Traders Purchase Large Volume of Put Options on 3M (MMM)

3M Company (NYSE:MMM) saw some unusual options trading on Friday. Stock traders bought 5,772 put options on the company. This represents an increase of 274% compared to the typical volume of 1,543 put options.

In other 3M news, insider Paul A. Keel sold 4,965 shares of the stock in a transaction dated Friday, August 11th. The stock was sold at an average price of $206.16, for a total value of $1,023,584.40. Following the completion of the sale, the insider now directly owns 5,503 shares in the company, valued at $1,134,498.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Eric D. Hammes sold 1,428 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $206.66, for a total value of $295,110.48. Following the completion of the sale, the vice president now owns 3,066 shares of the company’s stock, valued at $633,619.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,112 shares of company stock valued at $1,878,890. 0.58% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. MPS Loria Financial Planners LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $124,000. Proficio Capital Partners LLC raised its stake in shares of 3M by 156.0% during the 1st quarter. Proficio Capital Partners LLC now owns 663 shares of the conglomerate’s stock worth $131,000 after buying an additional 404 shares in the last quarter. Harfst & Associates Inc. raised its stake in shares of 3M by 17.0% during the 2nd quarter. Harfst & Associates Inc. now owns 688 shares of the conglomerate’s stock worth $143,000 after buying an additional 100 shares in the last quarter. Jackson Grant Investment Advisers Inc. raised its stake in shares of 3M by 0.6% during the 1st quarter. Jackson Grant Investment Advisers Inc. now owns 718 shares of the conglomerate’s stock worth $137,000 after buying an additional 4 shares in the last quarter. Finally, Ironwood Investment Management LLC purchased a new position in shares of 3M during the 2nd quarter worth approximately $203,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have recently issued reports on MMM shares. Citigroup Inc. restated a “buy” rating and issued a $229.00 price objective (up from $220.00) on shares of 3M in a research note on Saturday, June 3rd. BidaskClub cut 3M from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Morgan Stanley restated an “underweight” rating and issued a $191.00 price objective (down from $193.00) on shares of 3M in a research note on Monday, July 10th. Stifel Nicolaus restated a “hold” rating and issued a $210.00 price objective on shares of 3M in a research note on Friday, July 28th. Finally, Zacks Investment Research cut 3M from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $207.35.

3M (MMM) opened at 210.76 on Monday. The company’s 50-day moving average price is $206.16 and its 200 day moving average price is $201.42. The stock has a market capitalization of $125.77 billion, a PE ratio of 24.04 and a beta of 1.08. 3M has a 12 month low of $163.85 and a 12 month high of $214.65.

3M (NYSE:MMM) last posted its quarterly earnings data on Tuesday, July 25th. The conglomerate reported $2.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.59 by ($0.01). The company had revenue of $7.81 billion for the quarter, compared to analysts’ expectations of $7.86 billion. 3M had a net margin of 17.65% and a return on equity of 47.83%. The firm’s revenue was up 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.08 earnings per share. On average, analysts forecast that 3M will post $8.95 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Friday, August 25th were paid a dividend of $1.175 per share. This represents a $4.70 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Wednesday, August 23rd. 3M’s dividend payout ratio is presently 53.59%.

ILLEGAL ACTIVITY NOTICE: “Traders Purchase Large Volume of Put Options on 3M (MMM)” was originally reported by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this piece of content on another publication, it was illegally stolen and republished in violation of international trademark and copyright legislation. The correct version of this piece of content can be accessed at https://ledgergazette.com/2017/09/25/traders-purchase-large-volume-of-put-options-on-3m-mmm.html.

About 3M

3M Company is a technology company. It operates through five segments. The Industrial segment serves a range of markets, such as automotive original equipment manufacturer and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. The Safety and Graphics segment serves a range of markets for the safety, security and productivity of people, facilities and systems.

Receive News & Ratings for 3M Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for 3M Company and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply