Garmin Ltd. (NYSE:GRMN) Director Matthew Munn Sells 4,637 Shares

Garmin Ltd. (NYSE:GRMN) Director Matthew Munn sold 4,637 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $225.31, for a total value of $1,044,762.47. Following the transaction, the director now directly owns 11,450 shares of the company’s stock, valued at approximately $2,579,799.50. This trade represents a 28.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Garmin Price Performance

GRMN stock opened at $228.88 on Friday. Garmin Ltd. has a one year low of $136.25 and a one year high of $246.50. The stock has a market cap of $44.04 billion, a price-to-earnings ratio of 31.31, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98. The company has a fifty day moving average price of $215.06 and a two-hundred day moving average price of $197.58.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 EPS for the quarter, topping the consensus estimate of $1.90 by $0.51. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. Garmin’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.72 EPS. Research analysts anticipate that Garmin Ltd. will post 7.8 EPS for the current fiscal year.

Garmin Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s payout ratio is 41.04%.

Wall Street Analyst Weigh In

Several brokerages recently commented on GRMN. Morgan Stanley upgraded shares of Garmin to a “sell” rating and increased their target price for the stock from $164.00 to $171.00 in a report on Tuesday, February 11th. JPMorgan Chase & Co. boosted their price target on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Barclays raised their target price on shares of Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a research note on Thursday, February 20th. Finally, Tigress Financial increased their price target on shares of Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a strong buy rating to the company. According to data from MarketBeat, Garmin has a consensus rating of “Hold” and a consensus price target of $210.80.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Garmin by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 18,067,708 shares of the scientific and technical instruments company’s stock valued at $3,726,645,000 after acquiring an additional 215,344 shares during the period. State Street Corp lifted its position in Garmin by 2.0% during the third quarter. State Street Corp now owns 6,912,536 shares of the scientific and technical instruments company’s stock worth $1,216,819,000 after purchasing an additional 134,303 shares during the period. Geode Capital Management LLC increased its holdings in Garmin by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 4,438,796 shares of the scientific and technical instruments company’s stock valued at $913,544,000 after buying an additional 75,332 shares during the period. FMR LLC raised its position in shares of Garmin by 40.8% in the 3rd quarter. FMR LLC now owns 3,775,154 shares of the scientific and technical instruments company’s stock valued at $664,540,000 after buying an additional 1,093,219 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Garmin during the 4th quarter worth approximately $396,184,000. 81.60% of the stock is owned by institutional investors.

Garmin Company Profile

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.