Blue chip 3M Co (NYSE:MMM) reported adjusted first-quarter earnings of $2.14 per share that topped the $1.98 estimates, as cost-cutting measures and price hikes helped counteract higher tariffs and inflation. 3M missed sales expectations, however, and only reiterated its 2026 profit outlook. At last glance, MMM is up 0.6% to trade at $153.80, paring stronger gains from the bell.
Shares have been distancing themselves from this year's low of $139.40 on March 20, which followed a surge to a Feb. 13, seven-year high of $177.41. The stock now sports a 22.3% year-over-year lead, but remains below its year-to-date breakeven level.
Short-term options traders lean overwhelmingly bearish. This is per 3M stock's Schaeffer's put/call open interest ratio (SOIR) of 2.44 that ranks in the highest percentile readings from the last 12 months.
Drilling down to today's options activity, 2,600 calls and 2,655 have already crossed the tape, volume that is seven times the amount typically seen at this point. The most active contract is the weekly 4/24 150-strike put, followed by the 160-strike call in that series.
With a Schaeffer's Volatility Scorecard (SVS) of 17 out of 100, 3m stock has consistently realized lower volatility than its options have priced in. In other words, a premium-selling strategy could be the move for options traders.
