Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen Sells 2,763 Shares of Stock

Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen sold 2,763 shares of the company’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $226.55, for a total value of $625,957.65. Following the completion of the sale, the chief financial officer now owns 30,936 shares of the company’s stock, valued at approximately $7,008,550.80. This trade represents a 8.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Garmin Stock Performance

Shares of GRMN opened at $228.88 on Friday. The firm has a market capitalization of $44.04 billion, a price-to-earnings ratio of 31.31, a PEG ratio of 1.36 and a beta of 0.98. The business’s fifty day moving average price is $215.06 and its two-hundred day moving average price is $197.58. Garmin Ltd. has a 52 week low of $136.25 and a 52 week high of $246.50.

Garmin (NYSE:GRMN) last posted its earnings results on Wednesday, February 19th. The scientific and technical instruments company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $1.90 by $0.51. The firm had revenue of $1.82 billion for the quarter, compared to analyst estimates of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. The company’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.72 earnings per share. As a group, research analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, March 13th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, March 13th. Garmin’s dividend payout ratio is 41.04%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Barclays upped their price objective on Garmin from $158.00 to $188.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their target price on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 20th. Tigress Financial boosted their target price on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research report on Wednesday. Finally, Morgan Stanley raised Garmin to a “sell” rating and upped their price target for the company from $164.00 to $171.00 in a research report on Tuesday, February 11th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $210.80.

Institutional Trading of Garmin

Hedge funds and other institutional investors have recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in shares of Garmin in the fourth quarter valued at about $26,000. Aster Capital Management DIFC Ltd raised its position in Garmin by 864.3% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock valued at $28,000 after purchasing an additional 121 shares in the last quarter. Pinnacle Bancorp Inc. acquired a new position in Garmin during the fourth quarter valued at approximately $29,000. SOA Wealth Advisors LLC. acquired a new position in Garmin during the fourth quarter valued at approximately $37,000. Finally, Larson Financial Group LLC increased its holdings in shares of Garmin by 578.6% during the third quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock worth $33,000 after buying an additional 162 shares in the last quarter. Institutional investors and hedge funds own 81.60% of the company’s stock.

About Garmin

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.