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 37% bullish and 25%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $156,710, and 4 are calls, for a total amount of $153,978.
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 $97.0 to $105.0 for 3M during the past quarter.
Volume & Open Interest Development
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 $97.0 to $105.0 in the last 30 days.
3M Option Activity Analysis: 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 | PUT | SWEEP | BULLISH | 11/15/24 | $8.1 | $7.9 | $7.95 | $105.00 | $58.8K | 135 | 2 |
| MMM | CALL | SWEEP | BULLISH | 08/16/24 | $2.23 | $2.19 | $2.22 | $105.00 | $44.5K | 670 | 293 |
| MMM | CALL | SWEEP | BULLISH | 08/16/24 | $2.16 | $2.11 | $2.16 | $105.00 | $43.2K | 670 | 92 |
| MMM | PUT | SWEEP | BEARISH | 08/02/24 | $1.38 | $1.25 | $1.38 | $97.00 | $42.3K | 13 | 1 |
| MMM | CALL | SWEEP | NEUTRAL | 07/26/24 | $3.05 | $2.88 | $2.94 | $101.00 | $37.8K | 14 | 1.0K |
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.
In light of the recent options history for 3M, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of 3M
- With a volume of 1,864,866, the price of MMM is down -1.47% at $100.69.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 22 days.
Professional Analyst Ratings for 3M
2 market experts have recently issued ratings for this stock, with a consensus target price of $122.5.
- An analyst from B of A Securities upgraded its action to Buy with a price target of $120.
- Showing optimism, an analyst from Wolfe Research upgrades its rating to Outperform with a revised price target of $125.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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