Stock Traders Buy High Volume of Call Options on Garmin (NASDAQ:GRMN)

Garmin Ltd. (NASDAQ:GRMN) was the target of unusually large options trading on Thursday. Traders acquired 3,244 call options on the company. This is an increase of 1,219% compared to the average volume of 246 call options.

In related news, Chairman Min H. Kao sold 199,860 shares of the business’s stock in a transaction on Friday, July 19th. The stock was sold at an average price of $81.22, for a total value of $16,232,629.20. Following the completion of the sale, the chairman now directly owns 1,799,429 shares in the company, valued at approximately $146,149,623.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Min H. Kao sold 842,410 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $78.37, for a total value of $66,019,671.70. Following the completion of the sale, the insider now owns 1,779,429 shares of the company’s stock, valued at $139,453,850.73. The disclosure for this sale can be found here. Insiders have sold a total of 5,473,446 shares of company stock worth $430,492,687 over the last three months. 23.83% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Garmin by 130.9% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 74,089 shares of the scientific and technical instruments company’s stock valued at $5,912,000 after acquiring an additional 42,003 shares during the period. Treasurer of the State of North Carolina lifted its position in shares of Garmin by 26.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 73,527 shares of the scientific and technical instruments company’s stock valued at $5,867,000 after acquiring an additional 15,345 shares during the period. Mackenzie Financial Corp lifted its position in shares of Garmin by 7.0% during the 2nd quarter. Mackenzie Financial Corp now owns 126,914 shares of the scientific and technical instruments company’s stock valued at $10,128,000 after acquiring an additional 8,248 shares during the period. BlackRock Inc. lifted its position in shares of Garmin by 7.4% during the 2nd quarter. BlackRock Inc. now owns 11,943,119 shares of the scientific and technical instruments company’s stock valued at $953,060,000 after acquiring an additional 824,805 shares during the period. Finally, Barings LLC lifted its position in shares of Garmin by 18.2% during the 2nd quarter. Barings LLC now owns 3,900 shares of the scientific and technical instruments company’s stock valued at $311,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 42.02% of the company’s stock.

GRMN traded down $0.18 during trading on Friday, hitting $85.34. The stock had a trading volume of 415,010 shares, compared to its average volume of 1,142,926. The company has a 50 day moving average price of $79.50 and a 200-day moving average price of $81.44. The firm has a market cap of $16.94 billion, a price-to-earnings ratio of 23.13, a P/E/G ratio of 2.93 and a beta of 0.91. Garmin has a one year low of $59.98 and a one year high of $89.72. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.39 and a quick ratio of 1.76.

Garmin (NASDAQ:GRMN) last released its quarterly earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.16. The business had revenue of $955.00 million during the quarter, compared to the consensus estimate of $930.98 million. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 EPS. As a group, sell-side analysts predict that Garmin will post 3.9 EPS for the current fiscal year.

Several analysts recently issued reports on GRMN shares. ValuEngine downgraded Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. upgraded Garmin from an “underweight” rating to a “neutral” rating and reduced their price target for the company from $77.00 to $75.00 in a research note on Friday, June 7th. Tigress Financial restated a “buy” rating on shares of Garmin in a research note on Friday, August 16th. Finally, BidaskClub upgraded Garmin from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $78.66.

Garmin Company Profile

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of navigation, communication, and information devices worldwide. It operates through five segments: Auto, Aviation, Marine, Outdoor, and Fitness. The Auto segment offers personal navigation devices; infotainment systems; and action cameras, as well as mobile applications under the Garmin and NAVIGON names.

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