Shares of Loews Corporation (NYSE:L) are down significantly in early morning trading today after the company reported their fourth quarter earnings. Apparently the market is disappointed at the results, in which Loews Corporation (NYSE:L) reported an earnings per share of $0.72 compared to the $0.78 that analysts had expected for the quarter. The company was also light on a revenue front, reporting $3.33 billion for the quarter vs. the $3.52 billion that analysts were expecting.
Over the last six weeks the stock is down more than 10% as the comany seems to be struggling to grow both their top and bottom lines. The stock reached a new 52-week low in the pre-market this morning but has bounced back somewhat.
The stock has fallen 5.84% or $2.12 following this negative news, hitting $34.17 per share. Approximately 4,200 shares traded hands. L shares have declined 6.20% since July 2, 2015 and are currently downtrending. It has outperformed the S&P500 by 2.67%.
The institutional sentiment decreased to 0.56 in Q2 2015. It’s down 0.25, from 0.81 in 2015Q2. The ratio dropped, as 51 funds sold all their Loews Corporation shares they owned while 167 reduced their positions. 22 funds bought stakes while 101 increased their total positions. Institutions now own 192.98 million shares which is 9.19% less than the previous share count of 212.53 million in 2015Q2.
Southeastern Asset Management Inc Tn holds 6.08% of its total portfolio in Loews Corporation, equating to 19.93 million shares. Kiltearn Partners Llp owns 3.40 million shares representing 5.7% of their total US portfolio. Moreover, Mraz Amerine & Associates Inc. has 4.14% of their total portfolio invested in the company, equating to 289,647 shares. The Texas-based Corda Investment Management Llc. has a total of 3.77% of their portfolio invested in the stock. America First Investment Advisors Llc, a Nebraska-based fund reported 205,976 shares owned.
Since March 19, 2015, the stock had 0 buys, and 3 sales for a total of $3.74 million in net activity. Harris Walter L sold 1,500 shares worth $53,880. Fribourg Paul J sold 1,500 shares worth $54,465. Tisch Andrew H sold 93,220 shares worth $3.64 million. Diker Charles M sold 1,500 shares worth $58,170. The insider Laskawy Philip A sold 3,000 shares worth $113,190.
Loews Corporation is a holding company. The company has a market cap of $12.02 billion. 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. It has 18.68 P/E ratio. The Company’s subsidiaries include CNA Financial Corporation ; Diamond Offshore Drilling, Inc. (Diamond Offshore); Boardwalk Pipeline Partners, LP (Boardwalk Pipeline), and Loews Hotels Holding Corporation (Loews Hotels).