Stock Traders Buy Large Volume of Put Options on Garmin (NASDAQ:GRMN)


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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.

Garmin (NASDAQ:GRMN) last issued its quarterly earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $1.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.57. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $907.36 million. Garmin had a net margin of 25.89% and a return on equity of 18.38%. On average, equities research analysts predict that Garmin will post 4.78 earnings per share for the current fiscal year.

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.

About Garmin

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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