Whales with a lot of money to spend have taken a noticeably bullish stance on 3M.
Looking at options history for 3M MMM we detected 9 trades.
If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 44% with bearish.
From the overall spotted trades, 6 are puts, for a total amount of $349,755 and 3, calls, for a total amount of $281,045.
Projected Price Targets
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 $145.0 for 3M during the past quarter.
Insights into Volume & Open Interest
Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $125.0 to $145.0 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 | CALL | SWEEP | BULLISH | 10/18/24 | $3.75 | $3.55 | $3.75 | $135.00 | $96.3K | 7.7K | 270 |
| MMM | CALL | TRADE | BEARISH | 09/20/24 | $9.45 | $9.15 | $9.25 | $125.00 | $92.5K | 3.9K | 116 |
| MMM | CALL | SWEEP | BULLISH | 09/20/24 | $9.2 | $9.15 | $9.2 | $125.00 | $92.1K | 3.9K | 216 |
| MMM | PUT | SWEEP | BEARISH | 11/15/24 | $12.25 | $11.85 | $12.25 | $145.00 | $67.3K | 121 | 140 |
| MMM | PUT | TRADE | BULLISH | 11/15/24 | $12.35 | $12.2 | $12.2 | $145.00 | $67.1K | 121 | 140 |
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.
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.
Current Position of 3M
- Trading volume stands at 522,070, with MMM's price up by 0.95%, positioned at $134.45.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 36 days.
Expert Opinions on 3M
1 market experts have recently issued ratings for this stock, with a consensus target price of $125.0.
- Reflecting concerns, an analyst from Morgan Stanley lowers its rating to Underweight with a new price target of $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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