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

3M (NYSE:MMM) was the recipient of some unusual options trading activity on Tuesday. Stock investors acquired 24,151 call options on the stock. This represents an increase of 65% compared to the typical daily volume of 14,629 call options.

3M Price Performance

Shares of NYSE:MMM traded up $2.11 on Tuesday, reaching $132.40. 1,069,247 shares of the company traded hands, compared to its average volume of 2,388,796. The company has a debt-to-equity ratio of 2.41, a current ratio of 1.43 and a quick ratio of 1.08. The stock has a market capitalization of $72.10 billion, a PE ratio of 16.72, a P/E/G ratio of 2.15 and a beta of 0.95. The company’s 50 day moving average is $130.12 and its 200-day moving average is $125.78. 3M has a fifty-two week low of $75.40 and a fifty-two week high of $141.34.

3M (NYSE:MMM) last released its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share 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%. 3M’s revenue for the quarter was down 24.3% on a year-over-year basis. During the same quarter last year, the company posted $2.68 EPS. As a group, analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Announces Dividend

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

Hedge Funds Weigh In On 3M

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. D.A. Davidson & CO. boosted its position in shares of 3M by 16.2% in the third quarter. D.A. Davidson & CO. now owns 146,333 shares of the conglomerate’s stock worth $20,004,000 after buying an additional 20,421 shares during the period. Franklin Resources Inc. boosted its position in 3M by 26.8% during the 3rd quarter. Franklin Resources Inc. now owns 845,401 shares of the conglomerate’s stock worth $114,770,000 after acquiring an additional 178,450 shares during the period. Ballentine Partners LLC grew its stake in 3M by 40.1% during the 3rd quarter. Ballentine Partners LLC now owns 18,217 shares of the conglomerate’s stock valued at $2,490,000 after acquiring an additional 5,210 shares in the last quarter. Stonegate Investment Group LLC increased its holdings in shares of 3M by 5.6% in the 3rd quarter. Stonegate Investment Group LLC now owns 252,847 shares of the conglomerate’s stock valued at $34,564,000 after purchasing an additional 13,473 shares during the period. Finally, Ausdal Financial Partners Inc. lifted its position in shares of 3M by 6.7% in the second quarter. Ausdal Financial Partners Inc. now owns 3,991 shares of the conglomerate’s stock worth $408,000 after purchasing an additional 249 shares in the last quarter. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MMM has been the subject of several analyst reports. Wells Fargo & Company boosted their price objective on 3M from $130.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, October 7th. Barclays raised their price target on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Wednesday, October 23rd. Bank of America upped their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, October 23rd. Royal Bank of Canada lowered their target price on shares of 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday. Finally, Mizuho boosted their price target on shares of 3M from $105.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, October 17th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $144.60.

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.