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 11 uncommon options trades for 3M.
This isn't normal.
The overall sentiment of these big-money traders is split between 45% bullish and 36%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $228,430, and 6 are calls, for a total amount of $236,133.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $65.0 and $105.0 for 3M, spanning the last three months.
Volume & Open Interest Trends
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 $65.0 to $105.0 over the preceding 30 days.
3M 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM | PUT | SWEEP | BEARISH | 01/17/25 | $4.1 | $3.7 | $4.1 | $95.00 | $71.7K | 718 | 0 |
| MMM | PUT | SWEEP | BULLISH | 11/15/24 | $7.4 | $7.35 | $7.4 | $105.00 | $67.3K | 424 | 1 |
| MMM | CALL | SWEEP | BEARISH | 07/19/24 | $0.68 | $0.63 | $0.62 | $105.00 | $53.0K | 4.6K | 285 |
| MMM | CALL | SWEEP | BEARISH | 07/26/24 | $2.1 | $2.09 | $2.09 | $103.00 | $43.9K | 1.0K | 0 |
| MMM | CALL | SWEEP | BULLISH | 11/15/24 | $7.7 | $7.55 | $7.5 | $100.00 | $41.3K | 150 | 196 |
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 trading volume of 1,072,164, the price of MMM is down by -0.18%, reaching $101.14.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 15 days from now.
Professional Analyst Ratings for 3M
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $125.0.
- Showing optimism, an analyst from Wolfe Research upgrades its rating to Outperform with a revised price target of $125.
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.
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