Insider Buying: Joseph J. Hartnett Acquires 1,000 Shares of Garmin Stock (GRMN)
Garmin (NASDAQ:GRMN) Director Joseph J. Hartnett purchased 1,000 shares of the company’s stock on the open market in a transaction that occurred on Monday, August 18th. The shares were purchased at an average cost of $55.94 per share, for a total transaction of $55,940.00. Following the acquisition, the director now directly owns 5,412 shares in the company, valued at approximately $302,747. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Garmin (NASDAQ:GRMN) traded up 0.49% on Thursday, hitting $57.35. The stock had a trading volume of 49,188 shares. Garmin has a 52 week low of $39.39 and a 52 week high of $62.05. The stock’s 50-day moving average is $56.86 and its 200-day moving average is $55.60. The company has a market cap of $11.047 billion and a price-to-earnings ratio of 17.13.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $1.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.26. The company had revenue of $778.00 million for the quarter, compared to the consensus estimate of $709.25 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. Analysts expect that Garmin will post $3.07 EPS for the current fiscal year.
A number of analysts have recently weighed in on GRMN shares. Analysts at Zacks reiterated an “outperform” rating on shares of Garmin in a research note on Thursday, July 31st. They now have a $65.00 price target on the stock. Separately, analysts at Davidson raised their price target on shares of Garmin from $60.00 to $62.00 in a research note on Thursday, July 31st. They now have a “neutral” rating on the stock. Finally, analysts at DA Davidson reiterated a “neutral” rating on shares of Garmin in a research note on Thursday, July 31st. They now have a $60.00 price target on the stock, down previously from $62.00. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $57.17.
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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