3M Target of Unusually Large Options Trading (NYSE:MMM)

3M (NYSE:MMM) saw some unusual options trading activity on Tuesday. Stock investors bought 24,151 call options on the stock. This represents an increase of 65% compared to the typical daily volume of 14,629 call options.

3M Trading Up 1.8 %

Shares of MMM stock opened at $132.59 on Wednesday. The company has a market cap of $72.20 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 2.15 and a beta of 0.95. The stock has a 50 day simple moving average of $130.18 and a 200-day simple moving average of $126.00. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. 3M has a 1-year low of $75.40 and a 1-year high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The firm had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the prior year, the firm earned $2.68 EPS. The company’s revenue for the quarter was down 24.3% on a year-over-year basis. On average, equities research analysts expect that 3M will post 7.27 EPS for the current fiscal year.

3M Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Friday, November 15th were given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.11%. The ex-dividend date was Friday, November 15th. 3M’s payout ratio is 35.35%.

Wall Street Analyst Weigh In

MMM has been the topic of several recent analyst reports. Barclays increased their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. Royal Bank of Canada reduced their target price on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday, January 3rd. Bank of America upped their target price on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 23rd. UBS Group upgraded 3M from a “neutral” rating to a “buy” rating and boosted their price target for the company from $130.00 to $184.00 in a report on Wednesday, November 13th. Finally, Melius Research raised shares of 3M from a “hold” rating to a “buy” rating and set a $180.00 target price on the stock in a research report on Tuesday, October 22nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, 3M has an average rating of “Moderate Buy” and an average target price of $144.60.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MMM. CVA Family Office LLC lifted its position in 3M by 1.9% during the third quarter. CVA Family Office LLC now owns 4,174 shares of the conglomerate’s stock worth $571,000 after buying an additional 79 shares in the last quarter. Harbour Investments Inc. raised its holdings in shares of 3M by 0.8% during the 3rd quarter. Harbour Investments Inc. now owns 10,559 shares of the conglomerate’s stock worth $1,443,000 after acquiring an additional 81 shares during the period. KMG Fiduciary Partners LLC boosted its position in shares of 3M by 0.5% during the 3rd quarter. KMG Fiduciary Partners LLC now owns 16,186 shares of the conglomerate’s stock valued at $2,213,000 after acquiring an additional 84 shares during the last quarter. TCV Trust & Wealth Management Inc. grew its holdings in shares of 3M by 1.3% in the third quarter. TCV Trust & Wealth Management Inc. now owns 6,464 shares of the conglomerate’s stock valued at $884,000 after purchasing an additional 84 shares during the period. Finally, Weatherly Asset Management L. P. increased its position in 3M by 3.3% during the third quarter. Weatherly Asset Management L. P. now owns 2,730 shares of the conglomerate’s stock worth $373,000 after purchasing an additional 86 shares during the last quarter. Hedge funds and other institutional investors own 65.25% of the company’s stock.

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.