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

3M Co (MMM) : Parsons Capital Management Incri reduced its stake in 3M Co by 2.26% during the most recent quarter end. The investment management company now holds a total of 346,639 shares of 3M Co which is valued at $58,020,436 after selling 8,011 shares in 3M Co , the firm said in a disclosure report filed with the SEC on Apr 26, 2016.3M Co makes up approximately 7.91% of Parsons Capital Management Incri’s portfolio.

3M Co opened for trading at $167.3 and hit $168.5 on the upside on Monday, eventually ending the session at $168.34, with a gain of 0.57% or 0.96 points. The heightened volatility saw the trading volume jump to 17,00,272 shares. Company has a market cap of $101,852 M.

Other Hedge Funds, Including , American Research Management reduced its stake in MMM by selling 25 shares or 2.06% in the most recent quarter. The Hedge Fund company now holds 1,190 shares of MMM which is valued at $199,182. 3M Co makes up approx 0.08% of American Research Management’s portfolio.Pacwest Financial Management Inc reduced its stake in MMM by selling 87 shares or 0.52% in the most recent quarter. The Hedge Fund company now holds 16,493 shares of MMM which is valued at $2,760,598. 3M Co makes up approx 1.77% of Pacwest Financial Management Inc’s portfolio.Highstreet Asset Management reduced its stake in MMM by selling 13,100 shares or 43.46% in the most recent quarter. The Hedge Fund company now holds 17,044 shares of MMM which is valued at $2,874,641. 3M Co makes up approx 1.02% of Highstreet Asset Management’s portfolio.Somerset Trust Co boosted its stake in MMM in the latest quarter, The investment management firm added 165 additional shares and now holds a total of 17,274 shares of 3M Co which is valued at $2,915,506. 3M Co makes up approx 1.91% of Somerset Trust Co’s portfolio.

On the company’s financial health, 3M Co reported $1.95 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $1.92. The company had revenue of $7409.00 million for the quarter, compared to analysts expectations of $7326.17 million. The company’s revenue was down -2.2 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.85 EPS.

Many Wall Street Analysts have commented on 3M Co. Company shares were Reiterated by Jefferies on Apr 12, 2016 to “Buy”, Firm has raised the Price Target to $ 187 from a previous price target of $175 .Company shares were Reiterated by UBS on Mar 30, 2016 to “Buy”, Firm has raised the Price Target to $ 190 from a previous price target of $170 .

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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