Garmin Sees Unusually Large Options Volume (NASDAQ:GRMN)
Garmin Ltd. (NASDAQ:GRMN) was the recipient of some unusual options trading activity on Thursday. Stock investors bought 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.
GRMN has been the subject of several recent analyst reports. Tigress Financial reaffirmed a “buy” rating on shares of Garmin in a research note on Friday, August 16th. JPMorgan Chase & Co. raised shares of Garmin from an “underweight” rating to a “neutral” rating and lowered their target price for the company from $77.00 to $75.00 in a research note on Friday, June 7th. BidaskClub raised shares of Garmin from a “hold” rating to a “buy” rating in a research note on Thursday, September 5th. Finally, ValuEngine downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Two 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 currently has an average rating of “Hold” and an average target price of $78.66.
In other Garmin news, Chairman Min H. Kao sold 116,124 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $79.78, for a total value of $9,264,372.72. Following the completion of the sale, the chairman now owns 1,799,429 shares of the company’s stock, valued at $143,558,445.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Min H. Kao sold 430,636 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $75.42, for a total transaction of $32,478,567.12. Following the completion of the sale, the insider now directly owns 1,779,429 shares of the company’s stock, valued at approximately $134,204,535.18. The disclosure for this sale can be found here. Insiders sold 5,473,446 shares of company stock valued at $430,492,687 in the last ninety days. Insiders own 23.83% of the company’s stock.
NASDAQ:GRMN traded down $0.18 during trading hours on Friday, hitting $85.34. The stock had a trading volume of 599,838 shares, 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 quick ratio of 1.76 and a current ratio of 2.39. The company has a market cap of $16.94 billion, a price-to-earnings ratio of 23.13, a P/E/G ratio of 2.93 and a beta of 0.91. The business’s 50 day moving average is $79.38 and its 200-day moving average is $81.43.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data on Wednesday, July 31st. The scientific and technical instruments company reported $1.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.00 by $0.16. Garmin had a net margin of 21.32% and a return on equity of 17.97%. The company had revenue of $955.00 million during the quarter, compared to the consensus estimate of $930.98 million. During the same quarter in the prior year, the firm earned $0.99 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Garmin will post 3.9 EPS for the current fiscal year.
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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