Loews (L) Trading Down 6.1% After Earnings Miss

Loews Co. (NYSE:L) shares traded down 6.1% on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $44.17 and last traded at $44.56. 3,565,791 shares changed hands during mid-day trading, an increase of 231% from the average session volume of 1,078,768 shares. The stock had previously closed at $47.47.

The insurance provider reported ($0.53) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($1.06). Loews had a net margin of 8.94% and a return on equity of 4.75%. During the same period last year, the firm earned $0.81 EPS.

Several research analysts have recently issued reports on L shares. CIBC restated an “average” rating and issued a $70.00 price target on shares of Loews in a research report on Thursday, November 15th. Raymond James restated a “buy” rating and issued a $66.00 price target on shares of Loews in a report on Wednesday, November 14th. Finally, Zacks Investment Research upgraded Loews from a “sell” rating to a “hold” rating in a report on Tuesday, January 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $54.94.

In other news, insider Andrew H. Tisch sold 22,916 shares of the company’s stock in a transaction on Wednesday, January 2nd. The shares were sold at an average price of $45.10, for a total transaction of $1,033,511.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles M. Diker sold 664 shares of the company’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $48.48, for a total transaction of $32,190.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 41,653 shares of company stock valued at $1,891,638. 12.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. boosted its position in shares of Loews by 4.1% during the 4th quarter. BlackRock Inc. now owns 18,932,642 shares of the insurance provider’s stock worth $861,813,000 after purchasing an additional 739,962 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Loews by 1.5% during the 3rd quarter. Wells Fargo & Company MN now owns 5,635,278 shares of the insurance provider’s stock worth $283,059,000 after buying an additional 84,254 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Loews by 4,728.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,401,027 shares of the insurance provider’s stock worth $75,000 after buying an additional 3,330,590 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Loews by 18.8% during the 4th quarter. Bank of New York Mellon Corp now owns 2,478,852 shares of the insurance provider’s stock worth $112,837,000 after buying an additional 393,140 shares in the last quarter. Finally, Marathon Asset Management LLP increased its stake in shares of Loews by 6.6% during the 4th quarter. Marathon Asset Management LLP now owns 2,260,452 shares of the insurance provider’s stock worth $102,890,000 after purchasing an additional 140,750 shares during the last quarter. Institutional investors and hedge funds own 64.24% of the company’s stock.

The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $14.91 billion, a PE ratio of 15.58 and a beta of 0.64.

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About Loews (NYSE:L)

Loews Corporation, through its subsidiaries, provides commercial property and casualty insurance in the United States, Canada, the United Kingdom, Continental Europe, and Singapore. The company offers management and professional liability insurance and risk management services, and other specialized property and casualty coverages; commercial surety and fidelity bonds; and warranty and alternative risk services primarily for vehicles and cell phones.

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