OppenheimerFunds Inc. raised its position in shares of Loews Corporation (NYSE:L) by 10.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,503 shares of the insurance provider’s stock after buying an additional 3,834 shares during the period. OppenheimerFunds Inc.’s holdings in Loews Corporation were worth $1,894,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Knights of Columbus Asset Advisors LLC purchased a new position in shares of Loews Corporation during the first quarter valued at $1,616,000. Rafferty Asset Management LLC raised its position in shares of Loews Corporation by 260.5% in the first quarter. Rafferty Asset Management LLC now owns 50,816 shares of the insurance provider’s stock valued at $2,377,000 after buying an additional 36,719 shares during the period. Cadence Capital Management LLC raised its position in shares of Loews Corporation by 17.6% in the first quarter. Cadence Capital Management LLC now owns 9,328 shares of the insurance provider’s stock valued at $436,000 after buying an additional 1,393 shares during the period. Cibc World Markets Corp raised its position in shares of Loews Corporation by 52.0% in the first quarter. Cibc World Markets Corp now owns 28,811 shares of the insurance provider’s stock valued at $1,347,000 after buying an additional 9,862 shares during the period. Finally, Blair William & Co. IL raised its position in shares of Loews Corporation by 44.0% in the first quarter. Blair William & Co. IL now owns 7,010 shares of the insurance provider’s stock valued at $328,000 after buying an additional 2,142 shares during the period. 58.56% of the stock is owned by institutional investors.
Loews Corporation (NYSE L) opened at 47.15 on Tuesday. The stock has a 50 day moving average price of $46.86 and a 200-day moving average price of $46.86. Loews Corporation has a 12-month low of $39.71 and a 12-month high of $48.39. The company has a market capitalization of $15.88 billion, a price-to-earnings ratio of 18.86 and a beta of 0.70.
Loews Corporation (NYSE:L) last issued its earnings results on Monday, May 1st. The insurance provider reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.21. The company had revenue of $3.30 billion during the quarter. Loews Corporation had a net margin of 6.23% and a return on equity of 4.67%. During the same period in the prior year, the company posted $0.30 EPS. Equities analysts predict that Loews Corporation will post $3.13 EPS for the current fiscal year.
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A number of equities analysts have recently commented on L shares. Jefferies Group LLC reaffirmed a “sell” rating and issued a $35.00 price target on shares of Loews Corporation in a report on Tuesday, June 6th. BidaskClub raised Loews Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Zacks Investment Research lowered Loews Corporation from a “buy” rating to a “hold” rating in a report on Monday, June 19th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price 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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