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Dow Jones Industrial component Minnesota Mining & Manufacturing (MMM – 114.96) is in the news today after boosting its quarterly dividend to 60 cents per share, up from 58 cents. This is atypical in today's day and age, where companies have been reducing their dividend payouts or discontinuing them altogether.
The equity has risen nearly 2-1/2 points today, boosting it back above its 10-week moving average. MMM has not closed a week above this trendline since January 12.
Speculative players are showing pronounced pessimism on the options front. Schaeffer's put/call open interest ratio (SOIR) for MMM currently weighs in at 1.86. This means that for every 100 open calls in the front three-month series, there are 186 open puts. This ranks in the upper three percent of all SOIR readings for the past year. This is a heavy level of bearishness, especially considering the stock is less than 10 points away from overtaking its former all-time high.