Loews Corporation (L) Shares Bought by Korea Investment CORP
Korea Investment CORP raised its position in Loews Corporation (NYSE:L) by 31.2% during the second quarter, Holdings Channel reports. The institutional investor owned 83,059 shares of the insurance provider’s stock after buying an additional 19,760 shares during the period. Korea Investment CORP’s holdings in Loews Corporation were worth $3,888,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Loews Corporation by 2,869.0% in the first quarter. BlackRock Inc. now owns 17,358,322 shares of the insurance provider’s stock worth $811,848,000 after buying an additional 16,773,671 shares in the last quarter. Janus Capital Management LLC boosted its position 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 worth $62,082,000 after buying an additional 811,689 shares in the last quarter. Vanguard Group Inc. boosted its position 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 worth $853,885,000 after buying an additional 646,147 shares in the last quarter. Boston Partners boosted 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 worth $384,628,000 after buying an additional 391,579 shares in the last quarter. Finally, Marathon Asset Management LLP boosted its position 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 worth $97,627,000 after buying an additional 368,098 shares in the last quarter. Institutional investors and hedge funds own 58.85% of the company’s stock.
Loews Corporation (NYSE:L) opened at 48.27 on Friday. The company’s 50-day moving average price is $47.74 and its 200-day moving average price is $47.08. Loews Corporation has a one year low of $39.71 and a one year high of $49.58. The stock has a market capitalization of $16.25 billion, a PE ratio of 14.26 and a beta of 0.71.
Loews Corporation (NYSE:L) last issued its 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. Loews Corporation had a return on equity of 4.84% and a net margin of 8.44%. The company had revenue of $3.36 billion during the quarter. During the same period in the previous year, the company earned $0.59 EPS. Equities research analysts predict that Loews Corporation will post $3.04 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Wednesday, August 30th will be given a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Monday, August 28th. Loews Corporation’s payout ratio is 7.53%.
L has been the subject of a number of research analyst reports. Zacks Investment Research cut Loews Corporation from a “hold” rating to a “sell” rating in a report on Friday, July 14th. BidaskClub cut Loews Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Finally, Jefferies Group LLC restated a “sell” rating and set a $35.00 target price on shares of Loews Corporation in a report on Tuesday, June 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Loews Corporation has a consensus rating of “Hold” and a consensus 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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