What the Options Market Tells Us About 3M

Author: Benzinga Insights | April 09, 2024 02:31pm

Financial giants have made a conspicuous bullish move on 3M. Our analysis of options history for 3M (NYSE:MMM) revealed 8 unusual trades.

Delving into the details, we found 50% of traders were bullish, while 50% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $195,038, and 3 were calls, valued at $199,495.

Predicted Price Range

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $50.0 to $95.0 for 3M over the recent three months.

Analyzing Volume & Open Interest

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for 3M's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of 3M's whale activity within a strike price range from $50.0 to $95.0 in the last 30 days.

3M Option Volume And Open Interest Over Last 30 Days

Noteworthy Options Activity:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
MMM	CALL	SWEEP	BEARISH	01/17/25	$9.25	$8.35	$9.1	$95.00	$91.0K	38	22
MMM	CALL	TRADE	NEUTRAL	06/20/25	$47.5	$43.0	$45.49	$50.00	$68.2K	0	14
MMM	PUT	SWEEP	BEARISH	05/17/24	$2.08	$2.07	$2.08	$90.00	$63.6K	301	311
MMM	PUT	TRADE	BEARISH	05/17/24	$2.08	$1.96	$2.08	$90.00	$41.6K	301	511
MMM	CALL	TRADE	BULLISH	04/19/24	$12.2	$12.2	$12.2	$80.00	$40.2K	14	11

About 3M

3M is a multinational conglomerate that has operated since 1902, when it was known as Minnesota Mining and Manufacturing. The company is well known for its research and development laboratory and it leverages its science and technology across multiple product categories. As of the second quarter of 2024, 3M is organized across three business segments: safety and industrial, transportation and electronics, and consumer. Nearly 50% of the company's revenue comes from outside the Americas, with the safety and industrial segment constituting a plurality of net sales. Many of the company's tens of thousands of products touch and concern a variety of consumers and end markets.

Present Market Standing of 3M

• With a trading volume of 1,963,483, the price of MMM is up by 1.12%, reaching $92.96.
• Current RSI values indicate that the stock is may be approaching overbought.
• Next earnings report is scheduled for 21 days from now.

Expert Opinions on 3M

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $98.8.

• Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on 3M with a target price of $107.
• An analyst from Mizuho persists with their Neutral rating on 3M, maintaining a target price of $105.
• An analyst from RBC Capital has revised its rating downward to Underperform, adjusting the price target to $84.
• Maintaining their stance, an analyst from Citigroup continues to hold a Neutral rating for 3M, targeting a price of $98.
• An analyst from B of A Securities persists with their Neutral rating on 3M, maintaining a target price of $100.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for 3M with Benzinga Pro for real-time alerts.

Posted In: MMM