Financial giants have made a conspicuous bullish move on 3M. Our analysis of options history for 3M MMM revealed 14 unusual trades.
Delving into the details, we found 35% of traders were bullish, while 35% showed bearish tendencies. Out of all the trades we spotted, 6 were puts, with a value of $280,881, and 8 were calls, valued at $451,427.
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 $120.0 and $140.0 for 3M, spanning the last three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for 3M options trades today is 3010.75 with a total volume of 7,089.00.
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 $120.0 to $140.0 over the last 30 days.
3M Option Volume And Open Interest Over 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 | CALL | TRADE | BEARISH | 09/20/24 | $1.32 | $1.25 | $1.25 | $135.00 | $125.0K | 16.5K | 1.2K |
| MMM | CALL | TRADE | BULLISH | 09/20/24 | $11.75 | $11.4 | $11.63 | $120.00 | $93.0K | 1.9K | 864 |
| MMM | CALL | TRADE | NEUTRAL | 09/20/24 | $7.25 | $7.05 | $7.15 | $125.00 | $57.2K | 4.2K | 888 |
| MMM | CALL | SWEEP | BEARISH | 10/04/24 | $5.8 | $5.4 | $5.4 | $128.00 | $54.2K | 100 | 100 |
| MMM | PUT | SWEEP | BEARISH | 11/15/24 | $11.1 | $10.8 | $11.05 | $140.00 | $50.7K | 7 | 138 |
About 3M
3M, a multinational conglomerate founded in 1902, sells tens of thousands of products ranging from sponges to respirators. The firm is well known for its extensive research and development capabilities, and it is a pioneer in inventing new use cases for its proprietary technologies. 3M is organized across three business segments: safety and industrial (representing around 44% of revenue), transportation and electronics (36%), and consumer (20%). The firm recently spun off its healthcare business, now known as Solventum. Nearly half of 3M's revenue comes from outside the Americas.
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 trading volume of 2,320,590, the price of MMM is up by 0.85%, reaching $130.96.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 57 days from now.
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 $133.6.
- In a positive move, an analyst from Deutsche Bank has upgraded their rating to Buy and adjusted the price target to $150.
- Consistent in their evaluation, an analyst from RBC Capital keeps a Underperform rating on 3M with a target price of $95.
- Consistent in their evaluation, an analyst from Citigroup keeps a Neutral rating on 3M with a target price of $133.
- In a positive move, an analyst from Argus Research has upgraded their rating to Buy and adjusted the price target to $145.
- Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on 3M with a target price of $145.
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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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