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

3M (NYSE:MMM) saw unusually large options trading on Tuesday. Stock investors acquired 24,151 call options on the stock. This represents an increase of 65% compared to the average daily volume of 14,629 call options.

Hedge Funds Weigh In On 3M

Hedge funds have recently added to or reduced their stakes in the stock. Lantz Financial LLC lifted its holdings in shares of 3M by 8.0% in the 2nd quarter. Lantz Financial LLC now owns 2,469 shares of the conglomerate’s stock valued at $252,000 after purchasing an additional 183 shares during the last quarter. Candriam S.C.A. boosted its holdings in shares of 3M by 19.2% in the second quarter. Candriam S.C.A. now owns 38,469 shares of the conglomerate’s stock valued at $3,931,000 after acquiring an additional 6,185 shares during the period. Advisor OS LLC grew its position in shares of 3M by 12.5% during the second quarter. Advisor OS LLC now owns 2,648 shares of the conglomerate’s stock worth $271,000 after acquiring an additional 294 shares during the last quarter. Lake Street Advisors Group LLC increased its holdings in shares of 3M by 10.4% in the 2nd quarter. Lake Street Advisors Group LLC now owns 2,846 shares of the conglomerate’s stock valued at $291,000 after acquiring an additional 268 shares during the period. Finally, Chris Bulman Inc purchased a new stake in 3M in the 2nd quarter valued at $80,000. 65.25% of the stock is currently owned by hedge funds and other institutional investors.

3M Price Performance

MMM stock opened at $132.59 on Wednesday. 3M has a 1 year low of $75.40 and a 1 year high of $141.34. The firm has a market capitalization of $72.20 billion, a P/E ratio of 16.74, a P/E/G ratio of 2.15 and a beta of 0.95. 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 business’s 50-day moving average is $130.18 and its two-hundred day moving average is $126.00.

3M (NYSE:MMM) last issued its quarterly earnings results on Tuesday, October 22nd. The conglomerate reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.93 by $0.05. 3M had a net margin of 15.37% and a return on equity of 104.66%. The company had revenue of $6.29 billion during the quarter, compared to the consensus estimate of $6.06 billion. During the same quarter in the previous year, the firm earned $2.68 earnings per share. The firm’s quarterly revenue was down 24.3% on a year-over-year basis. Analysts anticipate that 3M will post 7.27 earnings per share for the current fiscal year.

3M Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MMM. Barclays increased their price target on 3M from $160.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, October 23rd. UBS Group raised shares of 3M from a “neutral” rating to a “buy” rating and increased their target price for the stock from $130.00 to $184.00 in a research note on Wednesday, November 13th. Royal Bank of Canada reduced their price target on shares of 3M from $100.00 to $96.00 and set an “underperform” rating on the stock in a research note on Friday, January 3rd. Bank of America increased their price objective on shares of 3M from $143.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. boosted their target price on 3M from $160.00 to $165.00 and gave the company an “overweight” rating in a research report on Monday, October 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.