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

Garmin Ltd. (NYSE:GRMN) Director Matthew Munn sold 4,637 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now owns 11,450 shares in the company, valued at $2,579,799.50. This represents a 28.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Garmin Stock Performance

GRMN traded up $4.82 during trading hours on Friday, reaching $228.88. The company’s stock had a trading volume of 1,207,428 shares, compared to its average volume of 852,581. The company’s 50-day moving average is $214.66 and its 200-day moving average is $197.16. Garmin Ltd. has a 52 week low of $136.25 and a 52 week high of $246.50. The firm has a market cap of $44.04 billion, a PE ratio of 31.31, a price-to-earnings-growth ratio of 1.36 and a beta of 0.98.

Garmin (NYSE:GRMN) last issued its quarterly earnings data on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $1.90 by $0.51. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a net margin of 22.42% and a return on equity of 19.31%. The company’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.72 earnings per share. Equities analysts anticipate that Garmin Ltd. will post 7.8 earnings per share for the current fiscal year.

Garmin Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Stockholders of record on Friday, March 13th 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 1.57%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is presently 41.04%.

Hedge Funds Weigh In On Garmin

Several institutional investors and hedge funds have recently made changes to their positions in GRMN. Golden State Wealth Management LLC acquired a new stake in Garmin during the 4th quarter worth approximately $26,000. Aster Capital Management DIFC Ltd increased its position in Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after buying an additional 121 shares during the period. Pinnacle Bancorp Inc. bought a new stake in shares of Garmin in the fourth quarter valued at about $29,000. Larson Financial Group LLC boosted its position in shares of Garmin by 578.6% in the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 162 shares during the period. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of Garmin in the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 81.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GRMN shares. Tigress Financial raised their target price on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a report on Wednesday. Barclays increased their price objective on shares of Garmin from $158.00 to $188.00 and gave the stock an “underweight” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price objective on shares of Garmin from $219.00 to $260.00 and gave the company a “neutral” rating in a research report on Thursday, February 20th. Finally, Morgan Stanley raised Garmin to a “sell” rating and lifted their price target for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Garmin currently has an average rating of “Hold” and a consensus 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.