Stock Traders Buy Large Volume of 3M Call Options (NYSE:MMM)

3M (NYSE:MMM) was the recipient of some unusual options trading on Tuesday. Traders purchased 24,151 call options on the company. This is an increase of approximately 65% compared to the typical daily volume of 14,629 call options.

3M Stock Up 1.6 %

NYSE MMM traded up $2.11 during trading hours on Tuesday, hitting $132.40. The company had a trading volume of 1,069,247 shares, compared to its average volume of 2,388,796. The firm’s 50 day moving average is $130.12 and its 200 day moving average is $125.78. 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 fifty-two week low of $75.40 and a fifty-two week high of $141.34. The company has a market capitalization of $72.10 billion, a price-to-earnings ratio of 16.72, a P/E/G ratio of 2.15 and a beta of 0.95.

3M (NYSE:MMM) last posted its earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.93 by $0.05. The business had revenue of $6.29 billion during the quarter, compared to analyst estimates of $6.06 billion. 3M had a return on equity of 104.66% and a net margin of 15.37%. The company’s revenue for the quarter was down 24.3% compared to the same quarter last year. During the same quarter last year, the firm earned $2.68 earnings per share. Sell-side analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MMM shares. Bank of America upped their price objective on shares of 3M from $143.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, October 23rd. Royal Bank of Canada reduced their price target on 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday. Mizuho lifted their price objective on 3M from $105.00 to $146.00 and gave the company a “neutral” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. increased their target price on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, October 28th. Finally, Melius upgraded 3M from a “hold” rating to a “buy” rating in a report on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $144.60.

Institutional Investors Weigh In On 3M

Hedge funds and other institutional investors have recently bought and sold shares of the business. Oliver Luxxe Assets LLC increased its holdings in 3M by 38.7% in the fourth quarter. Oliver Luxxe Assets LLC now owns 61,966 shares of the conglomerate’s stock valued at $7,999,000 after buying an additional 17,283 shares during the last quarter. Nordea Investment Management AB lifted its stake in 3M by 4.2% during the fourth quarter. Nordea Investment Management AB now owns 60,109 shares of the conglomerate’s stock worth $7,783,000 after purchasing an additional 2,448 shares during the last quarter. Independent Solutions Wealth Management LLC boosted its holdings in 3M by 3.0% in the third quarter. Independent Solutions Wealth Management LLC now owns 9,032 shares of the conglomerate’s stock worth $1,235,000 after purchasing an additional 267 shares during the period. Principal Financial Group Inc. increased its stake in 3M by 15.3% during the third quarter. Principal Financial Group Inc. now owns 737,075 shares of the conglomerate’s stock valued at $100,758,000 after purchasing an additional 97,741 shares during the last quarter. Finally, Old North State Trust LLC raised its holdings in shares of 3M by 84.6% during the third quarter. Old North State Trust LLC now owns 3,805 shares of the conglomerate’s stock worth $520,000 after purchasing an additional 1,744 shares during the period. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

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.