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L Loews

Loews Corp. operates as a holding company, which engages in the oil and gas business. It operates through the following segments: CNA Financial, Diamond Offshore, Boardwalk Pipeline, Loews Hotels and Corporate. The CNA Financial segment offers property, casualty, insurance, and underwriting services. The Diamond Offshore segment manages drilling rigs. The Boardwalk Pipeline segment transports and stores natural gas and natural gas liquids. The Loews Hotels segment operates restaurants and chain of hotels. The Corporate segment includes investment income and interest expenses. The company was founded by Laurence A. Tisch and Preston Robert Tisch in 1954 and is headquartered in New York, NY.

L stock data

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Investment data

Data from SEC filings
Top 50 of 56 long holdings
End of quarter 31 Dec 20
Value
 
#Shares
 
Prev Q
 
Change
%, QoQ
$9.48B 243.21M 243.21M 0
$32.4M 3M 3M 0
$24.37M 440K 500K -12.0
$20.89M 195K 125K +56.0
$19.91M 380K 400K -5.0
$19.33M 344.06K 353K -2.5
$18.21M 100K 30K +233.3
$17.99M 290K 270K +7.4
$17.76M 65K 40K +62.5
$17.7M 85K 95K -10.5
$16.6M 550K 465K +18.3
$16.52M 130K 115K +13.0
$16.19M 237K 240K -1.3
$15.72M 380K 410K -7.3
$15.58M 170K 220K -22.7
$14.9M 8.5K 9.5K -10.5
$13.66M 120K NEW
$13.43M 300K 339.5K -11.6
$12.73M 175K 215K -18.6
$11.89M 90K 70K +28.6
$11.41M 145K 145K 0
$10.88M 110K 129K -14.7
$9.96M 400K NEW
$9.87M 60K 115K -47.8
$9.26M 85K 90K -5.6
$8.86M 1.01M 1.01M 0
$7.5M 180K 230K -21.7
$7.09M 75K NEW
$6.83M 25K 35K -28.6
$6.64M 160.9K 160.9K 0
$5.85M 461.78K 461.78K 0
$4.44M 20K NEW
$3.95M 344.84K 339.86K +1.5
$3.88M 693.53K 693.53K 0
$3.7M 10K NEW
$3.63M 3.23M 3.23M 0
$3.46M 3.2M 3.2M 0
$2.82M 80K 130K -38.5
$2.64M 90.99K 90.99K 0
$2.34M 40K NEW
$2.31M 114.69K 114.69K 0
$2.2M 3.08M 3.08M 0
$1.18M 16.11K 16.11K 0
$351K 2.21K NEW
$322K 3.47K NEW
$304K 2.99K NEW
$267K 2.27K NEW
$238K 1.22K NEW
$237K 12.69K NEW
$223K 279 NEW
Holdings list only includes long positions. Only includes long positions.

Calendar

9 Feb 21
22 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Loews earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 478M 478M 478M 478M 478M 478M
Cash burn (monthly) 136M (positive/no burn) (positive/no burn) 122M (positive/no burn) (positive/no burn)
Cash used (since last report) 508.97M n/a n/a 456.58M n/a n/a
Cash remaining -30.97M n/a n/a 21.42M n/a n/a
Runway (months of cash) -0.2 n/a n/a 0.2 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 Mar 21 Jonathan M Tisch Common Stock Gift Dispose G Yes No 0 300,000 0 9,383,932
16 Mar 21 Richard Waldo Scott Common Stock Sell Dispose S No No 51.34 6,378 327.45K 33,900.8
16 Mar 21 Richard Waldo Scott Common Stock Sale back to company Dispose D No No 51.62 16,122 832.22K 40,278.8
16 Mar 21 Richard Waldo Scott Common Stock Option exercise Aquire M No No 35.52 11,250 399.6K 56,400.8
16 Mar 21 Richard Waldo Scott Common Stock Option exercise Aquire M No No 38.46 11,250 432.68K 45,150.8
16 Mar 21 Richard Waldo Scott Stock Appreciation Right Common Stock Option exercise Dispose M No No 35.52 11,250 399.6K 0
16 Mar 21 Richard Waldo Scott Stock Appreciation Right Common Stock Option exercise Dispose M No No 38.46 11,250 432.68K 0
1 Mar 21 Berman Ann E Common Stock Sell Dispose S No No 49.36 170 8.39K 0
1 Mar 21 Berman Ann E Common Stock Sale back to company Dispose D No No 48.62 1,330 64.66K 170
1 Mar 21 Berman Ann E Common Stock Option exercise Aquire M No No 43.14 1,500 64.71K 1,500

