Douglas G. Boessen Sells 1,761 Shares of Garmin Ltd. (NYSE:GRMN) Stock

Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $207.99, for a total transaction of $366,270.39. Following the transaction, the chief financial officer now owns 27,612 shares of the company’s stock, valued at approximately $5,743,019.88. The trade was a 6.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Garmin Price Performance

Shares of Garmin stock opened at $211.02 on Thursday. The stock has a market capitalization of $40.52 billion, a price-to-earnings ratio of 26.78, a PEG ratio of 1.46 and a beta of 0.97. The firm’s fifty day simple moving average is $201.74 and its 200-day simple moving average is $181.37. Garmin Ltd. has a 12 month low of $119.15 and a 12 month high of $222.97.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 30th. The scientific and technical instruments company reported $1.99 EPS for the quarter, beating analysts’ consensus estimates of $1.46 by $0.53. Garmin had a net margin of 25.48% and a return on equity of 17.99%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.44 billion. During the same period in the prior year, the company earned $1.41 earnings per share. The business’s revenue was up 24.1% compared to the same quarter last year. Analysts anticipate that Garmin Ltd. will post 7.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Garmin during the second quarter worth approximately $31,000. Larson Financial Group LLC increased its stake in Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after buying an additional 162 shares during the period. Itau Unibanco Holding S.A. purchased a new position in Garmin during the 3rd quarter worth $39,000. Benjamin Edwards Inc. lifted its stake in shares of Garmin by 73.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 234 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 99 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Garmin in the second quarter valued at about $46,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GRMN has been the topic of a number of recent analyst reports. Tigress Financial increased their price objective on Garmin from $215.00 to $265.00 and gave the company a “strong-buy” rating in a report on Monday, December 16th. Barclays increased their price target on shares of Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. StockNews.com downgraded shares of Garmin from a “buy” rating to a “hold” rating in a research report on Thursday, September 12th. Finally, Morgan Stanley downgraded shares of Garmin from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $155.00 to $138.00 in a research report on Monday, October 7th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $171.00.

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.