Recoiled Stocks in Momentum: 3M Company (NYSE:MMM), Cenovus Energy Inc. (NYSE:CVE)

3M Company (NYSE:MMM) [Trend Analysis] knocking active thrust in leading trading session, shares a loss of -0.10% to 175.88 with around 1.78 Million shares have changed hands in this session. 3M co. (MMM) reported that it decided to sell the identity management business within its Traffic Safety and Security Division, to Gemalto for $850 million, subject to closing and other adjustments.3M’s identity management business is a leader in identity management solutions providing biometric hardware and software that enable identity verification and authentication, as well as secure materials and document readers.

The business includes 3M Cogent, Inc., a wholly owned subsidiary of 3M, which provides a full spectrum of biometric solutions with a focus in law enforcement, border control and civil identification. 3M’s identity management business has annual global sales of approximately $215 million.The transaction is expected to close during the first half of 2017 and is subject to customary closing conditions, regulatory approvals and consultation or information requirements with relevant works councils. Approximately 450 3M employees are expected to transfer to Gemalto with the acquisition. The stock is going forward its fifty-two week low with 34.13% and lagging behind from its 52-week high price with -2.56%.

Similar, the positive performance for the quarter recorded as 0.78% and for the year was 15.73%, while the YTD performance remained at 19.88%. MMM has Average True Range for 14 days of 1.99.

Cenovus Energy Inc. (NYSE:CVE) [Trend Analysis] retains strong position in active trade, as shares scoring remains unchanged to $15.52 in a active trade session, while looking at the shares volume, around 1.62 Million shares have changed hands in this session. Cenovus Energy Inc. (NYSE:CVE) declared that it has been placed in the Leadership level of the annual CDP Climate Change Report. This global ranking recognizes actions the company has taken to manage climate change impacts within its operations and beyond. The score of A- positions Cenovus in the top quartile of all global companies assessed by CDP and it is one of only two Canadian energy companies at the Leadership level. These results were declared recently as part of CDP’s Canada Report.

“This CDP ranking is an acknowledgement of our important efforts to reduce greenhouse gas emissions at our operations and to support policy that encourages actions to address climate change more broadly,” said Jon Mitchell, Cenovus Vice-President Environment & Sustainability. “We will continue to transparently communicate the innovative ways we plan our business to be both cost and carbon competitive over the long term.” The firm has institutional ownership of 73.10%, while insider ownership included 0.10%. CVE attains analyst recommendation of 2.70 with week’s performance of -0.77%. Investors looking further ahead will note that the Price to next year’s EPS is 81.40%.

 

About Richard Avery

He is a capital projects manager and process design engineer at a large-cap company. He has renowned MBA degree. Before joining SWR, he was a freelance writer for renounce tech websites. He is currently studying for CFP exam. Interests: Tech stocks, Economic Markets, Blue-chips.

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