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

62.7% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 432 392 +10.2%
Opened positions 71 35 +102.9%
Closed positions 31 64 -51.6%
Increased positions 104 107 -2.8%
Reduced positions 170 167 +1.8%
13F shares
Current Prev Q Change
Total value 9.57B 5.55B +72.6%
Total shares 167.35M 160M +4.6%
Total puts 113.5K 176.3K -35.6%
Total calls 125.1K 129.1K -3.1%
Total put/call ratio 0.9 1.4 -33.6%
Largest owners
Shares Value Change
Vanguard 24.43M $1.1B -3.8%
JPM JPMorgan Chase & Co. 20.6M $927.57M -4.1%
TROW T. Rowe Price 18.48M $832.17M -2.2%
BLK Blackrock 16.11M $725.44M -7.1%
Norges Bank 13.29M $598.11M NEW
STT State Street 10.67M $480.17M -6.8%
WFC Wells Fargo & Co. 4.26M $191.84M +0.0%
Geode Capital Management 3.8M $170.85M -0.0%
Dimensional Fund Advisors 3.05M $137.4M +1.1%
NTRS Northern Trust 2.98M $134.27M -5.4%
Largest transactions
Shares Bought/sold Change
Norges Bank 13.29M +13.29M NEW
BLK Blackrock 16.11M -1.24M -7.1%
Vanguard 24.43M -974.03K -3.8%
JPM JPMorgan Chase & Co. 20.6M -877.94K -4.1%
STT State Street 10.67M -781.71K -6.8%
TD Asset Management 176.78K -576.62K -76.5%
Nuveen Asset Management 2M +559.84K +38.8%
TROW T. Rowe Price 18.48M -409.84K -2.2%
Thompson Siegel & Walmsley 2.01M -398.08K -16.5%
NWQ Investment Management 0 -392.19K EXIT

