Garmin Ltd. (NYSE:GRMN – Get 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:GRMN – Get 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
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
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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