High-rolling investors have positioned themselves bullish on 3M MMM, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in MMM often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 14 options trades for 3M. This is not a typical pattern.
The sentiment among these major traders is split, with 42% bullish and 42% bearish. Among all the options we identified, there was one put, amounting to $47,170, and 13 calls, totaling $458,601.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $70.0 to $115.0 for 3M over the recent three 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 $70.0 to $115.0 over the preceding 30 days.
3M Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM | CALL | TRADE | BEARISH | 01/16/26 | $38.9 | $37.0 | $37.0 | $70.00 | $74.0K | 5 | 21 |
| MMM | PUT | SWEEP | BEARISH | 11/15/24 | $1.8 | $1.74 | $1.78 | $90.00 | $47.1K | 2 | 10 |
| MMM | CALL | SWEEP | BULLISH | 09/20/24 | $4.15 | $4.0 | $4.15 | $105.00 | $41.5K | 3.6K | 11 |
| MMM | CALL | TRADE | BEARISH | 07/26/24 | $3.95 | $3.75 | $3.75 | $102.00 | $37.5K | 41 | 111 |
| MMM | CALL | TRADE | BULLISH | 11/15/24 | $15.3 | $14.15 | $15.15 | $90.00 | $36.3K | 5 | 0 |
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.
3M's Current Market Status
- With a volume of 5,115,438, the price of MMM is down -0.91% at $102.05.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 28 days.
What The Experts Say On 3M
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $121.0.
- An analyst from B of A Securities has elevated its stance to Buy, setting a new price target at $120.
- In a positive move, an analyst from Wolfe Research has upgraded their rating to Outperform and adjusted the price target to $125.
- An analyst from Barclays persists with their Overweight rating on 3M, maintaining a target price of $118.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest 3M options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
