Garmin Ltd. (NYSE:GRMN - Get Free Report) CEO Clifton A. Pemble sold 7,899 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $203.25, for a total transaction of $1,605,471.75. Following the sale, the chief executive officer now owns 141,626 shares of the company's stock, valued at approximately $28,785,484.50. This represents a 5.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Garmin Stock Performance
Shares of NYSE GRMN traded down $6.12 during trading on Tuesday, hitting $197.80. The company had a trading volume of 935,155 shares, compared to its average volume of 891,666. Garmin Ltd. has a 12 month low of $158.38 and a 12 month high of $246.50. The firm has a market capitalization of $38.08 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The stock has a 50 day simple moving average of $198.04 and a 200 day simple moving average of $207.82.
Garmin (NYSE:GRMN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The scientific and technical instruments company reported $1.61 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.01). The firm had revenue of $1.54 billion for the quarter, compared to analysts' expectations of $1.50 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. Garmin's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.42 EPS. As a group, analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.
Garmin Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Monday, June 16th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.82%. Garmin's dividend payout ratio (DPR) is 47.37%.
Analyst Upgrades and Downgrades
GRMN has been the topic of a number of recent research reports. Morgan Stanley increased their target price on Garmin from $159.00 to $172.00 and gave the company an "underweight" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. lowered their price objective on shares of Garmin from $220.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Barclays cut their target price on shares of Garmin from $188.00 to $152.00 and set an "underweight" rating for the company in a research report on Wednesday, April 30th. Finally, Tigress Financial upped their target price on shares of Garmin from $265.00 to $285.00 and gave the company a "strong-buy" rating in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $206.00.
Get Our Latest Stock Report on GRMN
Institutional Investors Weigh In On Garmin
A number of institutional investors have recently bought and sold shares of GRMN. Aster Capital Management DIFC Ltd grew its position in shares of Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company's stock worth $28,000 after purchasing an additional 121 shares in the last quarter. Groupe la Francaise purchased a new position in Garmin in the 1st quarter worth approximately $33,000. TFC Financial Management Inc. boosted its stake in Garmin by 1,633.3% in the 1st quarter. TFC Financial Management Inc. now owns 156 shares of the scientific and technical instruments company's stock worth $34,000 after purchasing an additional 147 shares during the period. Wayfinding Financial LLC purchased a new stake in Garmin during the 1st quarter valued at approximately $34,000. Finally, Zions Bancorporation National Association UT purchased a new stake in Garmin during the 1st quarter valued at approximately $38,000. Hedge funds and other institutional investors own 81.60% of the company's stock.
About Garmin
(
Get Free Report)
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.
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