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

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Garmin Ltd. (NASDAQ:GRMN) saw some unusual options trading on Thursday. Stock investors acquired 3,244 call options on the stock. This is an increase of approximately 1,219% compared to the average daily volume of 246 call options.

In other news, Chairman Min H. Kao sold 196,836 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $79.53, for a total value of $15,654,367.08. Following the completion of the sale, the chairman now owns 1,799,429 shares of the company’s stock, valued at $143,108,588.37. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sean Biddlecombe sold 316 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $80.39, for a total value of $25,403.24. The disclosure for this sale can be found here. In the last three months, insiders sold 5,473,446 shares of company stock valued at $430,492,687. Insiders own 23.83% of the company’s stock.

Several institutional investors have recently made changes to their positions in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted 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 purchasing an additional 42,003 shares in the last quarter. Treasurer of the State of North Carolina boosted 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 purchasing an additional 15,345 shares in the last quarter. Mackenzie Financial Corp boosted 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 purchasing an additional 8,248 shares in the last quarter. BlackRock Inc. boosted 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 purchasing an additional 824,805 shares in the last quarter. Finally, Barings LLC boosted its holdings in Garmin by 18.2% in the second quarter. Barings LLC now owns 3,900 shares of the scientific and technical instruments company’s stock worth $311,000 after acquiring an additional 600 shares in the last quarter. Institutional investors own 42.02% of the company’s stock.

Shares of Garmin stock traded down $0.18 on Friday, hitting $85.34. 415,010 shares of the company’s stock traded hands, compared to its average volume of 1,142,926. 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. The company has a fifty day moving average of $79.50 and a two-hundred day moving average of $81.44. The company has a market capitalization of $16.94 billion, a price-to-earnings ratio of 23.13, a price-to-earnings-growth ratio of 2.93 and a beta of 0.91.

Garmin (NASDAQ:GRMN) last announced its earnings results on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. Garmin had a return on equity of 17.97% and a net margin of 21.32%. The company had revenue of $955.00 million for the quarter, compared to analyst estimates of $930.98 million. During the same quarter in the prior year, the company earned $0.99 EPS. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that Garmin will post 3.9 earnings per share for the current year.

GRMN has been the subject of several recent research reports. Tigress Financial reissued a “buy” rating on shares of Garmin in a research note on Friday, August 16th. ValuEngine lowered Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. BidaskClub upgraded Garmin from a “hold” rating to a “buy” rating in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. upgraded Garmin from an “underweight” rating to a “neutral” rating and cut their target price for the company from $77.00 to $75.00 in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price 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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