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

3M (NYSE:MMM) was the recipient of unusually large options trading on Tuesday. Traders purchased 28,979 call options on the stock. This represents an increase of approximately 41% compared to the average volume of 20,561 call options.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MMM shares. Wells Fargo & Company dropped their price target on 3M from $112.00 to $105.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 24th. Citigroup boosted their price target on shares of 3M from $95.31 to $98.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Royal Bank of Canada lowered their price objective on shares of 3M from $84.00 to $78.00 and set an “underperform” rating on the stock in a research report on Tuesday, April 2nd. Mizuho reissued a “neutral” rating and issued a $105.00 target price on shares of 3M in a research note on Wednesday, March 27th. Finally, JPMorgan Chase & Co. dropped their price target on 3M from $118.00 to $110.00 and set a “neutral” rating for the company in a research note on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, 3M presently has an average rating of “Hold” and a consensus target price of $104.00.

Insider Transactions at 3M

In other news, insider Rodriguez Beatriz Karin Chavez sold 426 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $92.32, for a total value of $39,328.32. Following the completion of the transaction, the insider now directly owns 3,966 shares in the company, valued at $366,141.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vest Financial LLC lifted its stake in shares of 3M by 35.1% in the 1st quarter. Vest Financial LLC now owns 410,385 shares of the conglomerate’s stock valued at $44,000 after purchasing an additional 106,535 shares during the period. Naples Global Advisors LLC lifted its position in 3M by 14.2% during the first quarter. Naples Global Advisors LLC now owns 16,063 shares of the conglomerate’s stock valued at $1,704,000 after buying an additional 2,003 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of 3M by 10.1% during the 1st quarter. Commonwealth Equity Services LLC now owns 496,971 shares of the conglomerate’s stock valued at $52,714,000 after buying an additional 45,789 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of 3M by 0.7% in the 1st quarter. Principal Financial Group Inc. now owns 665,212 shares of the conglomerate’s stock worth $70,559,000 after buying an additional 4,440 shares during the period. Finally, RWA Wealth Partners LLC increased its stake in shares of 3M by 1.0% in the 1st quarter. RWA Wealth Partners LLC now owns 29,018 shares of the conglomerate’s stock worth $3,078,000 after acquiring an additional 278 shares in the last quarter. 65.25% of the stock is currently owned by institutional investors.

3M Trading Up 3.4 %

Shares of MMM stock traded up $3.11 during mid-day trading on Tuesday, reaching $95.27. The stock had a trading volume of 10,040,398 shares, compared to its average volume of 5,768,461. The company has a current ratio of 1.07, a quick ratio of 0.76 and a debt-to-equity ratio of 2.69. 3M has a 52-week low of $71.12 and a 52-week high of $97.84. The firm has a market capitalization of $52.72 billion, a PE ratio of -7.67, a price-to-earnings-growth ratio of 1.74 and a beta of 1.02. The stock’s 50-day moving average price is $95.73 and its two-hundred day moving average price is $97.49.

3M Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Friday, February 16th were given a dividend of $1.51 per share. This is an increase from 3M’s previous quarterly dividend of $1.50. This represents a $6.04 dividend on an annualized basis and a yield of 6.34%. The ex-dividend date was Thursday, February 15th. 3M’s payout ratio is presently -47.82%.

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.