Garmin Ltd. (NYSE:GRMN - Get Free Report) CFO Douglas G. Boessen sold 1,859 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $215.00, for a total value of $399,685.00. Following the completion of the sale, the chief financial officer owned 29,146 shares of the company's stock, valued at $6,266,390. This represents a 6.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Garmin Stock Performance
NYSE:GRMN opened at $214.30 on Tuesday. The company has a market cap of $41.26 billion, a PE ratio of 28.20, a PEG ratio of 2.41 and a beta of 0.97. Garmin Ltd. has a 52-week low of $160.71 and a 52-week high of $246.50. The stock has a 50-day simple moving average of $202.15 and a 200 day simple moving average of $206.98.
Garmin (NYSE:GRMN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.62 by ($0.01). The firm had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.50 billion. Garmin had a return on equity of 19.21% and a net margin of 22.76%. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.42 earnings per share. On average, research analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.
Garmin Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 27th. Investors of record on Monday, June 16th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.68%. Garmin's payout ratio is presently 47.37%.
Institutional Inflows and Outflows
A number of hedge funds have recently modified their holdings of the company. Kera Capital Partners Inc. grew its holdings in shares of Garmin by 63.3% during the second quarter. Kera Capital Partners Inc. now owns 1,862 shares of the scientific and technical instruments company's stock worth $389,000 after buying an additional 722 shares in the last quarter. Voya Investment Management LLC boosted its position in Garmin by 123.5% during the first quarter. Voya Investment Management LLC now owns 217,472 shares of the scientific and technical instruments company's stock valued at $47,220,000 after purchasing an additional 120,161 shares during the last quarter. First Hawaiian Bank acquired a new position in Garmin during the first quarter valued at approximately $1,649,000. Inspire Investing LLC boosted its position in Garmin by 6.7% during the first quarter. Inspire Investing LLC now owns 9,428 shares of the scientific and technical instruments company's stock valued at $2,047,000 after purchasing an additional 590 shares during the last quarter. Finally, Modern Wealth Management LLC boosted its position in Garmin by 28.2% during the first quarter. Modern Wealth Management LLC now owns 2,535 shares of the scientific and technical instruments company's stock valued at $550,000 after purchasing an additional 558 shares during the last quarter. 81.60% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
GRMN has been the subject of a number of recent analyst reports. Barclays dropped their price objective on Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a report on Wednesday, April 30th. JPMorgan Chase & Co. dropped their price objective on Garmin from $220.00 to $215.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Finally, Morgan Stanley increased their price target on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $206.00.
Get Our Latest Stock Analysis on GRMN
About Garmin
(
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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.
Further Reading
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