OMERS ADMINISTRATION Corp Acquires New Position in Loews Corporation (L)
OMERS ADMINISTRATION Corp acquired a new stake in Loews Corporation (NYSE:L) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 36,008 shares of the insurance provider’s stock, valued at approximately $1,686,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Louisiana State Employees Retirement System boosted its stake in shares of 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 buying an additional 100 shares during the period. Knights of Columbus Asset Advisors LLC bought a new stake in shares of Loews Corporation during the first quarter valued at about $1,616,000. FDO Partners LLC bought a new stake in shares of Loews Corporation during the first quarter valued at about $3,263,000. Cipher Capital LP boosted its stake in shares of Loews Corporation by 19.9% in the first quarter. Cipher Capital LP now owns 9,657 shares of the insurance provider’s stock valued at $452,000 after buying an additional 1,600 shares during the period. Finally, Janus Capital Management LLC boosted its stake in shares of 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 during the period. 58.61% of the stock is currently owned by institutional investors.
Shares of Loews Corporation (NYSE L) opened at 46.58 on Friday. Loews Corporation has a 12 month low of $39.71 and a 12 month high of $49.58. The company has a market cap of $15.68 billion, a PE ratio of 13.76 and a beta of 0.71. The firm’s 50-day moving average price is $47.94 and its 200 day moving average price is $47.17.
Loews Corporation (NYSE:L) last issued its earnings results on Monday, July 31st. The insurance provider reported $0.76 EPS for the quarter, hitting analysts’ consensus estimates of $0.76. The firm had revenue of $3.36 billion during 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 previous year, the firm posted $0.59 EPS. Equities research analysts anticipate that Loews Corporation will post $3.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Wednesday, August 30th will be given a $0.0625 dividend. The ex-dividend date of this dividend is Monday, August 28th. This represents a $0.25 dividend on an annualized basis and a yield of 0.54%. Loews Corporation’s dividend payout ratio (DPR) is presently 7.53%.
Several analysts have issued reports on the company. Jefferies Group LLC reaffirmed a “sell” rating and set a $35.00 target price on shares of Loews Corporation in a research report on Tuesday, June 6th. BidaskClub cut Loews Corporation from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Finally, Zacks Investment Research cut Loews Corporation from a “buy” rating to a “hold” rating in a research report on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Loews Corporation has a consensus rating of “Hold” and a consensus target price of $43.33.
Loews Corporation 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 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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