Retirement Systems of Alabama increased its stake in shares of Loews Corporation (NYSE:L) by 0.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 374,847 shares of the insurance provider’s stock after buying an additional 436 shares during the period. Retirement Systems of Alabama owned approximately 0.11% of Loews Corporation worth $17,547,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Loews Corporation by 2,869.0% in the first quarter. BlackRock Inc. now owns 17,358,322 shares of the insurance provider’s stock valued at $811,848,000 after buying an additional 16,773,671 shares in the last quarter. Janus Capital Management LLC raised its stake in Loews Corporation by 157.4% in the first quarter. Janus Capital Management LLC now owns 1,327,375 shares of the insurance provider’s stock valued at $62,082,000 after buying an additional 811,689 shares in the last quarter. Vanguard Group Inc. raised its stake in Loews Corporation by 3.7% in the first quarter. Vanguard Group Inc. now owns 18,257,124 shares of the insurance provider’s stock valued at $853,885,000 after buying an additional 646,147 shares in the last quarter. Boston Partners raised its stake 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 in the last quarter. Finally, Marathon Asset Management LLP raised its stake in Loews Corporation by 21.4% in the second quarter. Marathon Asset Management LLP now owns 2,085,610 shares of the insurance provider’s stock valued at $97,627,000 after buying an additional 368,098 shares in the last quarter. 58.80% of the stock is currently owned by institutional investors.
Shares of Loews Corporation (NYSE L) traded up 0.70% during mid-day trading on Friday, reaching $47.76. 335,294 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $47.92 and a 200 day moving average price of $47.12. The firm has a market cap of $16.08 billion, a P/E ratio of 14.11 and a beta of 0.71. Loews Corporation has a 52-week low of $39.71 and a 52-week high of $49.58.
Loews Corporation (NYSE:L) last posted its earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share for the quarter, hitting the Zacks’ 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 period last year, the company posted $0.59 EPS. Analysts forecast that Loews Corporation will post $3.03 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Wednesday, August 30th will be paid a $0.0625 dividend. The ex-dividend date is Monday, August 28th. This represents a $0.25 dividend on an annualized basis and a yield of 0.53%. Loews Corporation’s dividend payout ratio is presently 7.53%.
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Several research firms recently issued reports on L. Zacks Investment Research upgraded shares of Loews Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub lowered shares of Loews Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC reiterated a “sell” rating and set a $35.00 price target on shares of Loews Corporation in a research report on Tuesday, June 6th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The company 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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