% in the second quarter. Hosking Partners LLP now owns 165,663 shares of the insurance provider’s stock valued at $7,755,000 after purchasing an additional 2,731 shares during the last quarter. Polaris Greystone Financial Group LLC lifted its stake in Loews Corporation by 1.8% in the second quarter. Polaris Greystone Financial Group LLC now owns 318,516 shares of the insurance provider’s stock valued at $14,910,000 after purchasing an additional 5,674 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC purchased a new position in Loews Corporation in the first quarter valued at approximately $1,616,000. Hedge funds and other institutional investors own 58.58% of the company’s stock.
Shares of Loews Corporation (L) opened at 47.71 on Friday. The firm’s 50-day moving average is $47.57 and its 200-day moving average is $47.13. Loews Corporation has a one year low of $39.71 and a one year high of $49.58. The company has a market cap of $16.06 billion, a PE ratio of 14.10 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its quarterly earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.76. The business had revenue of $3.36 billion for the quarter. Loews Corporation had a net margin of 8.44% and a return on equity of 4.84%. During the same quarter in the prior year, the business earned $0.59 EPS. On average, equities analysts anticipate that Loews Corporation will post $3.05 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Wednesday, August 30th were paid 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 of this dividend was Monday, August 28th. Loews Corporation’s dividend payout ratio is presently 7.53%.
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L has been the topic of several research analyst reports. Jefferies Group LLC reiterated a “sell” rating and issued a $35.00 price objective on shares of Loews Corporation in a research note on Tuesday, June 6th. BidaskClub upgraded Loews Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Finally, Zacks Investment Research downgraded Loews Corporation from a “buy” rating to a “hold” rating in a research note on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Loews Corporation presently has a consensus 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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