Traders Buy High Volume of Call Options on 3M (NYSE:MMM)

3M (NYSE:MMM) was the recipient of unusually large options trading on Wednesday. Stock traders purchased 26,910 call options on the stock. This represents an increase of approximately 30% compared to the typical volume of 20,648 call options.

Wall Street Analysts Forecast Growth

MMM has been the topic of a number of recent analyst reports. Argus raised shares of 3M from a “hold” rating to a “buy” rating and set a $145.00 price target on the stock in a research note on Tuesday, July 30th. UBS Group upped their target price on shares of 3M from $98.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. upgraded 3M from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $110.00 to $111.00 in a research note on Wednesday, May 1st. Wells Fargo & Company increased their target price on 3M from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 10th. Finally, StockNews.com downgraded 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, 3M has a consensus rating of “Hold” and an average target price of $123.57.

Insiders Place Their Bets

In related news, Chairman Michael F. Roman sold 5,675 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $123.46, for a total value of $700,635.50. Following the sale, the chairman now owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other 3M news, Chairman Michael F. Roman sold 5,675 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $123.46, for a total transaction of $700,635.50. Following the completion of the transaction, the chairman now directly owns 174,036 shares in the company, valued at approximately $21,486,484.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Theresa E. Reinseth sold 2,100 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $124.12, for a total transaction of $260,652.00. Following the completion of the sale, the chief financial officer now directly owns 4,364 shares in the company, valued at approximately $541,659.68. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On 3M

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in shares of 3M during the 4th quarter worth about $502,585,000. Balyasny Asset Management L.P. raised its position in shares of 3M by 313.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 2,650,961 shares of the conglomerate’s stock valued at $289,803,000 after buying an additional 2,010,319 shares during the last quarter. Capital World Investors bought a new stake in shares of 3M in the first quarter valued at about $165,986,000. Los Angeles Capital Management LLC grew its holdings in shares of 3M by 157.2% during the 4th quarter. Los Angeles Capital Management LLC now owns 1,805,496 shares of the conglomerate’s stock worth $197,377,000 after purchasing an additional 1,103,459 shares in the last quarter. Finally, National Bank of Canada FI boosted its stake in 3M by 218.3% during the first quarter. National Bank of Canada FI now owns 1,489,351 shares of the conglomerate’s stock worth $147,344,000 after buying an additional 1,021,440 shares in the last quarter. Institutional investors and hedge funds own 65.25% of the company’s stock.

3M Price Performance

Shares of NYSE:MMM traded up $1.08 on Wednesday, reaching $126.43. 2,161,798 shares of the company traded hands, compared to its average volume of 5,363,588. The company’s 50 day moving average is $108.04 and its 200-day moving average is $100.52. The stock has a market capitalization of $69.96 billion, a PE ratio of -9.85, a P/E/G ratio of 2.34 and a beta of 0.95. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.36 and a quick ratio of 1.08. 3M has a fifty-two week low of $71.12 and a fifty-two week high of $128.65.

3M (NYSE:MMM) last announced its quarterly earnings data on Friday, July 26th. The conglomerate reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.25. 3M had a return on equity of 112.92% and a net margin of 3.08%. The firm had revenue of $6.26 billion during the quarter, compared to analyst estimates of $5.85 billion. During the same period last year, the company posted $2.17 EPS. As a group, analysts anticipate that 3M will post 7.21 earnings per share for the current fiscal year.

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.