Insider Selling: Garmin Ltd. (NYSE:GRMN) CFO Sells $625,957.65 in Stock

Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen sold 2,763 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $226.55, for a total value of $625,957.65. Following the completion of the transaction, the chief financial officer now directly owns 30,936 shares in the company, valued at approximately $7,008,550.80. This represents a 8.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Garmin Stock Up 2.2 %

Shares of GRMN opened at $228.88 on Monday. The business has a 50-day simple moving average of $215.06 and a two-hundred day simple moving average of $197.97. The stock has a market cap of $44.04 billion, a price-to-earnings ratio of 31.31, a PEG ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a 52 week low of $136.25 and a 52 week high of $246.50.

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

Garmin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Investors 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 dividend yield of 1.57%. The ex-dividend date is Friday, March 13th. Garmin’s dividend payout ratio is currently 41.04%.

Institutional Trading of Garmin

Institutional investors have recently made changes to their positions in the business. Citigroup Inc. grew its position in shares of Garmin by 123.2% during the third quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after purchasing an additional 156,441 shares in the last quarter. Passumpsic Savings Bank bought a new position in Garmin during the third quarter valued at approximately $3,137,000. Advisors Asset Management Inc. boosted its stake in Garmin by 24.2% during the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock valued at $3,086,000 after buying an additional 3,415 shares during the last quarter. National Pension Service boosted its stake in Garmin by 25.7% during the third quarter. National Pension Service now owns 284,065 shares of the scientific and technical instruments company’s stock valued at $50,004,000 after buying an additional 58,025 shares during the last quarter. Finally, Diversified Trust Co bought a new position in Garmin during the fourth quarter valued at approximately $734,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Wall Street Analyst Weigh In

GRMN has been the topic of a number of recent research reports. Morgan Stanley raised Garmin to a “sell” rating and increased their target price for the company from $164.00 to $171.00 in a report on Tuesday, February 11th. Tigress Financial increased their target price on Garmin from $265.00 to $285.00 and gave the company a “strong-buy” rating in a report on Wednesday, February 26th. JPMorgan Chase & Co. upped 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. Finally, Barclays upped their price target on Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. Three 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.com, the company has a consensus rating of “Hold” and an average price target of $210.80.

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.