This Is What Whales Are Betting On 3M

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 positions 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.

Today, Benzinga's options scanner spotted 10 options trades for 3M.

This isn't normal.

The overall sentiment of these big-money traders is split between 90% bullish and 10%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $37,000, and 9, calls, for a total amount of $549,246.

Projected Price Targets

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $105.0 to $110.0 for 3M over the last 3 months.

Insights into Volume & Open Interest

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in 3M's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to 3M's substantial trades, within a strike price spectrum from $105.0 to $110.0 over the preceding 30 days.

3M Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

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.

3M's Current Market Status

• With a volume of 2,293,916, the price of MMM is up 3.12% at $104.4.
• RSI indicators hint that the underlying stock may be overbought.
• Next earnings are expected to be released in 68 days.

What Analysts Are Saying About 3M

Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $107.2.

• Consistent in their evaluation, an analyst from JP Morgan keeps a Neutral rating on 3M with a target price of $110.
• Maintaining their stance, an analyst from UBS continues to hold a Neutral rating for 3M, targeting a price of $100.
• 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.
• Showing optimism, an analyst from JP Morgan upgrades its rating to Overweight with a revised price target of $111.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for 3M, Benzinga Pro gives you real-time options trades alerts.