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

3M (NYSE:MMM) saw some unusual options trading on Wednesday. Traders bought 68,674 call options on the stock. This is an increase of 345% compared to the typical volume of 15,449 call options.

Institutional Investors Weigh In On 3M

Hedge funds have recently bought and sold shares of the company. Grimes & Company Inc. lifted its position in shares of 3M by 1.4% in the fourth quarter. Grimes & Company Inc. now owns 9,148 shares of the conglomerate’s stock worth $1,181,000 after purchasing an additional 125 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of 3M by 24.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,304 shares of the conglomerate’s stock valued at $168,000 after purchasing an additional 256 shares during the period. Exchange Traded Concepts LLC grew its position in shares of 3M by 3,024.4% in the fourth quarter. Exchange Traded Concepts LLC now owns 75,579 shares of the conglomerate’s stock valued at $9,756,000 after purchasing an additional 73,160 shares during the last quarter. CX Institutional increased its position in 3M by 3.0% during the 4th quarter. CX Institutional now owns 3,621 shares of the conglomerate’s stock worth $467,000 after buying an additional 104 shares during the period. Finally, Sound Income Strategies LLC increased its holdings in shares of 3M by 10.1% during the fourth quarter. Sound Income Strategies LLC now owns 3,309 shares of the conglomerate’s stock worth $427,000 after purchasing an additional 303 shares during the period. 65.25% of the stock is currently owned by institutional investors and hedge funds.

3M Trading Up 4.1 %

Shares of MMM stock opened at $146.86 on Wednesday. The company has a market capitalization of $79.98 billion, a P/E ratio of 18.54, a P/E/G ratio of 2.30 and a beta of 0.95. The company has a quick ratio of 1.08, a current ratio of 1.43 and a debt-to-equity ratio of 2.41. 3M has a 12-month low of $75.40 and a 12-month high of $150.00. The firm has a 50-day moving average price of $131.40 and a 200 day moving average price of $128.20.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, January 21st. The conglomerate reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.66 by $0.02. 3M had a net margin of 15.37% and a return on equity of 104.66%. The business had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5,770,390 billion. During the same quarter last year, the business posted $2.42 earnings per share. 3M’s revenue for the quarter was down 25.0% compared to the same quarter last year. Research analysts forecast that 3M will post 7.28 earnings per share for the current fiscal year.

3M Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Shareholders of record on Friday, November 15th were issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date was Friday, November 15th. 3M’s dividend payout ratio (DPR) is currently 35.35%.

Analyst Ratings Changes

Several analysts recently commented on the company. Melius Research upgraded 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. Mizuho raised their target price on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a report on Thursday, October 17th. Bank of America lifted their price target on 3M from $143.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Melius upgraded shares of 3M from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Finally, Barclays reduced their price target on 3M from $165.00 to $161.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, 3M currently has an average rating of “Moderate Buy” and a consensus price target of $144.13.

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.