3M Sees Unusually Large Options Volume (NYSE:MMM)

3M Company (NYSE:MMM - Get Free Report) was the recipient of some unusual options trading on Friday. Investors bought 54,048 call options on the stock. This represents an increase of 423% compared to the typical daily volume of 10,328 call options.

3M Stock Performance

MMM traded up $1.90 during trading hours on Friday, hitting $152.66. The company's stock had a trading volume of 1,038,326 shares, compared to its average volume of 3,854,055. 3M has a fifty-two week low of $98.26 and a fifty-two week high of $156.35. The firm has a market capitalization of $82.16 billion, a PE ratio of 19.28, a PEG ratio of 3.07 and a beta of 1.03. The company has a 50-day simple moving average of $144.39 and a 200 day simple moving average of $142.61. The company has a current ratio of 1.66, a quick ratio of 1.25 and a debt-to-equity ratio of 2.72.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analysts' expectations of $5.78 billion. 3M had a net margin of 17.79% and a return on equity of 96.19%. As a group, sell-side analysts expect that 3M will post 7.8 EPS for the current year.

3M Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Investors of record on Friday, May 23rd were issued a $0.73 dividend. This represents a $2.92 dividend on an annualized basis and a yield of 1.91%. 3M's dividend payout ratio is currently 36.87%.

Analysts Set New Price Targets

MMM has been the subject of a number of analyst reports. Citigroup increased their price target on shares of 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a report on Friday, May 30th. Barclays upped their target price on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 23rd. Royal Bank Of Canada upped their price objective on shares of 3M from $98.00 to $100.00 and gave the stock an "underperform" rating in a research note on Wednesday, April 23rd. Bank of America lifted their price target on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a report on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of 3M from $140.00 to $167.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $155.83.

Insider Activity

In other 3M news, EVP Zoe L. Dickson sold 7,915 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $149.02, for a total transaction of $1,179,493.30. Following the completion of the sale, the executive vice president now directly owns 6,127 shares in the company, valued at approximately $913,045.54. This trade represents a 56.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Patrick Banovetz sold 7,759 shares of the business's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total value of $1,151,202.83. Following the completion of the transaction, the executive vice president now directly owns 31,372 shares of the company's stock, valued at approximately $4,654,663.64. This trade represents a 19.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently modified their holdings of the business. Proficio Capital Partners LLC acquired a new stake in 3M in the 4th quarter valued at approximately $26,000. REAP Financial Group LLC increased its position in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock worth $26,000 after acquiring an additional 94 shares during the period. Hazlett Burt & Watson Inc. bought a new position in 3M during the fourth quarter worth $27,000. Pinney & Scofield Inc. bought a new stake in 3M in the 4th quarter valued at $28,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in 3M in the 1st quarter worth $28,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Company Profile

3M Company provides diversified technology services in the United States and internationally. The company's Safety and Industrial segment offers industrial abrasives and finishing for metalworking applications; autobody repair solutions; closure systems for personal hygiene products, masking, and packaging materials; electrical products and materials for construction and maintenance, power distribution, and electrical original equipment manufacturers; structural adhesives and tapes; respiratory, hearing, eye, and fall protection solutions; and natural and color-coated mineral granules for shingles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.