Insider Selling: Garmin Ltd. (GRMN) Major Shareholder Sells 100,000 Shares of Stock
Garmin Ltd. (NASDAQ:GRMN) major shareholder Jonathan Burrell sold 100,000 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $52.46, for a total transaction of $5,246,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Shares of Garmin Ltd. (NASDAQ:GRMN) traded up 0.61% on Friday, hitting $52.40. 742,447 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $50.99 and its 200 day moving average price is $50.60. The stock has a market cap of $9.86 billion, a price-to-earnings ratio of 14.97 and a beta of 0.86. Garmin Ltd. has a 12-month low of $39.29 and a 12-month high of $56.19.
Garmin (NASDAQ:GRMN) last released its earnings results on Wednesday, May 3rd. The scientific and technical instruments company reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.07. Garmin had a net margin of 17.24% and a return on equity of 16.15%. The company had revenue of $638.50 million during the quarter, compared to analysts’ expectations of $629.11 million. During the same quarter last year, the business earned $0.49 EPS. The business’s revenue was up 2.3% on a year-over-year basis. On average, equities analysts predict that Garmin Ltd. will post $2.69 earnings per share for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky boosted its stake in Garmin by 2,006.4% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 298,050 shares of the scientific and technical instruments company’s stock valued at $15,233,000 after buying an additional 283,900 shares during the period. Achmea Investment Management B.V. purchased a new stake in Garmin during the first quarter valued at approximately $1,405,000. Bank of Nova Scotia purchased a new stake in Garmin during the first quarter valued at approximately $1,466,000. Summit Global Investments purchased a new stake in Garmin during the first quarter valued at approximately $521,000. Finally, Credit Suisse AG boosted its stake in Garmin by 3.5% in the first quarter. Credit Suisse AG now owns 586,807 shares of the scientific and technical instruments company’s stock valued at $29,991,000 after buying an additional 19,643 shares during the period. Institutional investors own 37.39% of the company’s stock.
GRMN has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Garmin from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research report on Thursday, May 4th. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Garmin in a research report on Thursday, February 23rd. Goldman Sachs Group Inc upgraded shares of Garmin from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $48.00 to $52.00 in a research report on Monday, March 6th. They noted that the move was a valuation call. Tigress Financial initiated coverage on shares of Garmin in a research report on Tuesday, May 2nd. They issued a “buy” rating for the company. Finally, Bank of America Corp upped their price objective on shares of Garmin from $47.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, May 4th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $49.38.
Garmin Company Profile
Garmin Ltd. (Garmin) and subsidiaries offer global positioning system (GPS) navigation and wireless devices and applications. The Company operates through five segments. It offers a range of auto navigation products, as well as a range of products and applications designed for the mobile GPS market. It offers products to consumers around the world, including Outdoor Handhelds, Wearable Devices, Golf Devices, and Dog Tracking and Training/Pet Obedience Devices.
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