Short Interest in Garmin Ltd. (NYSE:GRMN) Decreases By 14.6%

Garmin Ltd. (NYSE:GRMNGet Rating) was the recipient of a large drop in short interest during the month of December. As of December 30th, there was short interest totalling 1,810,000 shares, a drop of 14.6% from the December 15th total of 2,120,000 shares. Currently, 1.2% of the shares of the stock are sold short. Based on an average trading volume of 940,400 shares, the days-to-cover ratio is currently 1.9 days.

Insider Activity

In other news, CEO Clifton A. Pemble sold 19,836 shares of Garmin stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $90.00, for a total transaction of $1,785,240.00. Following the completion of the sale, the chief executive officer now owns 125,664 shares in the company, valued at approximately $11,309,760. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CEO Clifton A. Pemble sold 19,836 shares of the firm’s stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $90.00, for a total transaction of $1,785,240.00. Following the transaction, the chief executive officer now directly owns 125,664 shares of the company’s stock, valued at approximately $11,309,760. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Matthew Munn sold 1,797 shares of the firm’s stock in a transaction dated Thursday, December 15th. The shares were sold at an average price of $92.96, for a total value of $167,049.12. Following the transaction, the director now directly owns 11,340 shares in the company, valued at $1,054,166.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,836 shares of company stock worth $1,969,818. 20.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GRMN. Federated Hermes Inc. purchased a new stake in Garmin during the second quarter valued at $29,000. Ronald Blue Trust Inc. increased its position in Garmin by 45.2% during the fourth quarter. Ronald Blue Trust Inc. now owns 363 shares of the scientific and technical instruments company’s stock valued at $29,000 after acquiring an additional 113 shares during the last quarter. Clear Street Markets LLC increased its position in Garmin by 403.2% during the second quarter. Clear Street Markets LLC now owns 317 shares of the scientific and technical instruments company’s stock valued at $31,000 after acquiring an additional 254 shares during the last quarter. Rise Advisors LLC increased its position in Garmin by 4,250.0% during the third quarter. Rise Advisors LLC now owns 435 shares of the scientific and technical instruments company’s stock valued at $35,000 after acquiring an additional 425 shares during the last quarter. Finally, Dupont Capital Management Corp purchased a new stake in Garmin during the third quarter valued at $35,000. 63.29% of the stock is owned by institutional investors.

Garmin Trading Up 1.6 %

Garmin stock opened at $96.85 on Friday. The business’s fifty day simple moving average is $93.67 and its two-hundred day simple moving average is $90.71. Garmin has a 12 month low of $76.37 and a 12 month high of $129.07. The company has a market capitalization of $18.56 billion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 3.34 and a beta of 0.94.

Garmin (NYSE:GRMNGet Rating) last announced its quarterly earnings results on Wednesday, October 26th. The scientific and technical instruments company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.14. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.18 billion. Garmin had a return on equity of 17.13% and a net margin of 19.54%. On average, equities research analysts predict that Garmin will post 4.95 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on GRMN shares. Barclays started coverage on Garmin in a report on Wednesday, November 9th. They set an “equal weight” rating and a $97.00 price objective on the stock. StockNews.com started coverage on Garmin in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Morgan Stanley decreased their price target on Garmin from $96.00 to $91.00 and set an “equal weight” rating on the stock in a research note on Monday, October 17th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat, Garmin presently has an average rating of “Hold” and a consensus target price of $122.40.

Garmin Company Profile

(Get Rating)

Garmin Ltd. is a holding company, which engages in the provision of navigation, communications and information devices, most of which are enabled by Global Positioning System (GPS) technology. It operates through the following segments: Marine, Outdoor, Fitness, Auto OEM, Consumer Auto, and Aviation.

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