Check Out What Whales Are Doing With MMM

Investors with significant funds have taken a bearish position in 3M MMM, a development that retail traders should be aware of.

This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in MMM usually indicates foreknowledge of upcoming events.

Today, Benzinga's options scanner identified 8 options transactions for 3M. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 12% being bullish and 62% bearish. Of all the options we discovered, 7 are puts, valued at $494,344, and there was a single call, worth $27,300.

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Expected Price Movements

Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $150.0 to $160.0 for 3M during the past quarter.

Volume & Open Interest Development

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for 3M's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of 3M's whale activity within a strike price range from $150.0 to $160.0 in the last 30 days.

3M Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About 3M

3M, a multinational conglomerate founded in 1902, sells tens of thousands of products ranging from sponges to respirators. The firm is well known for its extensive research and development capabilities, and it is a pioneer in inventing new use cases for its proprietary technologies. 3M is organized across three business segments: safety and industrial (representing around 44% of revenue), transportation and electronics (36%), and consumer (20%). The firm recently spun off its healthcare business, now known as Solventum. Nearly half of 3M's revenue comes from outside the Americas.

Having examined the options trading patterns of 3M, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

Current Position of 3M

• With a volume of 1,721,517, the price of MMM is up 1.63% at $147.43.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 44 days.

Professional Analyst Ratings for 3M

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $163.5.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on 3M with a target price of $167. * An analyst from Citigroup has decided to maintain their Neutral rating on 3M, which currently sits at a price target of $160.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest 3M options trades with real-time alerts from Benzinga Pro.