Black Rock Inc. boosted ts stake in Maplewood-based 3M Co. and now holds more than 5 percent of 3M's total shares outstanding.
According to S.E.C. documents filed late Thursday, New York based Black Rock now owns 35.96 million shares of 3M stock, up from its previously recorded holdings of 24 million shares (as of September 2016)..
3M has 601 million shares outstanding. That means Black Rock increased its ownership stake from 4 percent to 5.97 percent of 3M's stock. Bursting past a 5 percent threshold mark requires S.E.C. notification.
3M manufactures Scotch Tape, Post-it Notes, respirators, harnesses and more than 5,000 other products. It generates about $30 billion in annual revenue and employs 89,000 workers worldwide. Its stock fell 12 cents to $178.53 a share early Friday morning.
