3M Company (MMM) reported on Friday, July 26, that it generated huge adjusted free cash flow and a high FCF margin in Q2. That implies that MMM stock could be undervalued here. Moreover, shorting out-of-the-money puts can create extra income. MMMM stock is trading for $124.93 in midday trading on Monday, July 29. However, the stock is up significantly from July 25 at $103.39. The market is now excited that the company could generate significant amounts of FCF going forward. Based on management’s discussion, it looks like that could happen. MMM stock could potentially be worth as much as 33% mo…