Insider Selling: Garmin (NYSE:GRMN) CEO Sells $2,151,185.13 in Stock

Garmin Ltd. (NYSE:GRMN) CEO Clifton Pemble sold 10,431 shares of the company’s stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $206.23, for a total value of $2,151,185.13. Following the completion of the transaction, the chief executive officer owned 135,180 shares in the company, valued at $27,878,171.40. This represents a 7.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Garmin Trading Down 0.4%

Shares of GRMN opened at $201.41 on Friday. The stock has a 50-day moving average price of $212.64 and a 200-day moving average price of $222.18. The company has a market cap of $38.74 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 2.29 and a beta of 1.01. Garmin Ltd. has a 12-month low of $169.26 and a 12-month high of $261.69.

Garmin (NYSE:GRMN) last announced its earnings results on Wednesday, October 29th. The scientific and technical instruments company reported $1.99 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.99. Garmin had a net margin of 22.63% and a return on equity of 19.42%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the firm posted $1.99 earnings per share. Garmin’s quarterly revenue was up 11.7% on a year-over-year basis. Garmin has set its FY 2025 guidance at 8.150-8.150 EPS. As a group, analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Garmin in a research note on Wednesday, October 8th. Morgan Stanley raised their price objective on Garmin from $193.00 to $195.00 and gave the company an “underweight” rating in a report on Thursday, October 30th. Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating and set a $250.00 target price for the company in a research report on Wednesday, December 3rd. Tigress Financial reaffirmed a “strong-buy” rating on shares of Garmin in a research note on Friday. Finally, Barclays increased their price target on shares of Garmin from $167.00 to $208.00 and gave the company an “underweight” rating in a research report on Thursday, October 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $242.60.

Hedge Funds Weigh In On Garmin

Several institutional investors and hedge funds have recently bought and sold shares of GRMN. Vanguard Group Inc. lifted its position in Garmin by 2.5% in the third quarter. Vanguard Group Inc. now owns 20,197,564 shares of the scientific and technical instruments company’s stock valued at $4,973,044,000 after purchasing an additional 499,235 shares during the last quarter. State Street Corp increased its stake in shares of Garmin by 1.8% in the third quarter. State Street Corp now owns 7,250,844 shares of the scientific and technical instruments company’s stock worth $1,785,304,000 after buying an additional 126,677 shares during the period. Artisan Partners Limited Partnership raised its holdings in Garmin by 6.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 5,892,150 shares of the scientific and technical instruments company’s stock valued at $1,229,810,000 after buying an additional 356,161 shares during the last quarter. Geode Capital Management LLC raised its holdings in Garmin by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 4,606,511 shares of the scientific and technical instruments company’s stock valued at $958,405,000 after buying an additional 59,321 shares during the last quarter. Finally, Norges Bank purchased a new stake in Garmin during the 2nd quarter valued at $410,304,000. 81.60% of the stock is currently owned by institutional investors.

About Garmin

Garmin Ltd. is a technology company best known for designing and manufacturing navigation, communication and information devices that leverage global positioning system (GPS) technology. The company serves a diverse set of markets including consumer fitness and wearables, automotive navigation, aviation avionics, marine electronics and outdoor handheld devices. Garmin’s products combine hardware, mapping and software services to deliver location-aware solutions for personal, recreational and professional uses.

Garmin’s product lineup includes wearable fitness and multisport watches (Forerunner, Fenix, Venu), cycling computers and accessories (Edge, Varia), handheld and handheld-mounted GPS devices for outdoor activities, automotive and portable navigation units, marine chartplotters and fishfinders, and certified avionics for fixed- and rotary-wing aircraft.