Parsons Capital Management Incri Lowers stake in 3M Co (MMM)

3M Co (MMM) : Parsons Capital Management Incri reduced its stake in 3M Co by 2.83% during the most recent quarter end. The investment management company now holds a total of 336,842 shares of 3M Co which is valued at $60,722,507 after selling 9,797 shares in 3M Co , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.3M Co makes up approximately 8.00% of Parsons Capital Management Incri’s portfolio.

Other Hedge Funds, Including , Neuberger Berman Group reduced its stake in MMM by selling 233,284 shares or 10.56% in the most recent quarter. The Hedge Fund company now holds 1,975,022 shares of MMM which is valued at $352,679,679. 3M Co makes up approx 0.47% of Neuberger Berman Group’s portfolio.Todd Asset Management reduced its stake in MMM by selling 264 shares or 5.99% in the most recent quarter. The Hedge Fund company now holds 4,140 shares of MMM which is valued at $738,493. 3M Co makes up approx 0.02% of Todd Asset Management’s portfolio.Kanawha Capital Management reduced its stake in MMM by selling 815 shares or 1.31% in the most recent quarter. The Hedge Fund company now holds 61,416 shares of MMM which is valued at $10,954,158. 3M Co makes up approx 1.78% of Kanawha Capital Management’s portfolio. Maple Securities Usa Inc sold out all of its stake in MMM during the most recent quarter. The investment firm sold 36,824 shares of MMM which is valued $6,599,229.

3M Co opened for trading at $178.66 and hit $179.78 on the upside on Friday, eventually ending the session at $179.61, with a gain of 0.24% or 0.43 points. The heightened volatility saw the trading volume jump to 13,05,289 shares. Company has a market cap of $108,556 M.

On the company’s financial health, 3M Co reported $2.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 26, 2016. Analyst had a consensus of $2.07. The company had revenue of $7662.00 million for the quarter, compared to analysts expectations of $7710.77 million. The company’s revenue was down -.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.02 EPS.

3M Company is a diversified technology company. The Company operates in five business segments: Industrial which serves a range of markets such as automotive original equipment manufacturer (OEM) and automotive aftermarket electronics appliance paper and printing packaging food and beverage and construction; Safety and Graphics which serves a range of markets for the safety security and productivity of people facilities and systems; Electronics and Energy which serves customers in electronics and energy markets including solutions for electronic devices telecommunications networks electrical products power generation and distribution and infrastructure protection; Health Care which serves markets that include medical clinics and hospitals pharmaceuticals dental and orthodontic practitioners and health information systems and Consumer which serves markets that include consumer retail office retail home improvement building maintenance and other markets.

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