Market Whales and Their Recent Bets on MMM Options

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 21 uncommon options trades for 3M.

This isn't normal.

The overall sentiment of these big-money traders is split between 61% bullish and 28%, bearish.

Out of all of the special options we uncovered, 19 are puts, for a total amount of $1,006,569, and 2 are calls, for a total amount of $59,550.

Projected Price Targets

After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $95.0 and $165.0 for 3M, spanning the last three months.

Insights into Volume & Open Interest

In today's trading context, the average open interest for options of 3M stands at 521.75, with a total volume reaching 12,269.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in 3M, situated within the strike price corridor from $95.0 to $165.0, throughout the last 30 days.

3M 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

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.

Where Is 3M Standing Right Now?

• Currently trading with a volume of 1,363,139, the MMM's price is up by 0.74%, now at $131.32.
• RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
• Anticipated earnings release is in 69 days.

What The Experts Say On 3M

A total of 5 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $157.8.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * In a positive move, an analyst from UBS has upgraded their rating to Buy and adjusted the price target to $184. * An analyst from B of A Securities persists with their Buy rating on 3M, maintaining a target price of $160. * An analyst from RBC Capital persists with their Underperform rating on 3M, maintaining a target price of $100. * An analyst from Melius Research has elevated its stance to Buy, setting a new price target at $180. * Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for 3M, targeting a price of $165.

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.