Loews Corp. (L) Position Increased by Prudential Financial Inc.
Prudential Financial Inc. raised its position in shares of Loews Corp. (NYSE:L) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 840,255 shares of the company’s stock after buying an additional 2,430 shares during the period. Prudential Financial Inc. owned 0.25% of Loews Corp. worth $34,526,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Chevy Chase Trust Holdings Inc. raised its position in shares of Loews Corp. by 0.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 233,772 shares of the company’s stock worth $8,944,000 after buying an additional 782 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its position in shares of Loews Corp. by 8.9% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 66,138 shares of the company’s stock worth $2,530,000 after buying an additional 5,379 shares during the last quarter. Exxonmobil Investment Management Inc. TX raised its position in shares of Loews Corp. by 3.9% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 65,205 shares of the company’s stock worth $2,495,000 after buying an additional 2,461 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Loews Corp. during the first quarter worth $488,000. Finally, QUANTRES ASSET MANAGEMENT Ltd purchased a new position in shares of Loews Corp. during the first quarter worth $275,000. Hedge funds and other institutional investors own 57.25% of the company’s stock.
Shares of Loews Corp. (NYSE:L) traded up 0.20% during mid-day trading on Tuesday, hitting $40.45. The company had a trading volume of 118,857 shares. The firm has a 50-day moving average of $41.21 and a 200-day moving average of $40.03. Loews Corp. has a 12 month low of $33.84 and a 12 month high of $42.07. The company has a market cap of $13.64 billion, a PE ratio of 777.88 and a beta of 0.87.
Loews Corp. (NYSE:L) last posted its earnings results on Monday, August 1st. The company reported ($0.19) EPS for the quarter, missing the Zacks’ consensus estimate of $0.63 by $0.82. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Loews Corp. had a return on equity of 2.77% and a net margin of 0.14%. During the same quarter in the previous year, the firm posted $0.59 earnings per share. On average, analysts expect that Loews Corp. will post $2.50 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 13th. Shareholders of record on Wednesday, August 31st were given a dividend of $0.0625 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.25 dividend on an annualized basis and a yield of 0.62%. Loews Corp.’s payout ratio is 833.33%.
L has been the subject of a number of recent research reports. Zacks Investment Research raised Loews Corp. from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Friday, June 17th. TheStreet raised Loews Corp. from a “hold” rating to a “buy” rating in a research report on Thursday, June 2nd.
Loews Corp. 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 gathering and processing of natural gas, and operation of a chain of hotels.
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