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By Brendan Pierson
Aug 30 (Reuters) - 3M MMM.N, Corteva CTVA.N and Chemours CC.N were hit with a class action lawsuit on Friday accusing them of covering up the health risks of so-called "forever chemicals" used in carpets and rugs nationwide.
The lawsuit, filed in Minnesota federal court, seeks to represent a class of everyone in the United States who bought and installed carpets before 2020 in buildings they own. It alleges that per- and polyfluoroalkyl substances, or PFAS, made by the defendants, were used in "virtually all" carpets up to that time for stain and water resistance.
The lawsuit is seeking economic damages to remove and replace contaminated carpets, as well as punitive damages, but does not include personal injury claims.
It accuses the companies of violating the Racketeer Influenced and Corrupt Organizations Act (RICO), a federal law originally targeting organized crime that also allows civil claims over alleged conspiracies. It also includes numerous claims under state consumer protection laws, and common law claims of nuisance, failure to warn and design defect.
"As the science and technology of PFAS, societal and regulatory expectations, and our expectations of ourselves have evolved, so has how we manage PFAS," 3M said in a statement. "3M will address PFAS litigation by defending itself in court or through negotiated resolutions, all as appropriate."
Corteva and Chemours, which are both spinoffs of DuPont DD.N, did not immediately respond to requests for comment.
PFAS are a family of thousands of chemicals used in consumer and commercial products like firefighting foams, nonstick pans and stain resistant fabrics. They have been linked to cancer and other health concerns and are often called forever chemicals because they do not easily break down in the human body or the environment.
Friday's lawsuit says that DuPont learned as early as the 1950s that PFAS in its Teflon non-stick products were toxic, but kept the knowledge from the public, and that the defendants continued working to cover up the risks. 3M for years secretly paid a toxicology professor to review articles submitted to academic journals and keep research about the dangers of PFAS from being published, it said.
The United States has recently tightened regulation of PFAS, unveiling new standards for contamination in drinking water and requiring some PFAS contamination to be cleaned up under the federal Superfund program for hazardous sites.
Thousands of lawsuits have been filed in recent years against manufacturers of PFAS and the companies that use the chemicals to create a diverse array of products.
DuPont, Corteva and Chemours last year agreed to pay a combined $1.19 billion to public water systems to resolve claims over PFAS contamination, and 3M agreed to pay $10.3 billion.
The case is Peterson et al v. 3M et al, U.S. District Court for the District of Minnesota, No. 0:24-cv-03497.
For plaintiffs: Steve Berman of Hagens Berman Sobol Shapiro and others
For defendants: not available
Read more:
US sets first standard to curb 'forever chemicals' from drinking water
US designates PFAS chemicals as Superfund hazardous substances
Chemical makers settle PFAS-related claims for $1.19 billion
3M reaches tentative $10.3 billion deal over US 'forever chemicals' claims
Keywords: USA-PFAS/LAWSUIT-CARPET
It has been about a month since the last earnings report for Markel Group . Shares have added about 1.6% in that time frame, underperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Markel Group due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Markel's Q2 Earnings Beat Estimates, Revenues Miss
Markel Group Inc. reported second-quarter 2024 net operating earnings per share of $25.95, which beat the Zacks Consensus Estimate by 25%. The bottom line increased 15.7% year over year. Markel witnessed improved earned premiums and increased net investment income.
Quarterly Operational Update
Total operating revenues of $3.8 billion missed the Zacks Consensus Estimate by 0.6%. The top line, however, rose 4.7% year over year. Earned premiums increased 2.3% to $2.1 billion in the reported quarter.
Net investment income increased 31.4% year over year to $223 million in the second quarter. Total operating expenses increased 3.8% to $3.3 billion, owing to higher losses and loss adjustment expenses, underwriting, acquisition and insurance expenses, product expenses, and services and other expenses. MKL’s combined ratio deteriorated 70 basis points (bps) year over year to 93.5 in the reported quarter.
Segment Update
Insurance: Gross premiums increased 2% year over year to $2.5 billion. The uptick was driven by new business growth and more favorable rates within personal lines, programs, marine and energy and property product lines. Underwriting profit came in at $133 million, down 1% year over year. The combined ratio deteriorated 30 bps year over year to 92.9
Reinsurance: Gross premiums increased 50% year over year to $420.7 billion. The increase can be attributed to the impact of favorable timing differences and increases in renewals due to increased participation within professional liability product lines. Underwriting profit was $1.3 million, down 91% year over year. The combined ratio deteriorated 520 bps year over year to 99.5 in the second quarter of 2024.
Markel Ventures: Operating revenues of $1.5 billion improved 5% year over year. The growth was driven by higher revenues across many of its product businesses due in part to increased demand.
Operating income of $177.5 million increased 4% year over year, driven by the positive impact of consumer and building products businesses, which witnessed higher revenues and operating margins as a result of declines in the cost of materials, freight and labor.
