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

Garmin Ltd. (NYSE:GRMN) CFO Douglas G. Boessen sold 2,763 shares of the firm’s stock in a transaction that occurred 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 directly owns 30,936 shares of the company’s stock, valued at $7,008,550.80. The trade was a 8.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Garmin Stock Performance

Shares of GRMN stock opened at $228.88 on Monday. Garmin Ltd. has a 52-week low of $136.25 and a 52-week high of $246.50. The firm has a market capitalization of $44.04 billion, a P/E ratio of 31.31, a P/E/G ratio of 1.36 and a beta of 0.98. The stock has a 50 day moving average price of $215.06 and a 200 day moving average price of $197.97.

Garmin (NYSE:GRMN) last released its quarterly earnings data 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 the consensus estimate of $1.70 billion. Garmin had a return on equity of 19.31% and a net margin of 22.42%. Garmin’s quarterly revenue was up 22.9% on a year-over-year basis. During the same period last year, the business posted $1.72 EPS. As a group, sell-side analysts forecast that Garmin Ltd. will post 7.8 EPS for the current year.

Garmin Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Friday, March 13th. This represents a $3.60 annualized dividend and a yield of 1.57%. Garmin’s payout ratio is currently 41.04%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in Garmin during the 4th quarter worth $26,000. Aster Capital Management DIFC Ltd increased its holdings in Garmin by 864.3% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 135 shares of the scientific and technical instruments company’s stock worth $28,000 after purchasing an additional 121 shares during the period. Pinnacle Bancorp Inc. purchased a new position in Garmin during the 4th quarter worth $29,000. Larson Financial Group LLC increased its holdings in shares of Garmin by 578.6% in the 3rd quarter. Larson Financial Group LLC now owns 190 shares of the scientific and technical instruments company’s stock valued at $33,000 after acquiring an additional 162 shares during the period. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of Garmin in the 4th quarter valued at $37,000. 81.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Morgan Stanley raised Garmin to a “sell” rating and raised their price objective for the company from $164.00 to $171.00 in a research note on Tuesday, February 11th. Barclays raised 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. JPMorgan Chase & Co. raised their price target on Garmin from $219.00 to $260.00 and gave the stock a “neutral” rating in a research note on Thursday, February 20th. Finally, Tigress Financial raised their price target on Garmin from $265.00 to $285.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, February 26th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $210.80.

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.