Garmin Ltd. (NYSE:GRMN) Sees Significant Decline in Short Interest

Garmin Ltd. (NYSE:GRMN) was the recipient of a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 2,750,000 shares, a decline of 6.5% from the January 15th total of 2,940,000 shares. Based on an average daily volume of 782,000 shares, the days-to-cover ratio is presently 3.5 days. Approximately 1.8% of the shares of the company are short sold.

Garmin Price Performance

Shares of GRMN stock opened at $214.78 on Wednesday. The stock has a 50 day simple moving average of $212.63 and a 200-day simple moving average of $194.17. The company has a market cap of $41.24 billion, a price-to-earnings ratio of 27.26, a PEG ratio of 1.27 and a beta of 0.98. Garmin has a 1-year low of $121.20 and a 1-year high of $223.33.

Insider Buying and Selling

In related news, CFO Douglas G. Boessen sold 1,761 shares of the business’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $207.99, for a total transaction of $366,270.39. Following the completion of the transaction, the chief financial officer now directly owns 27,612 shares in the company, valued at $5,743,019.88. The trade was a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 19.54% of the company’s stock.

Institutional Trading of Garmin

Institutional investors and hedge funds have recently modified their holdings of the stock. Golden State Wealth Management LLC acquired a new stake in Garmin in the 4th quarter worth about $26,000. Aster Capital Management DIFC Ltd boosted its stake in shares of Garmin by 864.3% in 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 acquiring an additional 121 shares during the last quarter. Pinnacle Bancorp Inc. purchased a new stake in shares of Garmin during the fourth quarter worth approximately $29,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Garmin during the fourth quarter worth approximately $37,000. Finally, Larson Financial Group LLC raised 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 purchasing an additional 162 shares during the last quarter. Hedge funds and other institutional investors own 81.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on GRMN. Tigress Financial boosted 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 boosted their price target on Garmin from $133.00 to $158.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Garmin has an average rating of “Hold” and a consensus price target of $171.00.

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.