Insider Selling: Garmin Ltd. (NYSE:GRMN) CEO Sells 7,899 Shares of Stock

Garmin Ltd. (NYSE:GRMN - Get Free Report) CEO Clifton A. Pemble sold 7,899 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $203.25, for a total value of $1,605,471.75. Following the sale, the chief executive officer now owns 141,626 shares in the company, valued at approximately $28,785,484.50. The trade was a 5.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Garmin Stock Performance

Shares of GRMN stock traded up $1.24 during trading hours on Friday, hitting $199.54. 840,360 shares of the company were exchanged, compared to its average volume of 962,736. The stock has a market capitalization of $38.42 billion, a price-to-earnings ratio of 26.26, a P/E/G ratio of 2.22 and a beta of 0.98. Garmin Ltd. has a one year low of $158.90 and a one year high of $246.50. The business's 50-day simple moving average is $198.47 and its two-hundred day simple moving average is $207.58.

Garmin (NYSE:GRMN - Get Free Report) last released its earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 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 company's quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.42 EPS. As a group, analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.80%. Garmin's dividend payout ratio (DPR) is 47.37%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Voya Investment Management LLC lifted its holdings in Garmin by 123.5% in the first quarter. Voya Investment Management LLC now owns 217,472 shares of the scientific and technical instruments company's stock worth $47,220,000 after acquiring an additional 120,161 shares during the last quarter. First Hawaiian Bank bought a new stake in shares of Garmin in the 1st quarter worth approximately $1,649,000. Inspire Investing LLC boosted its position in Garmin by 6.7% during the 1st 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 period. Modern Wealth Management LLC boosted its position in Garmin by 28.2% during the 1st 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 period. Finally, Acadian Asset Management LLC grew its stake in Garmin by 7.2% during the 1st quarter. Acadian Asset Management LLC now owns 75,428 shares of the scientific and technical instruments company's stock worth $16,368,000 after buying an additional 5,089 shares during the last quarter. 81.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Barclays cut their price objective on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating on the stock in a report on Wednesday, April 30th. Tigress Financial lifted their target price on Garmin from $265.00 to $285.00 and gave the stock a "strong-buy" rating in a research report on Wednesday, February 26th. JPMorgan Chase & Co. reduced their price target 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 lifted their price objective on Garmin from $159.00 to $172.00 and gave the stock an "underweight" rating in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Garmin presently has a consensus rating of "Hold" and a consensus target price of $206.00.

About Garmin

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.