Investors with significant funds have taken a bearish position in 3M MMM, a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in MMM usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 23 options transactions for 3M. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 39% being bullish and 52% bearish. Of all the options we discovered, 22 are puts, valued at $1,115,576, and there was a single call, worth $39,884.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $125.0 to $140.0 for 3M during the past quarter.
Analyzing Volume & Open Interest
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 $125.0 to $140.0 in the last 30 days.
3M Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MMM | PUT | TRADE | BULLISH | 10/18/24 | $1.28 | $1.21 | $1.23 | $125.00 | $113.2K | 2.7K | 1.0K |
| MMM | PUT | SWEEP | BULLISH | 09/27/24 | $0.65 | $0.54 | $0.55 | $126.00 | $101.7K | 24 | 1.8K |
| MMM | PUT | SWEEP | BEARISH | 11/15/24 | $11.55 | $10.7 | $11.54 | $140.00 | $63.5K | 284 | 55 |
| MMM | PUT | SWEEP | BULLISH | 11/15/24 | $8.3 | $8.2 | $8.22 | $135.00 | $63.2K | 777 | 897 |
| MMM | PUT | SWEEP | BULLISH | 11/15/24 | $8.3 | $8.2 | $8.22 | $135.00 | $63.1K | 777 | 974 |
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.
Following our analysis of the options activities associated with 3M, we pivot to a closer look at the company's own performance.
Where Is 3M Standing Right Now?
- Currently trading with a volume of 1,785,969, the MMM's price is up by 0.54%, now at $130.94.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 40 days.
Professional Analyst Ratings for 3M
In the last month, 1 experts released ratings on this stock with an average target price of $125.0.
- An analyst from Morgan Stanley has revised its rating downward to Underweight, adjusting the price target to $125.
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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