Garmin Ltd. (NASDAQ:GRMN) was the recipient of some unusual options trading on Wednesday. Investors purchased 3,821 put options on the company. This represents an increase of approximately 3,374% compared to the average daily volume of 110 put options.
A number of analysts have weighed in on GRMN shares. Bank of America restated a “buy” rating and set a $146.00 target price on shares of Garmin in a report on Thursday. BidaskClub lowered shares of Garmin from a “buy” rating to a “hold” rating in a report on Friday, December 18th. Deutsche Bank Aktiengesellschaft began coverage on shares of Garmin in a research note on Tuesday, December 8th. They set a “hold” rating and a $120.00 target price on the stock. Credit Suisse Group raised their price target on shares of Garmin from $96.00 to $107.00 and gave the company a “neutral” rating in a research note on Tuesday, November 10th. Finally, Morgan Stanley raised their price target on shares of Garmin from $106.00 to $123.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 16th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Garmin currently has an average rating of “Hold” and an average target price of $116.00.
Shares of NASDAQ:GRMN opened at $120.79 on Thursday. Garmin has a 52 week low of $61.04 and a 52 week high of $123.55. The company’s fifty day moving average is $119.53 and its 200-day moving average is $106.08. The company has a market capitalization of $23.10 billion, a PE ratio of 22.70, a P/E/G ratio of 3.66 and a beta of 0.98.
In related news, CEO Clifton A. Pemble sold 8,494 shares of the business’s stock in a transaction that occurred on Wednesday, December 16th. The stock was sold at an average price of $118.32, for a total value of $1,005,010.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 22.00% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Fifth Third Bancorp increased its position in Garmin by 17.6% during the 3rd quarter. Fifth Third Bancorp now owns 649 shares of the scientific and technical instruments company’s stock valued at $62,000 after buying an additional 97 shares in the last quarter. CX Institutional lifted its stake in shares of Garmin by 75.7% during the fourth quarter. CX Institutional now owns 246 shares of the scientific and technical instruments company’s stock valued at $29,000 after buying an additional 106 shares during the period. Flagship Harbor Advisors LLC increased its position in Garmin by 2.8% during the third quarter. Flagship Harbor Advisors LLC now owns 4,131 shares of the scientific and technical instruments company’s stock worth $391,000 after purchasing an additional 111 shares during the last quarter. CENTRAL TRUST Co increased its position in Garmin by 10.8% during the third quarter. CENTRAL TRUST Co now owns 1,437 shares of the scientific and technical instruments company’s stock worth $136,000 after purchasing an additional 140 shares during the last quarter. Finally, D.A. Davidson & CO. increased its position in Garmin by 3.1% during the third quarter. D.A. Davidson & CO. now owns 4,831 shares of the scientific and technical instruments company’s stock worth $458,000 after purchasing an additional 147 shares during the last quarter. 47.28% of the stock is currently owned by institutional investors and hedge funds.
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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