Financial Update
Markel exited the second quarter of 2024 with cash and cash equivalents of $4.2 billion, down 2.7% from the 2023 end level. The debt balance increased 16.4% year over year to $4.4 billion as of Jun 30, 2024 from 2023 end level.
Shareholders' equity was $15.8 billion at second-quarter 2024 end, up 5.8% from 2023 end. Net cash provided by operating activities was $1.2 billion in the first half, up 19.9% year over year, reflecting higher net premium collections.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates revision.
VGM Scores
Currently, Markel Group has a subpar Growth Score of D, a grade with the same score on the momentum front. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Markel Group has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Markel Group belongs to the Zacks Diversified Operations industry. Another stock from the same industry, 3M , has gained 5.1% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.
3M reported revenues of $6.26 billion in the last reported quarter, representing a year-over-year change of -24.9%. EPS of $1.93 for the same period compares with $2.17 a year ago.
For the current quarter, 3M is expected to post earnings of $1.92 per share, indicating a change of -28.4% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
3M has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.
Zacks Investment Research
3M closed the latest trading day at $131.61, indicating a +0.16% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.6% for the day. Elsewhere, the Dow lost 0.39%, while the tech-heavy Nasdaq lost 1.12%.
Heading into today, shares of the maker of Post-it notes, industrial coatings and ceramics had gained 3.67% over the past month, outpacing the Conglomerates sector's loss of 7.6% and the S&P 500's gain of 3.15% in that time.
Investors will be eagerly watching for the performance of 3M in its upcoming earnings disclosure. In that report, analysts expect 3M to post earnings of $1.92 per share. This would mark a year-over-year decline of 28.36%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $6.09 billion, down 26.78% from the year-ago period.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $7.20 per share and revenue of $24.71 billion, indicating changes of -22.08% and -24.4%, respectively, compared to the previous year.
It is also important to note the recent changes to analyst estimates for 3M. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.21% upward. 3M is currently sporting a Zacks Rank of #3 (Hold).
Looking at valuation, 3M is presently trading at a Forward P/E ratio of 18.25. This denotes a discount relative to the industry's average Forward P/E of 18.35.
We can additionally observe that MMM currently boasts a PEG ratio of 2.43. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Diversified Operations industry had an average PEG ratio of 2.08 as trading concluded yesterday.
The Diversified Operations industry is part of the Conglomerates sector. This industry currently has a Zacks Industry Rank of 69, which puts it in the top 28% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
If you're interested in broad exposure to the Large Cap Value segment of the US equity market, look no further than the Pacer US Cash Cows 100 ETF , a passively managed exchange traded fund launched on 12/16/2016.
The fund is sponsored by Pacer Etfs. It has amassed assets over $24.96 billion, making it one of the largest ETFs attempting to match the Large Cap Value segment of the US equity market.
Why Large Cap Value
Companies that find themselves in the large cap category typically have a market capitalization above $10 billion. Overall, they are usually a stable option, with less risk and more sure-fire cash flows than mid and small cap companies.
Value stocks are known for their lower than average price-to-earnings and price-to-book ratios, but investors should also note their lower than average sales and earnings growth rates. Considering long-term performance, value stocks have outperformed growth stocks in almost all markets; however, they are more likely to underperform growth stocks in strong bull markets.
Costs
When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.49%, putting it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 1.98%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation to the Consumer Discretionary sector--about 20.10% of the portfolio. Information Technology and Energy round out the top three.
Looking at individual holdings, 3m Co accounts for about 2.47% of total assets, followed by Gilead Sciences Inc and Bristol-Myers Squibb Co .
The top 10 holdings account for about 21.97% of total assets under management.
Performance and Risk
COWZ seeks to match the performance of the Pacer US Cash Cows 100 Index before fees and expenses. The Pacer US Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields.
The ETF has added about 11.78% so far this year and was up about 17.33% in the last one year (as of 08/27/2024). In the past 52-week period, it has traded between $47.09 and $58.11.
The ETF has a beta of 1.01 and standard deviation of 19% for the trailing three-year period. With about 102 holdings, it effectively diversifies company-specific risk.
Alternatives
Pacer US Cash Cows 100 ETF carries a Zacks ETF Rank of 3 (Hold), which is based on expected asset class return, expense ratio, and momentum, among other factors. Thus, COWZ is a reasonable option for those seeking exposure to the Style Box - Large Cap Value area of the market. Investors might also want to consider some other ETF options in the space.
The Schwab U.S. Dividend Equity ETF and the Vanguard Value ETF track a similar index. While Schwab U.S. Dividend Equity ETF has $59.81 billion in assets, Vanguard Value ETF has $123.96 billion. SCHD has an expense ratio of 0.06% and VTV charges 0.04%.
Bottom-Line
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
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