Vanguard Trims 3M Stake to 9.9%, Holds 55.3M Shares

TL;DR

**Vanguard slightly cut its 3M stake to 9.9%, holding 55.3 million shares as of Dec 29, 2023.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, disclosing its ownership of 55,271,727 shares of 3M Co. common stock as of December 29, 2023. This represents a 9.9% passive ownership stake in 3M, a slight decrease from its previous filing. This matters to investors because Vanguard is a significant institutional holder, and changes in its stake can signal shifts in its investment strategy or outlook on 3M's future performance.

Why It Matters

This filing shows that a major institutional investor, Vanguard, has slightly reduced its stake in 3M, which could indicate a minor shift in its portfolio allocation or a re-evaluation of 3M's stock.

Risk Assessment

Risk Level: low — The change in ownership is minor and represents a passive investment by a large institutional fund, not an activist stake.

Analyst Insight

A smart investor would note Vanguard's slight reduction but recognize it's a passive, minor adjustment by a large index fund, not a strong signal for immediate action. It's worth monitoring future filings for more substantial changes.

Key Numbers

• 55,271,727 — Shares Beneficially Owned (The total number of 3M common stock shares Vanguard holds.)
• 9.9% — Ownership Percentage (The percentage of 3M's common stock owned by Vanguard.)
• December 29, 2023 — Reporting Date (The date as of which Vanguard's ownership stake is reported.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• 3M Co (company) — subject company whose securities are being reported
• 55,271,727 shares (dollar_amount) — total number of shares of common stock beneficially owned by Vanguard
• 9.9% (dollar_amount) — percentage of 3M's class of securities beneficially owned by Vanguard
• December 29, 2023 (date) — date of the event requiring the filing of this statement

Forward-Looking Statements

• Vanguard will maintain a significant, but passive, ownership stake in 3M Co. throughout 2024. (The Vanguard Group) — high confidence, target: December 31, 2024
• 3M Co.'s stock price will not be significantly impacted by this minor adjustment in Vanguard's passive stake. (3M Co.) — high confidence, target: March 31, 2024

FAQ

From the Filing

0001104659-24-020148.txt : 20240213 0001104659-24-020148.hdr.sgml : 20240213 20240213165603 ACCESSION NUMBER: 0001104659-24-020148 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240213 DATE AS OF CHANGE: 20240213 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: 24627255 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: VANGUARD GROUP INC CENTRAL INDEX KEY: 0000102909 ORGANIZATION NAME: IRS NUMBER: 231945930 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482-2600 SC 13G/A 1 tv0155-3mco.htm SCHEDULE 13G/A 3mco SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Exchange Act of 1934 (Amendment No.: 10)* Name of issuer:  3M Co Title of Class of Securities:  Common Stock CUSIP Number:  88579Y101 Date of Event Which Requires Filing of this Statement: December 29, 2023 Check the appropriate box to designate the rule pursuant to which this Schedule is filed: ☒ 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). (Continued on the following page(s))     13G CUSIP No.:  88579Y101 1.  NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NO. OF ABOVE PERSON The Vanguard Group - 23-1945930 2.  CHECK THE APPROPRIATE [LINE] IF A MEMBER OF A GROUP A.  B.  X 3.  SEC USE ONLY 4.  CITIZENSHIP OF PLACE OF ORGANIZATION Pennsylvania (For questions 5-8, report the number of shares beneficially owned by each reporting person with:) 5.  SOLE VOTING POWER 0 6.  SHARED VOTING POWER 683,607 7.  SOLE DISPOSITIVE POWER 46,729,293 8.  SHARED DISPOSITIVE POWER 2,350,916 9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 49,080,209 10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES N/A 11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.89% 12.  TYPE OF REPORTING PERSON IA     SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Schedule 13G Under the Securities Act of 1934 Item 1(a) - Name of Issuer: 3M Co Item 1(b) - Address of Issuer's Principal Executive Offices: 3M Center St. Paul, MN 55144-1000 Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930 Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355 Item 2(c) – Citizenship: Pennsylvania Item 2(d) -