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

3M (NYSE:MMM) was the target of unusually large options trading on Wednesday. Stock traders acquired 48,192 call options on the stock. This is an increase of 218% compared to the average daily volume of 15,159 call options.

3M Trading Down 0.2 %

NYSE MMM opened at $136.06 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.08 and a debt-to-equity ratio of 2.86. The firm has a market capitalization of $73.38 billion, a P/E ratio of 18.02, a PEG ratio of 3.30 and a beta of 1.01. The business has a fifty day simple moving average of $143.57 and a 200 day simple moving average of $138.17. 3M has a 12 month low of $90.65 and a 12 month high of $156.35.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.11. The business had revenue of $5.80 billion for the quarter, compared to analysts’ expectations of $5.78 billion. 3M had a net margin of 15.71% and a return on equity of 100.77%. On average, analysts predict that 3M will post 7.8 EPS for the current fiscal year.

3M Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a $0.73 dividend. This is an increase from 3M’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, February 14th. This represents a $2.92 annualized dividend and a yield of 2.15%. 3M’s dividend payout ratio is presently 38.68%.

Insider Buying and Selling

In other news, CAO Theresa E. Reinseth sold 2,309 shares of 3M stock in a transaction on Friday, January 24th. The stock was sold at an average price of $149.95, for a total value of $346,234.55. Following the transaction, the chief accounting officer now owns 4,417 shares in the company, valued at approximately $662,329.15. This trade represents a 34.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Victoria Clarke sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $154.22, for a total transaction of $269,885.00. Following the completion of the sale, the executive vice president now owns 194 shares in the company, valued at $29,918.68. This represents a 90.02 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 113,639 shares of company stock valued at $17,163,446. Insiders own 0.34% of the company’s stock.

Institutional Trading of 3M

Several hedge funds have recently made changes to their positions in MMM. Investors Asset Management of Georgia Inc. GA ADV grew its holdings in 3M by 1.3% during the 4th quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 5,377 shares of the conglomerate’s stock valued at $694,000 after buying an additional 67 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in shares of 3M by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 5,153 shares of the conglomerate’s stock valued at $665,000 after acquiring an additional 70 shares during the last quarter. LaSalle St. Investment Advisors LLC grew its holdings in 3M by 2.5% in the fourth quarter. LaSalle St. Investment Advisors LLC now owns 2,951 shares of the conglomerate’s stock valued at $381,000 after purchasing an additional 71 shares during the period. Gilbert & Cook Inc. raised its position in shares of 3M by 1.5% in the 4th quarter. Gilbert & Cook Inc. now owns 5,106 shares of the conglomerate’s stock worth $659,000 after buying an additional 73 shares during the period. Finally, Childress Capital Advisors LLC grew its holdings in shares of 3M by 5.1% during the 4th quarter. Childress Capital Advisors LLC now owns 1,573 shares of the conglomerate’s stock worth $203,000 after purchasing an additional 76 shares during the period. 65.25% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on MMM shares. Royal Bank of Canada increased their target price on 3M from $98.00 to $100.00 and gave the company an “underperform” rating in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on 3M from $165.00 to $140.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Citigroup lowered their price objective on 3M from $152.00 to $142.00 and set a “neutral” rating for the company in a research report on Monday, April 14th. Wells Fargo & Company raised shares of 3M from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $140.00 to $170.00 in a research report on Wednesday, January 22nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of 3M in a research note on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, 3M has an average rating of “Moderate Buy” and an average target price of $147.00.

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.