Some Traders See Unusual Bearish Options Activity in 3M Co


 Some Traders See Unusual Bearish Options Activity in 3M Co

In today’s session 3M Co (MMM) recorded an unusually high (2,500) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the October, 2016 put, expecting serious MMM decrease. With 2,500 contracts traded and 9064 open interest for the Oct, 16 contract, it seems this is a quite bearish bet. The option with symbol: MMM161021P00170000 closed last at: $0.77 or 28% down. The stock decreased 1.92% or $3.36 during the last trading session, hitting $171.68. About 3.17 million shares traded hands or 92.12% up from the average. 3M Co (NYSE:MMM) has risen 9.68% since March 1, 2016 and is uptrending. It has outperformed by 0.44% the S&P500.

Analysts await 3M Co (NYSE:MMM) to report earnings on October, 27. They expect $2.14 earnings per share, up 4.39% or $0.09 from last year’s $2.05 per share. MMM’s profit will be $1.28B for 20.06 P/E if the $2.14 EPS becomes a reality. After $2.08 actual earnings per share reported by 3M Co for the previous quarter, Wall Street now forecasts 2.88% EPS growth.

3M Co (NYSE:MMM) Ratings Coverage

Out of 10 analysts covering 3M (NYSE:MMM), 4 rate it a “Buy”, 2 “Sell”, while 4 “Hold”. This means 40% are positive. $191 is the highest target while $135 is the lowest. The $166.50 average target is -3.02% below today’s ($171.68) stock price. 3M has been the topic of 28 analyst reports since July 24, 2015 according to StockzIntelligence Inc. The firm has “Hold” rating given on Tuesday, August 25 by Deutsche Bank. On Wednesday, March 30 the stock rating was maintained by UBS with “Buy”. On Wednesday, March 30 the stock rating was maintained by Bernstein with “Market Perform”. RBC Capital Markets maintained 3M Co (NYSE:MMM) on Wednesday, December 16 with “Underperform” rating. As per Tuesday, April 12, the company rating was maintained by Jefferies. The firm has “Underperform” rating given on Friday, July 24 by RBC Capital Markets. Morgan Stanley maintained the stock with “Underweight” rating in Wednesday, March 30 report. As per Tuesday, March 15, the company rating was maintained by Credit Suisse. The rating was upgraded by Credit Suisse on Friday, September 25 to “Outperform”. The firm has “Buy” rating by Citigroup given on Thursday, January 21.

Insitutional Activity: The institutional sentiment decreased to 0.78 in Q2 2016. Its down 0.18, from 0.96 in 2016Q1. The ratio is negative, as 60 funds sold all 3M Co shares owned while 594 reduced positions. 48 funds bought stakes while 464 increased positions. They now own 386.81 million shares or 1.17% less from 391.41 million shares in 2016Q1.
Piershale Gp owns 159 shares or 0.02% of their US portfolio. Compton Cap Mgmt Inc Ri holds 14,819 shares or 1.45% of its portfolio. Winslow Evans Crocker Inc has 0% invested in the company for 6,516 shares. Retirement System Of Alabama holds 0.49% of its portfolio in 3M Co (NYSE:MMM) for 481,728 shares. The Delaware-based Cypress Cap Management Limited Liability Co has invested 0.38% in 3M Co (NYSE:MMM). Cap Mngmt Assocs Ny, a New York-based fund reported 4,570 shares. Douglass Winthrop Advsr Limited Liability has 0.54% invested in the company for 48,001 shares. Proffitt & Goodson has invested 0.7% of its portfolio in 3M Co (NYSE:MMM). Fiera Capital Corporation last reported 1.49% of its portfolio in the stock. Moreover, Schmidt P J Investment Management has 0.34% invested in 3M Co (NYSE:MMM) for 5,238 shares. Aberdeen Asset Mgmt Public Ltd Com Uk has invested 0.11% of its portfolio in 3M Co (NYSE:MMM). Nationwide Fund owns 223,214 shares or 0.17% of their US portfolio. Parasol Invest Mgmt Limited Liability Company holds 896 shares or 0.16% of its portfolio. Cibc holds 0.43% of its portfolio in 3M Co (NYSE:MMM) for 93,670 shares. Tealwood Asset Mgmt accumulated 2,042 shares or 0.16% of the stock.

Insider Transactions: Since April 19, 2016, the stock had 0 insider buys, and 13 insider sales for $25.65 million net activity. 35,078 shares were sold by Singh Jesse G, worth $5.96 million. $567,284 worth of 3M Co (NYSE:MMM) was sold by Keel Paul A. Delgado Joaquin also sold $3.00 million worth of 3M Co (NYSE:MMM) on Wednesday, May 4. The insider THULIN INGE G sold $963,050. Shares for $674,198 were sold by Little Frank R Jr.. Ashish Khandpur K sold $299,515 worth of stock or 1,679 shares. Bauman James L also sold $1.62M worth of 3M Co (NYSE:MMM) shares.

3M Company is a technology company. The Firm operates through five divisions. The company has a market cap of $103.06 billion. The Company’s Industrial segment serves markets, such as automotive original equipment maker and automotive aftermarket, electronics, appliance, paper and printing, packaging, food and beverage, and construction. It has a 21.88 P/E ratio. The Company’s Safety and Graphics segment serves markets for the safety, security and productivity of people, facilities and systems.

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