Financial report summary

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Risks
  • The COVID-19 pandemic and measures to mitigate the spread of the virus have resulted in significant risk across CNA’s enterprise, which have had, and may continue to have, material adverse impacts on its business, results of operations and financial condition, the extent of which cannot be determined with any certainty at this time.
  • If CNA determines that its recorded insurance reserves are insufficient to cover its estimated ultimate unpaid liability for claim and claim adjustment expenses, CNA may need to increase its insurance reserves which would result in a charge to CNA’s earnings.
  • CNA’s actual experience could vary from the key assumptions used to determine active life reserves for long term care policies.
  • CNA is vulnerable to material losses from natural and man-made disasters.
  • CNA has exposure related to A&EP claims, which could result in material losses.
  • CNA is exposed to, and may face adverse developments related to, mass tort claims that could arise from its insureds’ sale or use of potentially harmful products or substances, changes to the social and legal environment, issues related to altered interpretation of coverage and other new and emerging claim theories.
  • CNA may not be able to obtain sufficient reinsurance at a cost or on terms and conditions it deems acceptable, which could result in increased exposure to risk or a decrease in CNA’s underwriting commitments.
  • CNA faces intense competition in its industry; it may be adversely affected by the cyclical nature of the property and casualty business and the evolving landscape of its distribution network.
  • CNA may be adversely affected by technological changes or disruptions in the insurance marketplace.
  • CNA may incur significant realized and unrealized investment losses and volatility in net investment income arising from changes in the financial markets.
  • CNA uses analytical models to assist its decision making in key areas such as pricing, reserving and capital modeling and may be adversely affected if actual results differ materially from the model outputs and related analyses.
  • Inability to detect and prevent significant employee or third party service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on CNA’s behalf could result in a material adverse effect on CNA’s business, results of operations and financial condition.
  • CNA is subject to capital adequacy requirements and, if it is unable to maintain or raise sufficient capital to meet these requirements, regulatory agencies may restrict or prohibit CNA from operating its business.
  • CNA’s insurance subsidiaries, upon whom CNA depends for dividends in order to fund its corporate obligations, are limited by insurance regulators in their ability to pay dividends.
  • Rating agencies may downgrade their ratings of CNA, adversely affecting its ability to write insurance at competitive rates or at all and increasing its cost of capital.
  • CNA is subject to extensive existing state, local, federal and foreign governmental regulations that restrict its ability to do business and generate revenues; additional regulation or significant modification to existing regulations or failure to comply with regulatory requirements may have a materially adverse effect on CNA’s business, results of operations and financial condition.
  • Boardwalk Pipelines’ natural gas transportation and storage operations are subject to extensive regulation by the FERC, including rules and regulations related to the rates it can charge for its services and its ability to construct or abandon facilities. Boardwalk Pipelines may not be able to recover the full cost of operating its pipelines, including earning a reasonable return.
  • Legislative and regulatory initiatives relating to pipeline safety that require the use of new or more prescriptive compliance activities, substantial changes to existing integrity management programs or withdrawal of regulatory waivers could subject Boardwalk Pipelines to increased capital and operating costs and operational delays.
  • Boardwalk Pipelines’ actual construction and development costs could exceed its forecasts, its anticipated cash flow from construction and development projects will not be immediate and its construction and development projects may not be completed on time or at all.
  • Legislative and regulatory initiatives related to climate change make Boardwalk Pipelines’ operations as well as the operations of its fossil fuel producer customers subject to a series of regulatory, political, litigation and financial risks associated with the production and processing of fossil fuels and emission of greenhouse gases (“GHGs”).
  • The outbreak of COVID-19 and the measures to mitigate the spread of COVID-19 could materially adversely affect Boardwalk Pipelines’ business, financial condition and results of operations and those of its customers, suppliers and other business partners.
  • Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact Boardwalk Pipelines’ business.
  • The price differentials between natural gas supplies and market demand for natural gas have reduced the transportation rates that Boardwalk Pipelines can charge on certain portions of its pipeline systems.
  • Boardwalk Pipelines is exposed to credit risk relating to default or bankruptcy by its customers.
  • Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that restrict its business and financing activities.
  • Boardwalk Pipelines’ substantial indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.
  • Limited access to the debt markets and increases in interest rates could adversely affect Boardwalk Pipelines’ business.
  • Boardwalk Pipelines does not own all of the land on which its pipelines and facilities are located, which could result in disruptions to its operations.
  • Rising sea levels, subsidence and erosion could damage Boardwalk Pipelines’ pipelines and the facilities that serve its customers, particularly along coastal waters and offshore in the Gulf of Mexico.
  • Boardwalk Pipelines may not be successful in executing its strategy to grow and diversify its business.
  • Boardwalk Pipelines’ ability to replace expiring gas storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all are subject to market conditions.
  • Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.
  • Loews Hotels & Co’s business may be materially adversely affected by various operating risks common to the hospitality industry, including competition, excess supply and dependence on business travel and tourism.
  • The hospitality industry is subject to seasonal and cyclical volatility.
  • Loews Hotels & Co operates in a highly competitive industry, both for customers and for acquisitions and developments of new properties.
  • Any deterioration in the quality or reputation of Loews Hotels & Co’s brands could have a material adverse effect on its reputation and business.
  • Loews Hotels & Co’s efforts to develop new properties and renovate existing properties could be delayed or become more expensive.
  • Loews Hotels & Co’s properties are geographically concentrated, which exposes its business to the effects of regional events and occurrences.
  • The growth and use of alternative reservation channels adversely affects Loews Hotels & Co’s business.
  • Loews Hotels & Co’s insurance coverage may not cover all possible losses, and it may not be able to renew its insurance policies on favorable terms, or at all.
  • Labor shortages could restrict Loews Hotels & Co’s ability to operate its properties or grow its business or result in increased labor costs that could reduce its results of operations.
  • A portion of Loews Hotels & Co’s labor force is covered by collective bargaining agreements.
  • The COVID-19 pandemic may have an adverse impact on Altium Packaging.
  • Altium Packaging’s substantial indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.
  • Altium Packaging is exposed to changes in consumer preferences.
  • Fluctuations in raw material prices and raw material availability may materially affect Altium Packaging’s results of operations.
  • Altium Packaging’s customers may increase their self-manufacturing.
  • The COVID-19 pandemic is having widespread impacts on the way we and our subsidiaries operate.
  • Acts of terrorism could harm us and our subsidiaries.
  • Our subsidiaries face significant risks related to compliance with environmental laws.
  • Failures or interruptions in or breaches to our or our subsidiaries’ computer systems could materially and adversely affect our or our subsidiaries’ operations.
  • Loss of key vendor relationships or issues relating to the transitioning of vendor relationships could result in a materially adverse effect on our and our subsidiaries’ operations.
  • We could incur impairment charges related to the carrying value of the long-lived assets and goodwill of our subsidiaries.
  • We are a holding company and derive substantially all of our income and cash flow from our subsidiaries.
  • We and our subsidiaries face competition for senior executives and qualified specialized talent.
  • From time to time we and our subsidiaries are subject to litigation, for which we and they may be unable to accurately assess the level of exposure and which if adversely determined, may have a significant adverse effect on our or their financial condition or results of operations.
Management Discussion
  • Net loss attributable to Loews Corporation for 2020 was $931 million, or $3.32 per share, compared to net income attributable to Loews Corporation of $932 million, or $3.07 per share, in 2019.
  • The net loss for 2020 was driven by six main factors: (i) an investment loss of $1.2 billion ($957 million after tax) caused by the write down of the carrying value of our interest in Diamond Offshore as a result of its deconsolidation upon its bankruptcy filing on April 26, 2020; (ii) drilling rig impairment charges at Diamond Offshore during the first quarter of 2020 when it was a consolidated subsidiary; (iii) operating losses in 2020 as compared to operating income in 2019 at Loews Hotels; (iv) a reduction in CNA’s and the parent company’s net investment income; (v) net investment losses at CNA in 2020 as compared to net investment gains in 2019; and (vi) lower property and casualty underwriting income at CNA caused mainly by higher catastrophe losses.
  • The economic disruption caused by the COVID-19 pandemic and measures to mitigate the spread of the virus have significantly affected Loews’s results in 2020. The full impact of COVID-19 on the Company’s financial results will depend on the duration of mandated and voluntary containment efforts, related economic policies, the success of vaccination efforts in mitigating the pandemic, and other societal responses to the pandemic.
Content analysis
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