Insider Selling: Garmin Director Sells 2,117 Shares of Stock (GRMN)
Garmin (NASDAQ:GRMN) Director Sean Biddlecombe sold 2,117 shares of Garmin stock on the open market in a transaction dated Friday, February 21st. The shares were sold at an average price of $51.86, for a total value of $109,787.62. Following the completion of the transaction, the director now directly owns 11,441 shares in the company, valued at approximately $593,330. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Garmin (NASDAQ:GRMN) traded up 0.80% during mid-day trading on Friday, hitting $51.97. 2,681,927 shares of the company’s stock traded hands. Garmin has a one year low of $32.52 and a one year high of $52.72. The stock has a 50-day moving average of $46.19 and a 200-day moving average of $45.43. The company has a market cap of $10.142 billion and a P/E ratio of 16.53.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.14. The company had revenue of $760.00 million for the quarter, compared to the consensus estimate of $712.78 million. Analysts expect that Garmin will post $2.61 EPS for the current fiscal year.
A number of analysts have recently weighed in on GRMN shares. Analysts at Bank of America raised their price target on shares of Garmin from $51.00 to $58.00 in a research note on Friday. Separately, analysts at Jefferson Research upgraded shares of Garmin from a “hold” rating to a “buy” rating in a research note on Friday. Finally, analysts at Wells Fargo & Co. downgraded shares of Garmin from an “outperform” rating to a “market perform” rating in a research note on Thursday. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the company. Garmin currently has a consensus rating of “Hold” and an average price target of $47.39.
Garmin Ltd. (NASDAQ:GRMN) is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology.
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