Investors Purchase High Volume of Garmin Call Options (GRMN)
Garmin Ltd. (NASDAQ:GRMN) was the recipient of unusually large options trading on Wednesday. Traders purchased 26,979 call options on the stock. This is an increase of approximately 1,682% compared to the average daily volume of 1,514 call options.
Shares of NASDAQ:GRMN opened at $83.94 on Thursday. Garmin has a fifty-two week low of $57.01 and a fifty-two week high of $85.50. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 22.75, a price-to-earnings-growth ratio of 3.10 and a beta of 0.92.
Garmin (NASDAQ:GRMN) last announced its quarterly earnings data on Wednesday, February 20th. The scientific and technical instruments company reported $1.02 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.22. The company had revenue of $932.11 million during the quarter, compared to the consensus estimate of $893.14 million. Garmin had a return on equity of 17.67% and a net margin of 20.74%. The firm’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.79 EPS. As a group, equities analysts forecast that Garmin will post 3.71 earnings per share for the current year.
Several equities analysts have recently issued reports on GRMN shares. Longbow Research set a $75.00 price target on Garmin and gave the stock a “buy” rating in a research report on Tuesday, February 19th. BidaskClub raised Garmin from a “hold” rating to a “buy” rating in a research report on Saturday, December 15th. Zacks Investment Research raised Garmin from a “hold” rating to a “buy” rating and set a $93.00 price target for the company in a research report on Monday, February 25th. Morgan Stanley decreased their target price on Garmin from $77.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, January 7th. Finally, ValuEngine lowered Garmin from a “buy” rating to a “hold” rating in a research report on Tuesday, February 19th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $77.19.
In other news, Director Sean Biddlecombe sold 1,500 shares of Garmin stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $83.51, for a total value of $125,265.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Clifton A. Pemble sold 2,683 shares of Garmin stock in a transaction dated Thursday, February 21st. The stock was sold at an average price of $82.38, for a total value of $221,025.54. Following the completion of the transaction, the insider now directly owns 141,883 shares of the company’s stock, valued at approximately $11,688,321.54. The disclosure for this sale can be found here. 17.85% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Boston Advisors LLC purchased a new position in Garmin in the 4th quarter worth approximately $4,382,000. Wakefield Asset Management LLLP purchased a new position in Garmin in the 3rd quarter worth approximately $174,000. Swiss National Bank lifted its holdings in Garmin by 18.4% in the 3rd quarter. Swiss National Bank now owns 445,348 shares of the scientific and technical instruments company’s stock worth $31,197,000 after purchasing an additional 69,200 shares in the last quarter. AQR Capital Management LLC lifted its holdings in Garmin by 26.9% in the 3rd quarter. AQR Capital Management LLC now owns 895,069 shares of the scientific and technical instruments company’s stock worth $62,700,000 after purchasing an additional 189,980 shares in the last quarter. Finally, Sit Investment Associates Inc. lifted its holdings in Garmin by 479.3% in the 4th quarter. Sit Investment Associates Inc. now owns 117,750 shares of the scientific and technical instruments company’s stock worth $7,456,000 after purchasing an additional 97,425 shares in the last quarter. Institutional investors own 42.35% of the company’s stock.
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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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