The stock of Loews Corporation (NYSE:L) hit a new 52-week high and has $61.49 target or 42.00% above today’s $43.30 share price. The 9 months bullish chart indicates low risk for the $14.60 billion company. The 1-year high was reported on Oct, 31 by Barchart.com. If the $61.49 price target is reached, the company will be worth $6.13 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 886,834 shares traded hands. Loews Corporation (NYSE:L) has risen 7.19% since March 29, 2016 and is uptrending. It has outperformed by 3.71% the S&P500.
Analysts await Loews Corporation (NYSE:L) to report earnings on November, 7. They expect $0.65 earnings per share, up 30.00% or $0.15 from last year’s $0.5 per share. L’s profit will be $219.17M for 16.65 P/E if the $0.65 EPS becomes a reality. After $0.60 actual earnings per share reported by Loews Corporation for the previous quarter, Wall Street now forecasts 8.33% EPS growth.
According to Zacks Investment Research, “Loews is a holding company. Their subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation); operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling); transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas (Boardwalk Pipeline Partners, LP); and operation of a chain of hotels (Loews Hotels Holding Corporation).”
Insitutional Activity: The institutional sentiment increased to 1.11 in Q2 2016. Its up 0.21, from 0.9 in 2016Q1. The ratio increased, as 30 funds sold all Loews Corporation shares owned while 127 reduced positions. 39 funds bought stakes while 136 increased positions. They now own 187.71 million shares or 0.86% more from 186.12 million shares in 2016Q1.
Windsor Finance Grp Ltd Limited Liability Company accumulated 109,099 shares or 2.04% of the stock. Barrow Hanley Mewhinney Strauss Limited Liability Corporation last reported 3.35 million shares in the company. Norinchukin Financial Bank The reported 44,318 shares or 0.04% of all its holdings. Moreover, Westpac Corporation has 0% invested in Loews Corporation (NYSE:L) for 16,405 shares. Barry Investment Advsr Ltd Liability Company has invested 0.18% of its portfolio in Loews Corporation (NYSE:L). Gamco Investors Inc Et Al last reported 0% of its portfolio in the stock. Parametric Assocs Lc reported 533,096 shares or 0.03% of all its holdings. Hallmark Capital Mgmt Inc holds 19,440 shares or 0.12% of its portfolio. Delta Lloyd Nv owns 15,964 shares or 0.02% of their US portfolio. Amp Capital Investors Ltd reported 115,927 shares or 0.03% of all its holdings. Millennium Management Limited Liability Company owns 5,119 shares or 0% of their US portfolio. Pictet Asset Management Ltd accumulated 151,125 shares or 0.02% of the stock. Brandywine Global Mgmt Ltd Liability Corp accumulated 321,945 shares or 0.09% of the stock. Teacher Retirement Of Texas accumulated 0.01% or 20,625 shares. Foundation Resource Mgmt reported 163,202 shares or 1.25% of all its holdings.
Insider Transactions: Since May 4, 2016, the stock had 0 buys, and 8 insider sales for $46,176 net activity. 130 shares with value of $5,412 were sold by BERMAN ANN E on Thursday, September 1. Another trade for 203 shares valued at $8,187 was made by HARRIS WALTER L on Wednesday, June 1. Shares for $2,876 were sold by BOWER JOSEPH L. LASKAWY PHILIP A sold $5,413 worth of Loews Corporation (NYSE:L) on Thursday, September 1. 1,120 shares were sold by GARSON GARY W, worth $44,442 on Wednesday, May 4. FRIBOURG PAUL J also sold $5,279 worth of Loews Corporation (NYSE:L) on Wednesday, August 31. 130 Loews Corporation (NYSE:L) shares with value of $5,413 were sold by DIKER CHARLES M.
More recent Loews Corporation (NYSE:L) news were published by: Prnewswire.com which released: “Loews Corporation Reports Net Income Of $327 Million For The Third Quarter Of 2016” on October 31, 2016. Also Prnewswire.com published the news titled: “Loews Corporation to Release Third Quarter 2016 Results on October 31” on October 11, 2016. Benzinga.com‘s news article titled: “Stocks Hitting 52-Week Highs” with publication date: October 31, 2016 was also an interesting one.
L Company Profile
Loews Corporation, incorporated on November 12, 1969, is a holding company. The Company, through its subsidiaries, is engaged in commercial property and casualty insurance; operation of offshore gas and oil drilling rigs; transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas, and operation of a chain of hotels. The Company’s subsidiaries include CNA Financial Corporation (CNA); Diamond Offshore Drilling, Inc. (Diamond Offshore); Boardwalk Pipeline Partners, LP (Boardwalk Pipeline), and Loews Hotels Holding Corporation (Loews Hotels).
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