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

Key Points

• On Monday, stock traders purchased41,197 call options for 3M, marking a significant increase of 266% compared to its typical daily volume.
• 3M's recent quarterly earnings report showed a profit of $2.16 per share, exceeding analysts' expectations by $0.15, with revenue up 1.4% year-over-year.
• Analysts have diverse ratings on 3M, with a current average rating of "Hold" and a consensus price target of $158.10.

3M Company (NYSE:MMM - Get Free Report) was the target of some unusual options trading activity on Monday. Stock traders bought 41,197 call options on the stock. Thisisanincreaseof266% compared to the average daily volume of 11,243 call options.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. JPMorgan Chase & Co. set a $167.00 price target on 3M in a report on Friday, July 18th. Citigroup raised their price target on 3M from $141.00 to $160.00 and gave the company a "neutral" rating in a research report on Friday, May 30th. Royal Bank Of Canada raised their target price on 3M from $98.00 to $100.00 and gave the company an "underperform" rating in a report on Wednesday, April 23rd. Barclays set a $170.00 price objective on 3M in a research report on Friday, July 18th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of 3M in a report on Tuesday, July 29th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, 3M presently has an average rating of "Hold" and an average target price of $158.10.

Insider Buying and Selling at 3M

In other 3M news, EVP John Patrick Banovetz sold 7,759 shares of 3M stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $148.37, for a total transaction of $1,151,202.83. Following the transaction, the executive vice president owned 31,372 shares of the company's stock, valued at $4,654,663.64. The trade was a 19.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christian T. Goralski, Jr. sold 6,165 shares of the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $150.18, for a total transaction of $925,859.70. Following the completion of the transaction, the insider owned 2,900 shares in the company, valued at approximately $435,522. This represents a 68.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,316 shares of company stock valued at $3,780,296 in the last ninety days. Company insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On 3M

Several hedge funds have recently bought and sold shares of MMM. Everett Harris & Co. CA lifted its position in 3M by 10.6% during the second quarter. Everett Harris & Co. CA now owns 6,971 shares of the conglomerate's stock worth $1,061,000 after acquiring an additional 666 shares during the last quarter. Golden State Wealth Management LLC increased its position in 3M by 83.3% during the 2nd quarter. Golden State Wealth Management LLC now owns 1,142 shares of the conglomerate's stock worth $174,000 after buying an additional 519 shares during the period. Wellington Shields Capital Management LLC boosted its position in shares of 3M by 12.6% in the second quarter. Wellington Shields Capital Management LLC now owns 2,278 shares of the conglomerate's stock valued at $347,000 after acquiring an additional 255 shares during the period. Arkadios Wealth Advisors increased its position in 3M by 10.1% during the second quarter. Arkadios Wealth Advisors now owns 29,218 shares of the conglomerate's stock worth $4,448,000 after acquiring an additional 2,674 shares during the period. Finally, Fairfield Financial Advisors LTD acquired a new stake in 3M in the 2nd quarter worth about $1,303,000. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Stock Up 0.4%

Shares of NYSE:MMM traded up $0.67 during trading on Friday, hitting $152.41. 503,512 shares of the company's stock traded hands, compared to its average volume of 3,861,208. The company has a market cap of $81.18 billion, a price-to-earnings ratio of 21.21, a price-to-earnings-growth ratio of 2.92 and a beta of 1.05. 3M has a 52 week low of $121.98 and a 52 week high of $164.15. The company has a 50-day moving average price of $149.88 and a 200-day moving average price of $146.93. The company has a current ratio of 1.72, a quick ratio of 1.20 and a debt-to-equity ratio of 2.87.

3M (NYSE:MMM - Get Free Report) last released its earnings results on Friday, July 18th. The conglomerate reported $2.16 EPS for the quarter, beating the consensus estimate of $2.01 by $0.15. The firm had revenue of $6.16 billion for the quarter, compared to analysts' expectations of $6.09 billion. 3M had a return on equity of 96.48% and a net margin of 16.01%. The business's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 EPS. As a group, research analysts forecast that 3M will post 7.8 EPS for the current fiscal year.

3M Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 12th. Stockholders of record on Friday, May 23rd were paid a dividend of $0.73 per share. This represents a $2.92 annualized dividend and a dividend yield of 1.9%. 3M's dividend payout ratio is presently 40.61%.

About 3M

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.