Investors with a lot of money to spend have taken a bullish stance on 3M MMM.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with MMM, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 8 uncommon options trades for 3M.
This isn't normal.
The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.
Out of all of the special options we uncovered, 2 are puts, for a total amount of $146,304, and 6 are calls, for a total amount of $200,925.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $80.0 to $115.0 for 3M during the past quarter.
Volume & Open Interest Development
In terms of liquidity and interest, the mean open interest for 3M options trades today is 894.86 with a total volume of 568.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for 3M's big money trades within a strike price range of $80.0 to $115.0 over the last 30 days.
3M Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM | PUT | SWEEP | BEARISH | 06/21/24 | $1.16 | $1.09 | $1.16 | $95.00 | $110.5K | 1.2K | 163 |
| MMM | CALL | SWEEP | BEARISH | 06/14/24 | $2.78 | $2.51 | $2.51 | $98.00 | $50.1K | 38 | 0 |
| MMM | CALL | TRADE | BEARISH | 01/16/26 | $8.15 | $7.45 | $7.69 | $115.00 | $38.4K | 156 | 9 |
| MMM | PUT | SWEEP | BULLISH | 06/21/24 | $0.41 | $0.38 | $0.38 | $90.00 | $35.7K | 2.0K | 50 |
| MMM | CALL | TRADE | BULLISH | 01/16/26 | $8.4 | $7.75 | $8.25 | $115.00 | $32.1K | 156 | 99 |
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.
After a thorough review of the options trading surrounding 3M, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of 3M
- With a volume of 4,156,099, the price of MMM is up 1.65% at $98.94.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 74 days.
Expert Opinions on 3M
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $104.6.
- Showing optimism, an analyst from JP Morgan upgrades its rating to Overweight with a revised price target of $111.
- An analyst from Citigroup persists with their Neutral rating on 3M, maintaining a target price of $100.
- An analyst from HSBC upgraded its action to Buy with a price target of $115.
- An analyst from JP Morgan has decided to maintain their Neutral rating on 3M, which currently sits at a price target of $110.
- Maintaining their stance, an analyst from RBC Capital continues to hold a Underperform rating for 3M, targeting a price of $87.
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.
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