Shell Asset Management Co. Has $893,000 Position in Loews Corporation (L)
Shell Asset Management Co. held its stake in Loews Corporation (NYSE:L) during the second quarter, Holdings Channel reports. The fund owned 19,070 shares of the insurance provider’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in Loews Corporation were worth $893,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of L. State of Alaska Department of Revenue bought a new stake in Loews Corporation during the first quarter valued at $743,000. DnB Asset Management AS boosted its stake in Loews Corporation by 16.2% in the first quarter. DnB Asset Management AS now owns 39,493 shares of the insurance provider’s stock valued at $1,847,000 after buying an additional 5,500 shares during the period. Americafirst Capital Management LLC bought a new stake in Loews Corporation during the first quarter valued at $643,000. Fox Run Management L.L.C. bought a new stake in Loews Corporation during the first quarter valued at $552,000. Finally, Parametrica Management Ltd bought a new stake in Loews Corporation during the first quarter valued at $277,000. Hedge funds and other institutional investors own 58.85% of the company’s stock.
Loews Corporation (NYSE:L) opened at 48.87 on Thursday. The company has a market cap of $16.45 billion, a price-to-earnings ratio of 14.44 and a beta of 0.71. Loews Corporation has a 12-month low of $39.71 and a 12-month high of $49.27. The company’s 50 day moving average is $47.64 and its 200 day moving average is $47.05.
Loews Corporation (NYSE:L) last announced its earnings results on Monday, July 31st. The insurance provider reported $0.76 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.76. Loews Corporation had a net margin of 8.44% and a return on equity of 4.84%. The business had revenue of $3.36 billion for the quarter. During the same period in the prior year, the company posted $0.59 EPS. Analysts forecast that Loews Corporation will post $3.04 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Wednesday, August 30th will be paid a $0.0625 dividend. This represents a $0.25 annualized dividend and a dividend yield of 0.51%. The ex-dividend date is Monday, August 28th. Loews Corporation’s dividend payout ratio is currently 7.53%.
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Several analysts have recently weighed in on the stock. 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 cut shares of Loews Corporation from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC restated a “sell” rating and set a $35.00 price objective 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 given a buy rating to the company. The company 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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