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

Garmin Ltd. (NYSE:GRMN) Director Matthew Munn sold 4,637 shares of the stock in a transaction on Friday, February 28th. The shares were sold at an average price of $225.31, for a total transaction of $1,044,762.47. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Garmin Trading Up 2.2 %

Shares of Garmin stock opened at $228.88 on Friday. The stock has a market capitalization of $44.04 billion, a price-to-earnings ratio of 31.31, a P/E/G ratio of 1.36 and a beta of 0.98. Garmin Ltd. has a 1-year low of $136.25 and a 1-year high of $246.50. The firm’s 50-day moving average price is $215.06 and its two-hundred day moving average price is $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 company had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.72 earnings per share. As a group, equities research analysts predict that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Garmin

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. boosted its stake in Garmin by 123.2% during the 3rd quarter. Citigroup Inc. now owns 283,412 shares of the scientific and technical instruments company’s stock worth $49,889,000 after acquiring an additional 156,441 shares during the last quarter. Passumpsic Savings Bank acquired a new stake in Garmin in the third quarter worth $3,137,000. Advisors Asset Management Inc. raised its holdings in Garmin by 24.2% in the third quarter. Advisors Asset Management Inc. now owns 17,529 shares of the scientific and technical instruments company’s stock worth $3,086,000 after purchasing an additional 3,415 shares during the period. National Pension Service grew its holdings in shares of Garmin by 25.7% in the 3rd 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 period. Finally, Diversified Trust Co bought a new stake in shares of Garmin in the 4th quarter valued at $734,000. Institutional investors own 81.60% of the company’s stock.

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.