BlackRock Trims 3M Stake to 10.4% as of Dec 31, 2023
Ticker: MMM · Form: SC 13G/A · Filed: 2024-01-26T00:00:00.000Z
Sentiment: bearish
Topics: institutional-ownership, stake-reduction, 13G/A, portfolio-rebalancing
TL;DR
**BlackRock cut its 3M stake to 10.4% by year-end 2023.**
AI Summary
BlackRock Inc. has filed an amendment to its Schedule 13G for 3M Company, indicating its ownership of 58,187,006 shares of 3M's Common Stock as of December 31, 2023. This represents a 10.4% beneficial ownership stake in 3M, a decrease from its previously reported holdings. This matters to investors because BlackRock is a major institutional investor, and a reduction in its stake could signal a shift in its investment strategy or outlook on 3M's future performance, potentially influencing other investors' perceptions and the stock price.
Why It Matters
A large institutional investor like BlackRock reducing its stake in 3M could be interpreted as a lack of confidence, potentially putting downward pressure on the stock price.
Risk Assessment
Risk Level: medium — A significant institutional investor reducing its position can create uncertainty and potentially lead to negative market sentiment for the stock.
Analyst Insight
A smart investor would monitor 3M's stock performance and news for any further institutional selling or company-specific developments that might explain BlackRock's reduced stake, considering it a potential signal of reduced confidence.
Key Numbers
- 58,187,006 — Shares owned by BlackRock (Represents BlackRock's total beneficial ownership in 3M as of December 31, 2023.)
- 10.4% — Beneficial ownership percentage (Indicates the proportion of 3M's Common Stock BlackRock beneficially owns, a decrease from previous filings.)
- December 31, 2023 — Reporting Date (The specific date for which the ownership data is reported, crucial for understanding the timeliness of the information.)
Key Players & Entities
- BlackRock Inc. (company) — the institutional investor filing the SC 13G/A amendment
- 3M Company (company) — the subject company whose shares are being reported
- 58,187,006 (dollar_amount) — number of shares of Common Stock beneficially owned by BlackRock
- 10.4% (dollar_amount) — percentage of 3M's Common Stock beneficially owned by BlackRock
- December 31, 2023 (date) — the date of the event which requires the filing of this statement
Forward-Looking Statements
- 3M's stock price may experience short-term downward pressure due to BlackRock's reduced stake. (3M Company) — medium confidence, target: Q1 2024
- Other institutional investors might re-evaluate their positions in 3M following BlackRock's move. (Institutional Investors) — medium confidence, target: Q1 2024
FAQ
What is the purpose of this SC 13G/A filing?
This SC 13G/A filing is an amendment (Amendment No: 12) to a Schedule 13G, filed by BlackRock Inc. to update its beneficial ownership of Common Stock in 3M Company as of December 31, 2023, as required by Rule 13d-1(b) of the Securities Exchange Act of 1934.
Who is the reporting person in this filing, and who is the subject company?
The reporting person is BlackRock Inc., and the subject company is 3M Company, identified by CIK 0000066740 and CUSIP Number 88579Y101.
What is BlackRock's beneficial ownership percentage in 3M Company according to this filing?
As of December 31, 2023, BlackRock Inc. beneficially owns 10.4% of 3M Company's Common Stock.
How many shares of 3M Company's Common Stock does BlackRock Inc. beneficially own?
BlackRock Inc. beneficially owns 58,187,006 shares of 3M Company's Common Stock as reported in this filing.
What was the 'Date of Event Which Requires Filing of this Statement'?
The 'Date of Event Which Requires Filing of this Statement' was December 31, 2023.
From the Filing
0001086364-24-004328.txt : 20240126 0001086364-24-004328.hdr.sgml : 20240126 20240126114942 ACCESSION NUMBER: 0001086364-24-004328 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240126 DATE AS OF CHANGE: 20240126 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: 3M CO CENTRAL INDEX KEY: 0000066740 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 410417775 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-18703 FILM NUMBER: 24565826 BUSINESS ADDRESS: STREET 1: 3M CENTER STREET 2: BLDG. 220-13E-26A CITY: ST PAUL STATE: MN ZIP: 55144-1000 BUSINESS PHONE: 6517331474 MAIL ADDRESS: STREET 1: 3M CENTER STREET 2: BLDG. 220-13E-26A CITY: ST. PAUL STATE: MN ZIP: 55144-1000 FORMER COMPANY: FORMER CONFORMED NAME: MINNESOTA MINING & MANUFACTURING CO DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BlackRock Inc. CENTRAL INDEX KEY: 0001364742 STANDARD INDUSTRIAL CLASSIFICATION: SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211] ORGANIZATION NAME: 02 Finance IRS NUMBER: 320174431 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 50 HUDSON YARDS CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: 212-810-5300 MAIL ADDRESS: STREET 1: 50 HUDSON YARDS CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: BlackRock, Inc. DATE OF NAME CHANGE: 20060929 FORMER COMPANY: FORMER CONFORMED NAME: New BlackRock, Inc. DATE OF NAME CHANGE: 20060601 SC 13G/A 1 us88579y1010_012624.txt us88579y1010_012624.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No: 12) 3M COMPANY -------------------------------------------------------- (Name of Issuer) Common Stock -------------------------------------------------------- (Title of Class of Securities) 88579Y101 -------------------------------------------------------- (CUSIP Number) December 31, 2023 -------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). CUSIP No. 88579Y101 (1)Names of reporting persons. BlackRock, Inc. (2) Check the appropriate box if a member of a group (a) [ ] (b) [X] (3) SEC use only (4) Citizenship or place of organization Delaware Number of shares beneficially owned by each reporting person with: (5) Sole voting power 37610493 (6) Shared voting power 0 (7) Sole dispositive power 41867008 (8) Shared dispositive power 0 (9) Aggregate amount beneficially owned by each reporting person 41867008 (10) Check if the aggregate amount in Row (9) excludes certain shares (11) Percent of class represented by amount in Row 9 7.6% (12) Type of reporting person HC Item 1. Item 1(a) Name of issuer: ----------------------------------------------------------------------- 3M COMPANY Item 1(b) Address of issuer's principal executive offices: ----------------------------------------------------------------------- 3M CENTER, BLDG. 220-13E-26A ST PAUL MN 55144-1000 Item 2. 2(a) Name of person filing: ---------------------------