Garmin Target of Unusually High Options Trading (GRMN)

Garmin Ltd. (NASDAQ:GRMN) was the target of unusually large options trading on Thursday. Traders acquired 3,593 put options on the stock. This is an increase of approximately 1,548% compared to the typical daily volume of 218 put options.

In other Garmin news, insider Min H. Kao sold 95,814 shares of the business’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $69.70, for a total value of $6,678,235.80. Following the sale, the insider now directly owns 1,901,429 shares in the company, valued at $132,529,601.30. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Chairman Min H. Kao sold 125,796 shares of the business’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $65.38, for a total value of $8,224,542.48. Following the completion of the sale, the chairman now owns 1,901,429 shares in the company, valued at $124,315,428.02. The disclosure for this sale can be found here. In the last three months, insiders sold 2,314,037 shares of company stock worth $149,595,036. Insiders own 17.85% of the company’s stock.

Several large investors have recently added to or reduced their stakes in GRMN. Aperio Group LLC increased its stake in Garmin by 62.7% in the 2nd quarter. Aperio Group LLC now owns 86,430 shares of the scientific and technical instruments company’s stock worth $5,272,000 after acquiring an additional 33,299 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Garmin by 5.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 63,266 shares of the scientific and technical instruments company’s stock worth $3,859,000 after acquiring an additional 3,023 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Garmin by 11.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 20,259 shares of the scientific and technical instruments company’s stock worth $1,236,000 after acquiring an additional 2,087 shares during the last quarter. Wells Fargo & Company MN increased its stake in Garmin by 119.3% in the 2nd quarter. Wells Fargo & Company MN now owns 499,964 shares of the scientific and technical instruments company’s stock worth $30,497,000 after acquiring an additional 272,012 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Garmin in the 2nd quarter worth about $710,000. Institutional investors own 42.38% of the company’s stock.

NASDAQ:GRMN opened at $65.03 on Friday. Garmin has a 52-week low of $57.01 and a 52-week high of $70.77. The firm has a market cap of $13.15 billion, a P/E ratio of 19.19, a P/E/G ratio of 2.60 and a beta of 0.97.

Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, October 31st. The scientific and technical instruments company reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.24. Garmin had a return on equity of 16.95% and a net margin of 19.45%. The company had revenue of $810.01 million for the quarter, compared to analyst estimates of $784.06 million. During the same period in the previous year, the company posted $0.75 EPS. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, research analysts anticipate that Garmin will post 3.47 earnings per share for the current year.

GRMN has been the topic of several research reports. BidaskClub lowered Garmin from a “strong-buy” rating to a “buy” rating in a research note on Thursday, October 4th. Longbow Research set a $75.00 price objective on Garmin and gave the company a “buy” rating in a research note on Thursday, September 20th. Morgan Stanley set a $77.00 price objective on Garmin and gave the company an “equal weight” rating in a research note on Friday, September 21st. Finally, Bank of America set a $70.00 price objective on Garmin and gave the company a “sell” rating in a research note on Thursday, November 15th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Garmin has an average rating of “Hold” and a consensus price target of $67.83.

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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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