Garmin Ltd. (NYSE:GRMN) CEO Clifton A. Pemble Sells 16,089 Shares of Stock

Garmin Ltd. (NYSE:GRMNGet Rating) CEO Clifton A. Pemble sold 16,089 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $97.81, for a total transaction of $1,573,665.09. Following the completion of the sale, the chief executive officer now directly owns 145,500 shares of the company’s stock, valued at approximately $14,231,355. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Garmin Stock Up 0.7 %

GRMN opened at $98.27 on Tuesday. The firm’s fifty day simple moving average is $100.55 and its two-hundred day simple moving average is $109.63. The company has a market cap of $18.98 billion, a price-to-earnings ratio of 18.75, a PEG ratio of 3.56 and a beta of 0.95. Garmin Ltd. has a 52-week low of $92.31 and a 52-week high of $178.80.

Garmin (NYSE:GRMNGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The scientific and technical instruments company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.02. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.37 billion. Garmin had a net margin of 20.31% and a return on equity of 17.71%. The company’s revenue for the quarter was down 6.5% on a year-over-year basis. During the same period last year, the firm posted $1.68 earnings per share. On average, research analysts forecast that Garmin Ltd. will post 4.89 EPS for the current year.

Garmin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be paid a $0.73 dividend. This represents a $2.92 annualized dividend and a dividend yield of 2.97%. The ex-dividend date is Tuesday, March 14th. Garmin’s dividend payout ratio is currently 55.73%.

Hedge Funds Weigh In On Garmin

Several hedge funds and other institutional investors have recently modified their holdings of the business. Boston Partners acquired a new stake in Garmin during the first quarter worth about $205,920,000. Norges Bank acquired a new stake in shares of Garmin during the fourth quarter valued at about $196,290,000. BlackRock Inc. increased its position in shares of Garmin by 8.2% during the first quarter. BlackRock Inc. now owns 14,264,641 shares of the scientific and technical instruments company’s stock valued at $1,691,932,000 after acquiring an additional 1,077,004 shares during the last quarter. Bank of America Corp DE increased its position in shares of Garmin by 19.2% during the fourth quarter. Bank of America Corp DE now owns 5,696,813 shares of the scientific and technical instruments company’s stock valued at $775,734,000 after acquiring an additional 918,937 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new stake in shares of Garmin during the first quarter valued at about $80,655,000. 72.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Morgan Stanley reaffirmed a “maintains” rating and issued a $96.00 price target (down previously from $115.00) on shares of Garmin in a research report on Thursday, July 28th. TheStreet cut shares of Garmin from a “b” rating to a “c+” rating in a research report on Wednesday, July 27th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Garmin from $160.00 to $150.00 in a research report on Thursday, April 28th. JPMorgan Chase & Co. decreased their target price on shares of Garmin from $140.00 to $120.00 and set a “maintains” rating for the company in a research report on Thursday, July 28th. Finally, Tigress Financial increased their target price on shares of Garmin from $205.00 to $208.00 in a research report on Friday, May 6th. Two research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $142.80.

Garmin Company Profile

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Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices in the Americas, the Asia Pacific, Australian Continent, Europe, the Middle East, and Africa. Its Fitness segment offers running and multi-sport watches; cycling products; activity tracking and smartwatch devices; and fitness and cycling accessories.

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