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

3M (NYSE:MMM - Get Free Report) saw some unusual options trading on Wednesday. Investors bought 48,192 call options on the stock. This represents an increase of approximately 218% compared to the typical daily volume of 15,159 call options.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MMM. Barclays upped their price objective on shares of 3M from $160.00 to $164.00 and gave the stock an "overweight" rating in a research report on Wednesday. Citigroup cut their price objective on shares of 3M from $152.00 to $142.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. cut their target price on 3M from $165.00 to $140.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Bank of America raised their target price on 3M from $175.00 to $179.00 and gave the company a "buy" rating in a research report on Thursday, March 6th. Finally, Royal Bank of Canada reiterated an "underperform" rating and issued a $96.00 target price on shares of 3M in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.73.

Insider Buying and Selling

In related news, insider Christian T. Goralski, Jr. sold 6,318 shares of the stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $149.43, for a total value of $944,098.74. Following the transaction, the insider now directly owns 5,024 shares in the company, valued at $750,736.32. This represents a 55.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kevin H. Rhodes sold 6,743 shares of 3M stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $149.85, for a total value of $1,010,438.55. Following the transaction, the executive vice president now owns 4,902 shares in the company, valued at approximately $734,564.70. This represents a 57.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,639 shares of company stock worth $17,163,446 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On 3M

Institutional investors have recently added to or reduced their stakes in the stock. Financial Life Planners acquired a new stake in shares of 3M in the fourth quarter worth approximately $25,000. Proficio Capital Partners LLC acquired a new position in shares of 3M in the 4th quarter worth $26,000. REAP Financial Group LLC raised its position in 3M by 88.7% during the fourth quarter. REAP Financial Group LLC now owns 200 shares of the conglomerate's stock valued at $26,000 after buying an additional 94 shares during the period. Hazlett Burt & Watson Inc. acquired a new position in 3M in the fourth quarter worth approximately $27,000. Finally, Pinney & Scofield Inc. bought a new position in shares of 3M in the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 65.25% of the company's stock.

3M Stock Up 0.2 %

Shares of NYSE:MMM traded up $0.25 on Wednesday, reaching $136.58. The company had a trading volume of 2,156,509 shares, compared to its average volume of 4,172,714. 3M has a 52-week low of $90.65 and a 52-week high of $156.35. The firm has a market capitalization of $73.66 billion, a PE ratio of 18.09, a PEG ratio of 3.30 and a beta of 1.01. 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's 50 day simple moving average is $143.82 and its 200-day simple moving average is $138.18.

3M (NYSE:MMM - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The conglomerate reported $1.88 earnings per share for the quarter, beating analysts' consensus estimates of $1.77 by $0.11. The company had revenue of $5.80 billion for the quarter, compared to analyst estimates of $5.78 billion. 3M had a return on equity of 100.77% and a net margin of 15.71%. As a group, analysts expect that 3M will post 7.8 earnings per share for the current fiscal year.

3M Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 12th. Investors of record on Friday, February 14th were paid a dividend of $0.73 per share. This is a boost 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 2.14%. 3M's payout ratio is presently 38.68%.

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.

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